SECP takes punitive actions against insurance companies

The Securities and Exchange Commission of Pakistan (SECP) have issued four show-cause notices and a warning letter to insurance companies on non-compliance with the insurance ordinance, including that of minimum solvency requirements. Besides, the SECP passed five orders against insurance companies for failing to comply with the Companies Ordinance 1984 and Insurance Ordinance 2000. A warning has also been issued to a company in this regard. These warnings, show-cause notices and order were issued by the Insurance Division in the month of December 2013. During the month of December, the Insurance Division renewed licenses/certificates of 29 Surveying companies and 47 Authorized Surveying Officers. Moreover, during the period 18 complaints filed by the general public against the insurance companies were handled by the office, mostly resolved to the satisfaction of the complainants.