Pakistan’s first Centralized Repository for Life Insurance Sector launched

News Image

MG News | February 24, 2020 at 05:58 PM GMT+05:00

0:00

February 24:  To complement government’s objectives of providing ease of doing business and enhanced consumer protection, Pakistan’s first ever centralized information repository is established for life insurance sector. The repository that will function under the regulatory impetus of SECP will hold critical data of life insurance policies electronically.

Aamir Khan, Chairman SECP, Shaukat Hussain, Commissioner Insurance, Moin M. Fudda, Chairman, Centralized Depository Company (CDC), Badiuddin Akber, Chief Executive Officer, CDC, senior officials from SECP, CDC, CEOs and representatives of life insurers, non-life insurers, and relevant stakeholders attended the launching ceremony.

The Chairman SECP, Aamir Khan, in his keynote address said that the initiative would augment technological advancement in the insurance industry while ensure facilitation and protection of policyholders. He hoped that it would facilitate effective settlement of insurance claims and cause reduction in mis-selling and policy churning.

“We, at the SECP are very mindful of our responsibilities as a progressive regulator that needs to help the industry to develop and grow, and simultaneously, create linkages between its regulated sectors and the real economy”, Khan said and underlined that the centralized documentation of data in digitalized form is critical to achieving transparency, speed and cost effectiveness.

He informed participants that the SECP has already embarked upon a transformational journey of digitalization  through its recently launched initiative - ‘Leading Efficiency through Automated Prowess (LEAP). This will enable  100% end-to-end automation, complete integration with multiple government agencies for one-time registration, and digitalization and storage of financial  statements of  companies through introduction of Extensible Business Reporting Language (XBRL).

The Centralized Repository will enable electronic storage of life insurance and family takaful policies and serve as central point for critical policyholder related information. It will aid the underwriting function of the insurers to determine the appropriateness of an insurance policy, the level of insurance coverage and affordability of the insurance policy for the customer which will ultimately result in need-based selling and substantial reduction in mis-selling.

 

Press Release

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 18, 2025 at 07:21 PM GMT+05:00

Pakistan strengthens UK trade links


July 18, 2025 at 05:36 PM GMT+05:00

Pakistan, China set to advance agricultural innovation


July 18, 2025 at 05:10 PM GMT+05:00

PSX Closing Bell: Riding High, Ending Low



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg