The Securities and Exchange Commission of Pakistan (SECP) has proposed to issue a directive to the insurance sector to provide information about the sponsors, promoters and major shareholders of insurers and insurance intermediaries, which would now also include the details of ultimate beneficial owners of these companies.

The SECP has elicited public opinion on the proposed directive for insurers to comply with additional fit and proper criteria.

The SECP has directed the insurers and insurance intermediaries to submit, at the time of their incorporation, undertaking duly signed by the sponsors, promoters and ultimate beneficial owners that they have not been convicted of criminal breach of trust, fraud or money laundering. In addition, an insurer should also submit an undertaking, duly signed by the proposed directors or chief executive or principal officer of the insurer and an affidavit on an annual basis that its key officers have not been convicted of criminal breach of trust, fraud or money laundering.

Source: Asia Insurance Review