Islamabad- The Securities and Exchange Commission of Pakistan, in exercise of its statutory functions, has initiated various actions against certain insurance/takaful companies suspected of involvement in violations of regulatory laws.
Unfortunately, in reaction to SECP’s regulatory actions to protect the interests of insurers, the suspected companies have initiated a smear campaign against the SECP in general and the Commissioner, Insurance Division in particular in a section of the press and by instituting frivolous petitions in blatant abuse of process of the court.
This is to inform general public that one such petition-at the behest of certain unscrupulous elements-has been returned with objections by the Registrar of the Supreme Court on the grounds that it contained unsubstantiated allegations.
The SECP would like to clarify that all accusations made against the Commissioner belie the facts and are part of a malicious campaign launched by vested interests to malign the SECP and tarnish the image of Insurance Commissioner.
The SECP unequivocally states that the Commissioner, Insurance Division, had severed all business ties with insurance/takaful companies prior to joining the SECP. Since September 2011, neither he nor any member of his immediate family had any business dealings with any insurance company.
The SECP formulates rules and regulations to protect the interests of all the stakeholders after following a well-defined legal process, which includes public consultations with regulated entities in accordance with the law.
The rules and regulations notified and enforced by the SECP are a result of exhaustive consultative process and involve consensus of various stakeholders and essentially steered towards ensuring effective monitoring, compliance and encouragement of organize development of insurance market in Pakistan keeping in view the best interests of the country.