January 13, 2022: The Securities and Exchange Commission of Pakistan (SECP), to facilitate the insurance sector in complying with the applicable regulatory requirements, has issued a master circular, consolidating all existing applicable circulars, directives, and guidelines issued up to December 31, 2021, a press release said today.
The master circular has been categorized into twelve key chapters i.e., licensing and authorization, product approvals and disclosure, reinsurance and Retakaful, corporate governance, financial and regulatory reporting, management expense limits, related party assets, information sharing, training and certifications, complaints handling, cybersecurity and miscellaneous. The circulars, either obsolete or repealed, have been excluded from the master circular.
SECP is actively working for simplification and consolidation of its regulatory framework with a view towards promoting ease of doing business, reducing costs, and ensuring transparent and effective enforcement; and this master circular is part of that effort. The circular has been uploaded for information of all stakeholders on SECP’s website at: https://www.secp.gov.pk/laws/circulars/.