Solvency condition: Pak-Kuwait Takaful Company fined

KARACHI:

The Securities and Exchange Commission of Pakistan (SECP) imposed a fine of Rs50,000 on Pak-Kuwait Takaful Company for failing to meet the minimum solvency requirements.

In an order released on the SECP website on Wednesday, the apex regulator of the insurance sector said it had taken a “lenient view” regarding the misstatement made in the statement of compliance after hearing the response of Pak-Kuwait Takaful Company.

“The directors have failed to perform their duties with due care and prudence by proactively complying with the minimum solvency requirements ie by taking appropriate measures, including injection of additional capital to meet the minimum solvency requirements,” the SECP order read.

Published in The Express Tribune, August 6^th, 2015.

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