SECP Relaxes Registration Requirements for Life Insurance Products
In an attempt to promote ease of doing business and to support the development of the country’s Life Insurance Sector, the Securities and Exchange Commission of Pakistan (SECP) has relaxed the process for registering new life insurance products and submitting amends to an existing product.
A circular issued (S.R.O. 234(I)/2020) detailing the revisions to the older process, stated that the amount of information required to be submitted for a new product that is likely to share similar standardised features (including terms and conditions) with existing products, will be minimal.
The document also mentioned that the SECP has reduced registration turnaround time for new insurance products, from 30 days to 7 days.
As cited in a press release, a majority of submissions made to SECP by Life Insurance Companies and Takaful operators are said to have standardized features.