KARACHI - The Securities and Exchange Commission of Pakistan (SECP) has directed all insurance companies to make sure that their ensure agents are properly qualified and have competed their respective foundation courses.

A circular issued by the Securities and Exchange Commission of Pakistan’s Insurance Division has stated that the insurance companies need to make sure that their agents meet the statutory requirements. It further stated that all the insurance companies are directed to ensure that no person is appointed as an agent, unless he has the minimum prescribed qualifications and has completed the respective foundation course within the time period as specified in the statutory provisions.

The insurance agents, who have not completed their respective foundation course within the stipulated time, must complete the same by September 30, 2013. In case of non-compliance, any business or transaction carried out by any agent, lacking requisite qualifications, shall be treated as null void and no payment of commission can be made to them.