The Securities and Exchange Commission of Pakistan (SECP) has issued the ‘Draft Centralised Information Sharing Solution for Insurance Industry (CISSII) Regulations, 2013’.
In its first phase, the CISSII is meant for information sharing among the insurance companies. This technology-based information sharing solution is being implemented by the Central Depository Company, which will provide the necessary technological infrastructure to develop and maintain this arrangement.
Earlier this year, a memorandum of understanding was signed by all life insurers, family takaful operators and the CDC whereby the latter was mandated to develop and maintain information sharing solution.
SECP Commissioner said that this information-sharing mechanism will help in bridging the gap of knowledge sharing and coordination in the insurance industry.
Published in The Express Tribune, August 4th, 2013.
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