The Securities and Exchange Commission of Pakistan (SECP) has expanded the scope of eligibility criteria for appointment of Chief Financial Officers of insurance companies.
The SECP has issued an S.R.O.1586(I)/2024 to amend the Code of Corporate Governance for Insurers, 2016 here on Saturday.
Under the new criteria, a person, being a Fellow or Associate member of the Casualty Actuarial Society or the Institute of Actuaries in England or the Society of Actuaries in the United States of America and has at least five (5) years of managerial experience in the fields of audit or accounting or in managing financial or corporate affairs functions of an insurer, shall also be eligible to be appointed as the Chief Financial Officer of an Insurer.
According to the S.R.O.1586(I)/2024, in the exercise of the powers conferred under section 40B read with clause (u) of subsection (4) and clauses (fa), (fb), (fc) & (g) of sub-section (6) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997), and clause (f) of sub-section (1) of section 11 and section 12 of the Insurance Ordinance, 2000, the SECP has notified following amendment to the Code of Corporate Governance for Insurers, 2016, the same having been previously published for eliciting public comments vide S.R.O 1087(I)/2024 dated July 8, 2024, namely:
In the aforesaid Code, in clause (xxi), after the existing proviso, the following new proviso shall be inserted:
“Provided further that a person, being a Fellow or Associate member of the Casualty Actuarial Society or the Institute of Actuaries in England or Society of Actuaries in the United States of America and has at least five (5) years of managerial experience in the fields of audit or accounting or in managing financial or corporate affairs functions of an insurer, shall also be eligible to be appointed as the Chief Financial Officer of an insurer”, SECP added.
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