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SECP relaxes licenses renewal requirement for insurance industry amid coronovirus

The Securities and Exchange Commission of Pakistan has relaxed the requirements in renewal of licenses to help the insurance industry amid the coronavirus outbreak.

It applies to insurance brokers, surveyors, and authorised surveying officers.

The new requirements were explained in a circular issued by the SECP on Monday.

The relaxation period is for two months: from March 15, 2020 to May 15, 2020.

Those whose license has expired or may expire during this period can continue to conduct business without a renewal, the SECP said.

However, the insurance companies have to submit their license renewal applications prior to May 15, 2020. Upon receipt of the applications, licenses will be renewed effective from the date of expiry of the previous license.

Insurance brokers have also been given an option to send their applications to the commission via email until the expiry of the lockdown.

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