Magazine date:
Jul 2015 In order to improve the ability of underwriting and retention of local insurers, the Securities and Exchange Commission of Pakistan (SECP) has carried out an increase of the minimum paid-up capital requirement for insurance companies. It has grown to 700 million PKR (6.84 million USD) for the life insurance companies and to 500 million PKR (4.88 million USD) for non-life insurers.
According to the SECP, the application of this new directive will be carried out gradually. Insurers will benefit from a two-year period - until 31 December 2017 - to comply with these requirements.