SECP proposes amendments
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018 for the insurance sector, a statement said on Wednesday.
The draft amendments have been placed on the SECP’s website for eliciting public opinion, it added.
The main objective of the amendments is to delink the requirement of collateral under the rules from the reinsurance. Earlier, during the stakeholders’ consultation session, it was pointed out that the rules require procuring of collateral on guarantees / bonds of an amount equivalent to 80 percent of the sum insured less reinsurance, which has led to reduction of business and lessening of retention on credit and suretyship business.
Therefore, to facilitate industry, SECP has proposed amendments in the rules to delink the collateral requirement from reinsurance.
-
Leonardo DiCaprio's Girlfriend Vittoria Ceretti Given 'greatest Honor Of Her Life' -
Beatrice, Eugenie’s Reaction Comes Out After Epstein Files Expose Their Personal Lives Even More -
Will Smith Couldn't Make This Dog Part Of His Family: Here's Why -
Kylie Jenner In Full Nesting Mode With Timothee Chalamet: ‘Pregnancy No Surprise Now’ -
Laura Dern Reflects On Being Rejected Due To Something She Can't Help -
HBO Axed Naomi Watts's 'Game Of Thrones' Sequel For This Reason -
King Charles' Sandringham Estate Gets 'public Safety Message' After Andrew Move -
Lewis Capaldi Sends Taylor Swift Sweet Message After 'Opalite' Video Role -
Brooklyn Beckham Plunges Victoria, David Beckham Into Marital Woes: ‘They’re Exhausted As It Seeps Into Marriage -
Sarah Ferguson Joins Andrew In ‘forcing’ Their Daughters Hand: ‘She Can Lose Everything’ -
'Bridgerton' Author Reveals If Actors Will Be Recast In Future Seasons -
50 Cent Super Bowl Ad Goes Viral -
'The Housemaid' Lifts Company's Profits: Here's How -
Michael Douglas Recalls Director's Harsh Words Over 'Wall Street' Performance -
Henry Czerny On Steve Martin Created Humor On 'Pink Panther' Set -
Lady Victoria Hervey: Andrew Mountbatten-Windsor's Ex-girlfriend Proud Of Being On Epstein Files