SECP proposes amendments in regulatory framework for insurance coverage corporations

ISLAMABAD-The Securities and Alternate Fee of Pakistan (SECP), to supply the way of recording advance advance/withholding tax within the books of life insurance coverage firms in addition to administration of funding in authorities securities by life insurance coverage firms, has proposed amendments within the regulatory framework for insurance coverage firms.
The SRO 1514(I)/2023 and SRO 1516(I)/2023, proposing amendments to the Insurance coverage Guidelines, 2017 and the Insurance coverage Accounting Laws, 2017, respectively, have been positioned on SECP’s web site. As per the prevailing framework, life insurance coverage firms are required to carry a specified share of presidency securities in opposition to the advance/withholding tax, which has an influence on the liquidity place of insurance coverage firms. The proposed amendments goal to ease the burden on life insurance coverage firms although withdrawal of the necessities of holding a specified share of presidency securities in opposition to the advance/withholding tax and convey standardization to the process for recording advance /withholding tax. All stakeholders and different events could submit their suggestions and solutions inside thirty days of the issuance of SROs at [email protected] or [email protected].