The Securities and Change Fee of Pakistan (SECP) has granted a life insurance coverage licence to Postal Life Insurance coverage (PLI), the regulator declares in an announcement.
Established in 1884, PLI has been working as an connected company of Pakistan Put up. With a view to deliver enchancment in its governance construction and improve its outreach and stakeholder’s confidence, the federal government has determined to deliver PLI underneath the regulatory purview of SECP.
The licence underneath Insurance coverage Ordinance would make PLI topic to SECP’s regulatory frameworks of company governance, insurance coverage requirements and AML/CFT protocols and so on. Equally, the applicability of regulatory requirements would rework PLI into a contemporary life insurer which might absolutely utilise the huge department community of Pakistan Put up throughout nation.
This milestone has been achieved as a consequence of coordination amongst numerous stakeholders reminiscent of Ministry of Finance, Ministry of Communication, Pakistan Put up, Postal Life Insurance coverage, the Monetary Monitoring Unit and SECP.
The corporatisation and licensing of PLI wouldn’t solely set up efficient supervisory controls, but in addition play a significant position in direction of growing insurance coverage penetration ranges within the life sector, owing to the massive buyer base coupled with the established distribution community all through Pakistan.