SECP Empowers Commissioners to Refuse Issuing or Renewing Broking Licenses

The Securities and Exchange Commission of Pakistan (SECP) has empowered the Commissioner (Market Development Policy and Regulation Department – Insurance Division) and Commissioner (Supervision Department – Insurance Division) to refuse to issue or renew an insurance broking license.

The SECP has issued S.R.O. 20 (I)/2021 on Friday to amend S.R.O. 744(I)/2020 dated August 17, 2020.

Earlier, the powers to refuse to issue or renew an insurance broking license was only available with the commission.

The SECP has delegated some powers and functions of the Commission to its Commissioner (Insurance) and the officers of the Insurance Division, to the extent of insurance companies and insurance brokers only, whether listed or not.

Now, the Commissioner (Market Development Policy and Regulation Department – Insurance Division) and Commissioner (Supervision Department – Insurance Division) have been authorized to exercise some powers of the Insurance Ordinance, 2000.

The SECP has also delegated certain powers and functions of the SECP to the Executive Director/Director/Head of Department (Market Development Policy and Regulation Department – Insurance Division) and Executive Director/Director/Head of Department (Supervision Department – Insurance Division).

They have been empowered to approve the appointment of chief executive officer and director of an insurance broker and provide an opportunity of making representation to the person in case of overdue or past due payment.

The Executive Director/Director/Head of Department (Market Development Policy and Regulation Department – Insurance Division) and Executive Director/Director/Head of Department (Supervision Department – Insurance Division) have been empowered to provide exemptions and approve the appointment of chief executive officer, principal officer or director of an insurer or provide opportunity of making representation to the person in case of overdue or past due payment.



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