SECP relaxes licenses renewal requirement for insurance brokers, Surveyors, ASOs

News Image

MG News | April 13, 2020 at 05:08 PM GMT+05:00

0:00

April 13, 2020: Amid the outbreak of COVID-19 (Coronavirus) in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) realizing the difficulties faced by insurance brokers, insurance surveyors, and authorized surveying officers (ASOs) in the renewal of their licenses, has relaxed the requirements in the renewal of licenses.

A Circular in this regard has been issued here on Monday.

To facilitate the insurance industry during an ongoing pandemic, SECP has introduced a relaxation period of two months for starting from March 15, 2020 to May 15, 2020.  Insurance brokers/insurance surveyors/ ASOs whose licenses have expired or may expire during this period shall continue to carry on their business without renewal of its current license.

However, the respective insurance companies shall have to submit their license renewal applications prior to May 15, 2020. Upon receipt of the applications, licenses shall be renewed effective from the date of the expiry of the previous licenses.

Through the aforesaid Circular, SECP has also given an option to insurance brokers to send their applications to the Commission via email until the expiry of the lockdown.

All insurance companies/ general takaful operators shall continue to do business with insurance brokers/insurance surveyors/ASOs considering the grace period of two (2) months for any license expired after March 15, 2020.

The relaxation is to facilitate the insurance industry in ensuring compliance with regulatory requirements related to the renewal of a license under the Insurance Ordinance, 2000.

Press Release

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 120,790.00 123,615.00
118,675.00
2260.00
1.91%
BRENT CRUDE 69.11 71.53
69.05
-1.25
-1.78%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 106.50 106.60
106.50
-2.20
-2.02%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.86 69.65
66.80
-1.59
-2.32%
SUGAR #11 WORLD 16.31 16.67
16.27
-0.26
-1.57%

Chart of the Day


Latest News
July 14, 2025 at 05:26 PM GMT+05:00

Gold price in Pakistan rises Rs1,600 per tola


July 14, 2025 at 04:59 PM GMT+05:00

Tax reforms focus on public ease, transparency


July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD



Top 5 things to watch in this week

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