ISLAMABAD - As many as eight insurances companies have faced the music for defaulting on the compliance to statutory deposit requirements. According to Securities and Exchange Commission of Pakistan officials, the SECP has passed eight orders against each of the defaulting companies in order to fine them for their default. The action was part of the Securities and Exchange Commission of Pakistans enforcement and regulatory function, the officials added. Insurance Division of the Securities and Exchange Commission of Pakistan (SECP) passed 8 orders, fining defaulting insurance companies in the month of November, mainly on the grounds of non-compliance with the statutory deposit requirements. In addition, 4 show-cause notices were issued in November. Winding-up proceedings against one insurance company was also ordered. The Insurance Division also resolved 8 complaints lodged by the policyholders during the month for non-payment of the insurance claims.