SECP issues draft Actuarial Valuation Rules, 2025 for public consultation
MG News | September 12, 2025 at 06:51 PM GMT+05:00
September 12, 2025 (MLN): The Securities and Exchange Commission of
Pakistan (SECP) has issued the draft Actuarial Valuation Rules, 2025, for
public consultation which introduces a new framework for the valuation of
insurance contract assets and liabilities across both Life and Non-Life
Insurance and Takaful businesses.
The Rules have been
developed in line with the International Association of Insurance Supervisors’
(IAIS) Core Principles and international actuarial practices, in consultation
with the Pakistan Society of Actuaries (PSoA).
They also incorporate
risk-based capital and supervisory regimes, supporting the SECP’s broader
objectives of digitization, transparency, and innovation under its five-year
strategic plan, “Journey to an Insured Pakistan.”
The draft framework
aims to standardize and align actuarial valuation practices with international
markets.
Key provisions include gross premium valuation
for long-term insurance and takaful businesses, updated reserving methodologies
for short-term businesses, adoption of principle-based actuarial assumptions,
improved data quality standards, and enhanced submission requirements.
SECP Chairperson
emphasized that building a vibrant and sustainable insurance sector is central
to the Commission’s strategic vision.
“We are guided by a commitment to core
principles that ensure a level playing field: championing competition and
market openness, removing barriers such as legal monopolies, privatization, and
ensuring our regulatory framework meets the highest international standards,” they stated.
The SECP noted that
the adoption of updated actuarial practices will strengthen financial
sustainability, protect policyholders’ interests, and enhance shareholders’
understanding and management of insurance businesses.
The draft Rules are
available on the SECP website, with comments and suggestions invited within 30
days. Consultation sessions with industry stakeholders are also planned.
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