All Insurance Companies are required to operate in compliance with the requirements of Insurance Ordinance, 2000 & Companies Ordinance 1984. The Securities & Exchange Commission of Pakistan, being the apex regulator of the Insurance Industry, takes appropriate legal actions as and when required, against the Insurance Companies that fail to comply. In furtherance thereof, SECP has issued directions under Section 63(1) of the Insurance Ordinance, 2000 to prohibit the following Insurance Companies/Societies to underwrite any new insurance business.
The general public is hereby advised in their own interest not to enter into any insurance contract with these entities.
- Hallmark Insurance Company Limited.
- Dadabhoy Insurance Company Limited.
- The Ittefaq General Insurance Company Limited.
- National General Insurance Company.
- Seafield Insurance Company Limited.
- Agro General Insurance Company Limited.
- Union Insurance Co. of Pakistan Limited.
- Standard Insurance Co. Limited.