The Securities and Exchange Commission of Pakistan (SECP) has introduced a Motor Insurance Repository, a centralized digital system designed to strengthen the enforcement of mandatory motor third-party insurance across the country.
The new repository will house complete policy and claims data for all motor insurance customers.
All non-life insurers and takaful operators are required to join the system and integrate their data. Companies have been given 60 days to sign an agreement with the Central Depository Company, which will operate the repository.
The system ensures secure storage, central validation, and controlled sharing of data with authorities strictly for verification purposes. The SECP states that the digital repository will help close longstanding compliance gaps, enhance monitoring, and support public interest protection through improved transparency in the insurance sector.
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Mandatory? Since when was insurance Mandatory ?
Ignorance of the law is no excuse.
Is it comprehensive insurance or third party insurance
Is insurance halal or Haram, if it is Haram, does government wants to promote Haram in Islamic Republic of Pakistan. Does the constitution allows it or amendment in process for such activities.