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Jul 2017 Pakistani supervisory authority, Securities and Exchange Commission of Pakistan (SECP), has approved the 2017 draft bill governing the insurance sector. The introduction of microinsurance, the development of local reinsurance capacity, the review of criteria with regard to capital and solvency requirements were among the reforms proposed.
The new regulation has been designed to ensure the market’s conformity with international standards, along with the protection of policyholders’ interests.
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