The Securities and Exchange Commission of Pakistan (SECP) has simplified submission requirements for registration of a new life insurance product or registering any changes to an existing product. The goal behind the move is to promote ease of doing business.
Most new products submitted to the SECP by life insurance companies and family takaful operators have standardised features, terms and conditions, which are similar to those of existing products.
To facilitate the insurance sector, SECP issued an order [S.R.O. 234(I)/2020] to simplify the submission requirements for standardised products, reported the newspaper Dawn.
Per the order, a life insurance company that intends to issue a new product, which is likely to be a standard product, would be required to submit brief information on the product. The SECP has also reduced the turnaround time for registration of insurance products to seven days, shorter than the earlier duration of 30 days.