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Life
Insurance Wing
Life Insurance Wing is responsible for supervision and development
of the life insurance sector. This wing analyzes periodic accounts,
statutory returns, statements, actuarial reports, reinsurance treaty
arrangements and new products received from life insurance companies
under the Insurance Ordinance, 2000. The wing ensures that accounting
and actuarial standards are applied and disclosed in a manner that
allows current and prospective policyholders, investors, intermediaries,
creditors and the SECP to properly evaluate the financial condition
of insurers. The wing, in consultation with the industry, is initiating
various reforms such as minimum actuarial valuation basis, market
conduct, group insurance business, auditing standards and reinsurance
criteria.
General Insurance (Non-Life) Wing
General Insurance (Non-Life) Wing is responsible
for supervision and development of non-life insurance sector. The
wing analyzes periodic accounts, statutory returns, reinsurance
treaty arrangements and other statements furnished by non-life insurance
companies and ensures that the companies meet minimum regulatory
requirements such capital/solvency requirements at all times.
Registration Wing
This wing is responsible for registration of
new insurance companies, insurance brokers and surveyors and collection
of annual supervision fee.
Research and Development Wing
Research and Development Wing is designed to
decipher the latest development in the field of insurance and to
uphold and analyze statistics of the Industry as a whole.
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