The Securities and Exchange Commission of Pakistan (SECP) has directed insurance companies to maintain a minimum amount of Rs. 50 million till December 31, 2024, in the Shareholders’ Fund of the non-life digital-only insurers.
The SECP issued S.R.O. 435 (I)/2023 on Tuesday with the approval of the Policy Board. Through the new notification, the SECP has amended Insurance Rules, 2017.
Under the said notification, the SECP has specified the net admissible assets of life insurers.
The required minimum amount to be maintained in the Shareholders’ Fund shall be Rs. 75 million after December 31, 2024, of the non-life digital-only insurers.