SECP revamps format to ensure clearer insurance Information

News Image

By MG News | July 31, 2024 at 01:02 PM GMT+05:00

0:00

July 31, 2024 (MLN): The Securities and Exchange Commission of Pakistan has issued a revised illustration format for Life Insurance & Family Takaful products to improve the readability, standardize insurers' illustrative values, and safeguard prospective policyholders from any deception.

Life insurance and family takaful operators use product illustrations to highlight the benefits of long-term financial protection and savings vehicles, typically lasting over 5 to 20 years, said a press release issued on Tuesday.

Hence, the product illustrations are an integral part of the sales process of life insurance and family takaful policies.

The revised requirements aim to enhance transparency in product illustrations through improved disclosures and making them simple for the understanding of potential policyholders by explicit disclosure of allocation charges, clearing mentioning key disclosures with simplified format and enhanced font size.

Moreover, Companies have requested to reduce illustration scenarios from 3 to 2 and remove inflation-adjusted values, displaying only actual amounts allocated to policyholder accounts.

The illustration directive has been notified by the commission after extensive consultation with life insurance and family takaful companies, the Insurance Association of Pakistan and the Pakistan Society of Actuaries.

The Statutory Regulatory Order (SRO) is accessible on SECP’s website.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 133,403.19
324.46M
0.02%
33.04
ALLSHR 83,188.05
1,204.34M
0.13%
106.90
KSE30 40,651.46
104.88M
-0.13%
-53.85
KMI30 192,083.92
123.92M
-0.26%
-496.76
KMIALLSHR 55,847.70
679.22M
0.02%
11.98
BKTi 36,422.88
17.65M
0.29%
105.71
OGTi 28,437.61
10.77M
-0.37%
-105.35
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,075.00 109,685.00
107,680.00
620.00
0.57%
BRENT CRUDE 70.02 70.68
69.03
0.44
0.63%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.05
2.15%
ROTTERDAM COAL MONTHLY 106.65 106.65
106.25
0.50
0.47%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.18 68.91
67.33
0.25
0.37%
SUGAR #11 WORLD 16.15 16.37
16.10
-0.13
-0.80%

Chart of the Day


Latest News
July 08, 2025 at 11:29 PM GMT+05:00

PIA bidders shortlisted, Roosevelt JV gets green light


July 08, 2025 at 05:29 PM GMT+05:00

Money Link Exchange shuts down operations


July 08, 2025 at 04:41 PM GMT+05:00

Gold price in Pakistan rises Rs1,500 per tola


July 08, 2025 at 04:25 PM GMT+05:00

CCP clears 69 M&A deals in FY25



Top 5 things to watch in this week

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