Achi news desk-
ISLAMABAD: The Securities and Exchange Commission of Pakistan has proposed amendments to the Takaful General Accounting Regulations, 2019, allowing foreign insurers to present their full results in their financial statements, a press release said.
The amendments, proposed in SRO 569(I)/2024, have been placed on the SECP website to seek public opinion and suggestions thereon.
The full disclosure of the revenues from takeover operations will make it easier for insurance companies, since according to the above regulations, today general insurers are required to present the result of their takeover as one item in their financial statements, regardless of the size of their takeover operations.
To ensure full disclosure of conventional and takeover results, the draft amendments propose that the supporting notes to the financial statements provide a full breakdown of conventional and window operations.
Stakeholders or any interested party may send their comments and suggestions to the Director, Insurance Division, Securities and Exchange Commission of Pakistan, NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad. Public comments received within thirty days of the date of the SRO will be considered.
The notification is available on SECP’s website.
