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Insurance Reforms new agenda of world Bank

world Bank and Securities and Exchange Commission of Pakistan (SECP) is working on insurance reform regulatory framework and strengthen the supervisory capacity of the commission.A team of technical experts from the World Bank on Tuesday called on Chairman SECP Zafar Hijazi to discuss the bank’s assistance in the insurance law reforms. Commissioner Insurance Fida Hussain Samoo and other senior officers attended the meeting.The World Bank team was briefed about the insurance reform status of the bank’s technical assistance project for review and reform in the insurance sector laws and regulatory framework.Hijazi stressed that the recommendations in the report and the implementation roadmap should be framed considering the socioeconomic outlook of Pakistan.He assured the World Bank’s team of the SECP cooperation for effectively meeting the objectives of this engagement. A technical assistance project between the World Bank and SECP is underway, which aims to help SECP in strengthening and reforming the insurance laws in Pakistan.The project is also aimed at the introduction of a risk-based capital and risk-based supervision of insurance companies. Under the first phase of the project, the World Bank will provide a comprehensive report based on analysis of the gaps in the existing insurance regulatory framework and international best practices, including the insurance core principles of the International Association of Insurance Supervisors and strategic policy decisions of the SECP relating to the development and reforms of the insurance industry.The second phase aims to enhance the insurance supervisory capacity of the SECP with a special focus on risk-based supervision.