Crescent Star Insurance resumes 'Guarantee Business'

MG News | July 31, 2025 at 12:06 PM GMT+05:00

0:00

July 31, 2025 (MLN): Crescent Star Insurance Limited has officially resumed its guarantee business after the Islamabad High Court set aside the Securities and Exchange Commission of Pakistan’s (SECP) directive that had previously halted such operations.

The aforesaid information was disseminated through a Notification to the Exchange.

The company had been barred from issuing guarantees in December 2024, when SECP raised concerns over Crescent Star’s issuance of Rs229 billion in guarantees without securing proper collateral or valid reinsurance arrangements.

The regulatory body had directed the company to cease its guarantee business under Section 60 of the Insurance Ordinance, 2000.

Crescent Star challenged the directive in court, and on July 29, 2025, the Islamabad High Court declared SECP’s order void, allowing the company to resume its guarantee operations.

The company has since notified the Pakistan Stock Exchange and announced plans to issue a press release regarding the development.

This reinstatement marked a turning point for Crescent Star, potentially reshaping its position in the insurance sector and reigniting debate over regulatory oversight and compliance standards.

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