EFU Health exits market, merges into EFU Life

August 12, 2024 (MLN): Following the merger of EFU Health Insurance Limited, a fully owned subsidiary of EFU Life Assurance Limited into its parent company, EFU Health Insurance Limited is no longer authorized to conduct insurance business in Pakistan.

Policyholders of EFU Health Insurance Limited can now reach out to EFU Life Assurance Limited for any claims or liabilities related to their insurance policies.

This consolidation ensures that EFU Life continues to operate robustly within both the life and health insurance sectors.

"The Securities and Exchange Commission of Pakistan (SECP) has revoked the registration of EFU Health Insurance Limited as an insurer under sub-section (2) of Section 9 of the Insurance Ordinance 2000," the statement issued by SECP of Monday revealed. 

The registration is revoked by SECP in light of the scheme of arrangement whereby EFU Health Insurance Limited is to be amalgamated with EFU Life Assurance Limited, it added.

EFU Health Insurance Limited is no longer authorized to carry on insurance business in Pakistan and, as per scheme, any business activity carried by it or any liability incurred by it shall be payable by EFU Life Assurance Limited.

Consequently, all policyholders of EFU Health Insurance Limited may contact M/s EFU Life Assurance Limited for any claim or liability for their insurance policies.

The SECP has issued a notification – 1170(I)/2024 dated August 2nd, 2024, in pursuance of the provisions of sub-section (1) of Section 10 of the Insurance Ordinance, 2000.

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