SECP acts against Takaful operators
ISLAMABAD,
July 5: The Securities and Exchange Commission of Pakistan (SECP) has
passed nine orders against insurance companies, including
three Takaful operators for compromising the principles of Islamic
Shariah.
The
orders were passed by the Insurance Division of the apex regulator
during June 2013. The Insurance Division passed four Orders against
three conventional insurers for contravening the various provisions of
the law, while two orders were passed in respect of the appeals filed
against the Orders of the Federal Insurance Ombudsman.
The
Insurance division has also issued a show cause notice to a
conventional insurer for not complying with the mandatory requirement
relating
to maintenance of statutory deposit with the State Bank of Pakistan.
In
addition to this, the SECP has also issued a direction for convening
the annual general meeting, and a warning was also issued by a
conventional
insurer on a matter involving non-compliance.
It
is pertinent to mention here that while taking cognizance of violations
of various provisions of Insurance Ordinance and Companies Ordinance,
the SECP had issued a total of 49 show-cause notices, 29 orders and 54
warning letters and directions to insurance companies during the
preceding fiscal year i.e. from July 2012 to June 30, 2013.
Moreover,
the Pakistan Insurance Institute (PII), in active coordination with the
Insurance Division of SECP, has conducted an examination
for the fresh authorized surveying officers during the month of May
2013. The results were announced during the last week of June 2013, and
have been placed on the official website of the SECP.
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