Insurance Rules, 2017
The Insurance Rules, 2017 (“2017 Rules”) were promulgated by the Securities and Exchange Commission of Pakistan on 9 February 2017.
Insurance Rules, 2017 were enacted on 9th February 2017 by Securities and Exchange Commission of Pakistan (“SECP”) replacing the previous Insurance Rules 2015. The Insurance Rules, 2017 were made in exercise of powers conferred by Section 167 of Insurance Ordinance, 2000 (XXXIX of 2000) read with S.R.O. 708(I)/2009 dated 27th July 2009 issued by the SECP, with the approval of the Policy Board. The Insurance Rules 2017 prescribe the ways and lays down the methods, procedures of Insurance and all the matters related thereof. Under the provisions of the Insurance Ordinance 2002, an Agent means an insurance agent appointed by an insurer in accordance with the provisions of the Insurance Ordinance and Insurance Rules, 2017. As Rule No. 6 of Insurance Rules, 2017 lays requisites of an application for registration as an insurer, Rule No. 7 lists the names of documents needed for registration and the Rule No. 5 of Insurance Rules, 2017 defines restricted classes of insurance business.
