Policy: SECP unveils insurance reform roadmap

Report contains framework for future policy changes.

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) presented a roadmap of reform and development in the country’s insurance industry on Thursday.

The roadmap has been prepared by a diverse committee with representation of stakeholders from insurance, banking and business segments.

The committee was mandated to suggest specific recommendations for the growth and development of the insurance industry and to make suggestions for the resolution of issues faced by the industry.

Speaking on the occasion, SECP’s Insurance Commissioner Mohammed Asif Arif said there is a compelling need to deliberate on the policy and regulatory issues to accommodate market changes and bring the local insurance industry on par with international standards. The report has been drafted by drawing on international experiences, stakeholders’ consultation and is meant to provide direction for the future reform process, he added.

The report has been shared with stakeholders for input and suggestions based on which the future reform work will take place, especially for necessary amendments to the regulatory framework. The report is also available on the SECP website.

Published in The Express Tribune, February 28^th, 2014.

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