ISLAMABAD: The insurance industry is changing in response to a wide range of social, technological and global economic forces. The last two decades have shown considerable growth in the life insurance sector due to emergence of new distribution channels such as Bancassurance and certain technology-based distribution channels.
However, the share of insurance industry of Pakistan in its overall economic activities remains considerably low as against its comparable international jurisdictions. Therefore, in order to place enhanced focus on market development of the insurance sector in Pakistan, the SECP is contemplating a comprehensive road map and engaging with all stakeholders in public and private sectors. The SECP has also undertaken internal restructuring to place focus on market development and growth-conducing policymaking. [the_ad id=”32940″]For this purpose, the SECP has redefined its internal objectives by recognizing the specific and thematic objectives for the supervision of the insurance sector. The SECP has restructured the Insurance Division into three independent departments: Supervision Department, Enforcement Department and Market Development and Policy and Regulation Department.
The specific objectives of these departments focuses on entity-level regulation, supervision, macro-prudential regulation (group-wide), anti-money laundering /countering financing of terrorism, consumer protection and inclusive market development.
The thematic objectives include incorporating proportionality in all aspects of the regulation, recognizing the technological needs of the industry and promoting use of regulatory technology (RegTech) in the insurance industry and enhanced focus on the principles for sustainable insurance.
Moreover, in order to strengthen the knowledge and skill base of the Insurance Division to cope with the growing needs of the insurance sector, the SECP has also introduced educational policy to encourage its employees in obtaining insurance-related qualification in the areas of actuarial sciences and operational aspects of the insurance business.
Al Doc PDF File/Link
- Transit cargo replacement: Director of M/s E-Movers arrested 15-Nov-2019
- SHC to see whether its orders complied or else Petition by fabric importers 15-Nov-2019
- SHC orders provisional release of Pajero jeep 15-Nov-2019
- Adamas completes share sale and purchase agreement with Infinity Capital Group 15-Nov-2019
- Customs Intelligence Quetta seizes 89,000 liters of smuggled diesel 15-Nov-2019
- Middle Island seeks 10 exploration licenses in the northern territory 15-Nov-2019
- Hydrix signs $5 million loan facility with Pure Asset Management 15-Nov-2019
- Tokai Tokyo to invest $5.0 million in Singapore’s STO exchange operator ICHX 14-Nov-2019
- Daiwa PI commenced microfinance business operation in Myanmar 14-Nov-2019
- AM Best affirms credit ratings of Evergreen Insurance Company Limited 14-Nov-2019