SECP relaxes license renewal requirements

Staff Report

ISLAMABAD: Amid outbreak of COVID-19 in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) realizing the difficulties face by insurance brokers, insurance surveyors, and authorized surveying officers (ASOs) in renewal of their licenses, has relaxed the requirements in renewal of licenses.
To facilitate the insurance industry during ongoing pandemic, the SECP has introduced a relaxation period of two months starting from March 15, 2020 to May 15. Insurance brokers/insurance surveyors/ ASOs whose license have expired or may expire during this period shall continue to carry on their business without renewal of its current license.
However, the respective insurance companies shall have to submit their license renewal applications prior to May 15, 2020.
Upon receipt of the applications, licenses shall be renewed effective from the date of expiry of the previous licenses. Through the aforesaid circular, the SECP has also given an option to insurance brokers to send their applications to the commission via email until the expiry of the lockdown.