April 25, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the General Takaful Accounting Regulations, 2019, allowing non-life insurers to present their complete takaful results in their financial statements.
According to a press release issued on Thursday, the amendments have been placed on SECP’s website to solicit public opinion and suggestions thereon.
The complete disclosure of revenues from takaful operations will facilitate the insurance companies, as under the aforementioned Regulations, currently non-life insurers are required to present their takaful result as a single line item in their financial statements, irrespective of the size of their takaful operations.
To ensure complete disclosure of conventional and takaful results, the draft amendments suggest that supporting notes to the financial statements provide a complete breakdown of conventional and window takaful operations.
"Stakeholders or any interested parties can send their comments and suggestions to the Director Insurance Division, Securities and Exchange Commission of Pakistan, NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad. Public comments received within thirty days of the date of SRO shall be taken into consideration," it said.
