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| The
Insurance Division is headed by Executive Director. It is responsible
for supervision and development of insurance sector, including life
and non-life insurance companies, takaful operators, insurance intermediaries
and bodies connected with insurance like Insurance Association of
Pakistan, Pakistan Insurance Institute and Pakistan Society of Actuaries.
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Market
Developments
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Draft Actuarial Valuation Regulations, 2005 (1)
Draft Actuarial Valuation Regulations, 2005 (2)
Industry Development
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Actuarial Valuation Regulation |
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The policyholders’ liabilities of life
insurance business are estimated through Actuarial Valuation,
basis of which are yet to be prescribed by the SECP. The SECP,
in consultation with the Pakistan Society of Actuaries and Life
Insurers, is actively working on Actuarial Valuation Regulations.
The
draft of Actuarial Valuation Regulation(1)
, draft
of Actuarial Valuation Regulation(2) have been prepared,
which is expected to be finalized and notified in the first
half of the year 2006. |
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National Mortality Table |
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A mortality table is used by life insurers to
estimate their liabilities and work out the premium rates. Unfortunately
most of the life insurers are using an outdated mortality table
which was developed in 1960s. In collaboration with the Pakistan
Society of Actuaries and with the help of life insurers, the
SECP is working towards the development of a National Mortality
Table. |
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