In accordance with the provision of Insurance Ordinance 2000, insurance companies are required to furnish the statement of assets and liabilities to the SECP for each quarter within six weeks from the end of that quarter.
In order to ensure compliance with the law, the SECP has sought clarification from 35 insurance companies for failing to comply with the mandatory provisions requiring the submission of statement of assets and liabilities for the last quarter.
The information provided through the statements is critical for the supervision and monitoring of the insurance industry in Pakistan. It helps the SECP to watch the interests of policyholders of insurance companies.
Earlier this week, President Mamnoon Hussain had instructed the Federal Insurancce Ombudsman to address the issue of insurance companies not paying out their clients.