The Securities and Exchange Commission of Pakistan (SECP has simplified submission requirements for registration of a new life insurance product or registering any amendments in an existing product to promote ease of doing business.
According to a released statement, most of the products submitted to SECP by life insurance companies and family takaful operators have standardised features, terms and conditions, which are similar to existing products.
Therefore, with an aim to facilitate the insurance sector, SECP issued S.R.O. 234(I)/2020 to simplify the submission requirements for standardized products. As per the new circular, a life insurance company that intends to issue a new product, which is likely to be a standard product, would need to submit very brief information.
The SECP has also reduced the turnaround time for registration of insurance products to 7 days from earlier duration of 30 days.
These relaxations are in line with SECP’s reforms to provide ease of doing business and facilitate the development of the life insurance sector in Pakistan.