Information-sharing solution : Insurance companies, CDC ink agreement
CDC signed a participation agreement for the launch of a CISSII.
KARACHI:
Life insurance companies and the Central Depository Company of Pakistan (CDC) have signed a participation agreement for the launch of a centralised information-sharing solution for the life insurance industry (CISSII). Jubilee Life Insurance Company, MetLife Alico Pakistan, Adamjee Life Insurance Company, East West Life Insurance Company, EFU Life Assurance, Pak-Qatar Family Takaful and Dawood Family Takaful signed the agreement along with the CDC. State Life Insurance Corporation will sign it once its chairman is appointed by the government. The Securities and Exchange Commission of Pakistan (SECP) had issued a regulatory directive on March 12, requiring all life insurance companies and family Takaful operators to join the CISSII by April 30. The objective of the directive was to promote a formal information-sharing mechanism by making membership mandatory for life insurance companies and family Takaful operators. Earlier deliberations showed there was a lack of coordination among insurance companies regarding information-sharing.
Published in The Express Tribune, April 30th, 2014.
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