SECP is­sues warn­ing to in­surance com­pa­nies

The Pak Banker - - NATIONAL -

The Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan (SECP) has is­sued five warn­ing let­ters, eight show­cause no­tices and one or­der to var­i­ous in­surance/ taka­ful com­pa­nies for "fail­ing to com­ply with cor­po­rate laws, in­surance laws and ac­count­ing stan­dards and reg­u­la­tions".

An an­nounce­ment to this ef­fect was made in a state­ment is­sued here on Wed­nes­day. It said that th­ese warn­ings, show­cause no­tices and or­der were is­sued by the In­surance Di­vi­sion in the month of Feb. Among th­ese no­tices, one was is­sued to a taka­ful op­er­a­tor for com­pro­mis­ing the prin­ci­ples of Shariah as en­vis­aged in the Shariah Guide­lines is­sued by the em­i­nent Shariah schol­ars, whereas all oth­ers were is­sued to var­i­ous in­surance and taka­ful com­pa­nies for "not com­ply­ing with the pro­vi­sions of the 1984 Com­pa­nies Or­di­nance, the 2000 In­surance Or­di­nance, Rules and Reg­u­la­tions made there un­der", the SECP state­ment added.

It said that the In­surance Di­vi­sion also ini­ti­ated pro­ceed­ings on the ap­peals filed against the or­ders of the fed­eral in­surance om­buds­man.

Three ap­pel­lants were heard and two par­ties were brought to the point of set­tle­ment of­fers by the in­surance com­pa­nies, which they are yet to re­spond. The of­fers were made be­cause of the SECP's me­di­a­tion.Six­teen com­plaints were re­ceived and sat­is­fac­to­rily han­dled dur­ing the month, it added.

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