Pakistan to host South Asian Association for Regional Cooperation insurance regulators’ conference – Press Note issued by Securities and Exchange Commission of Pakistan

Islamabad, April 11, 2013 (PPI-OT): Following is the text of press note issued by Securities and Exchange Commission of Pakistan (SECP)

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The two-day SAARC insurance regulators conference organized by the Insurance Development and Regulatory Authority (IDRA), Bangladesh, on April 6-7, 2013, at the Bangabandhu International Conference Centre, Dhaka, on the theme “The Way Forward in the Wake of Global Reality” concluded by adopting the Dhaka Declaration. It was formally announced that Pakistan would host the next insurance regulators’ conference in 2014.

Mr. Muhammad Kashif Siddiqee, Joint Director, SECP, while delivering a presentation on the overall insurance sector in Pakistan also highlighted statistics on the performance of the sector during the last few years which by and large portrayed attractive bottom lines. This suggests that the Pakistan insurance industry is poised for a significant growth in the years ahead.

The Dhaka Declaration, inter alia, includes recommendations for capacity building, developing a robust legal framework, setting up of a resource pool for reinsurance purposes and devising market conduct for plugging unethical practices like undercutting prices, efficient claims management system etc. The conference also recommended the establishment of a committee for SAARC insurance regulators.

The conference was predominantly attended by insurance regulators from the SAARC countries. At the concluding session, the speakers called for a concerted effort by insurance regulators in the SAARC region in order to meet the growing challenges arising out of globalization and economic crises.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk