SECP insurance regulation: Firms to disclose assets, liabilities
SECP has sought clarification from 35 insurance companies for failing to comply with the mandatory provisions
ISLAMABAD:
In accordance with the provision of Insurance Ordinance 2000, insurance companies were required to furnish the statement of assets and liabilities to the Securities and Exchange Commission of Pakistan (SECP) for each quarter within six weeks from the end of that quarter. According to a statement issued by the Commission here on Friday, in order to ensure compliance with the law, the SECP has sought clarification from 35 insurance companies for failing to comply with the mandatory provisions requiring the submission of statement of assets and liabilities for the last quarter. The information provided through the statements is critical for the supervision and monitoring of the insurance industry in Pakistan. It helps the SECP watch the interests of policyholders of insurance companies, the statement said.
Published in The Express Tribune, April 16th, 2016.
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