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Pakistan: Finance Minister urges amending insurance law

Source: Asia Insurance Review | Nov 2016

Finance Minister Ishaq Dar has advised the Security and Exchange Commission of Pakistan (SECP), which oversees the insurance industry, to replace the current insurance ordinance with a new version because of the magnitude and importance of proposed amendments to the regulatory framework. 
 
   Chairing a meeting last month to review the amendments required in the insurance regulatory framework, he said it would improve the image of the insurance industry of Pakistan internationally. He advised SECP to start a nationwide stakeholder consultation in this regard, reported the Daily Times.
 
   At the meeting, SECP Chairman Zafar Hajjazi gave an overview of the insurance industry in Pakistan and a brief on the regulatory amendments required. He said the proposed framework aims to provide a conducive regulatory environment to encourage market development, strengthen the regulatory system to ensure alignment with the Insurance Core Principles of the IAIS and help ensure that the interests of policyholders are better protected.
 
   The current insurance law is dated 2000.
 
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