Draft bill governing reinsurance services
The Stock Exchange Commission of Pakistan (SECP) is proposing a reform regarding access to the local market for foreign reinsurance companies.
The draft bill in the pipeline is designed to build the capacity of the country’s domestic reinsurance business. It provides, among others, for a substantial review of the criteria in terms of paid-up capital and solvency requirements. It shall also distinguish between the applications emanating from local and foreign reinsurers. The latter will have to obtain green light from the authorities before underwriting in Pakistan.
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