SECP revokes New Hampshire Insurance Company's registration in Pakistan

MG News | November 24, 2023 at 03:10 PM GMT+05:00

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November 24, 2023 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has revoked the registration of New Hampshire Insurance Company—Pakistan Branch as an insurer under sub-section (2) of Section 9 of the Insurance Ordinance 2000, as per a press release issued by the regulatory body.

The registration was revoked by SECP pursuant to the Hon'ble High Court of Sindh's approval of the Scheme of Arrangement in its order dated September 13, 2023, in which the entire undertaking of New Hampshire Insurance Company in Pakistan is transferred to TPL Insurance Limited.

New Hampshire Insurance Company, Pakistan Branch, is no longer authorized to carry on insurance business in Pakistan, and any business activity carried out by it or any liability incurred by it shall be payable by TPL Insurance Limited.

The regulatory body has advised policyholders to contact TPL Insurance Limited for any claims or liabilities related to their insurance policies with New Hampshire Insurance Company – Pakistan Branch.

In this regard, the SECP has issued a notification in accordance with the terms of sub-section (1) of Section 10 of the Insurance Ordinance, 2000.

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