Secp Turn Around Time

Process No.

Process Name/ Explanation

Any Dependencies

Final Approving Authority

Minimum
Turn Around Time (TAT)

1

Grant
of License of the companies in terms of section 42 of the Companies Act,
2017.

i.
Compliance with the   requirements of the Associations
with Charitable and Not for Profit Objects Regulations      2018.

ii.
Calling/Examination of CIB reports from the SBP.

iii.
Obtaining security clearance from MOI in respect            of
Foreign promoters/foreign funding;

iv.
Verification of promoter’s data from CRCS.

v.
Verification of promoters from Website of       NACTA/
UNSCR.

Commissioner-
CCD

 Within
2-3 working Days                                          after Compliance of
all requirements.

2

Renewal
of license of the companies in terms of section 42 of the Companies Act,
2017.

i)
Compliance with the requirements of the Associations
with Charitable and Not For Profit Object Regulations 2018;

ii)
Comments from concerned CRO regarding
compliance, change in subscriber members,      directors, maintenance of
website etc;

iii)
Verification of data from E-services and CRCS;

iv)
Calling/examination of CIB report SBP;

v)
Verification of name of the directors from UNSCR
list and the website of NACTA – Schedule-IV (Proscribed Persons);

vi)
Security clearance from MOI in respect of      Foreign
promoters/foreign funding;

Commissioner-
CCD

Within
2-3  working Days                                          after Compliance
of all  requirements.

3.

Reservation of Company Name

Submission of complete application in compliance with the requirements
of law i.e. the Companies Act, 2017 and Companies Incorporation Regulations,
2017.

In charge CRO/Wing Head

Four (4) working hours

4.

Company Incorporation

Submission of complete application in compliance with the requirements
of law i.e. the Companies Act, 2017 and Companies Incorporation Regulations,
2017.

In charge CRO/Wing Head

Four (4) working hours

5.

Queries & Complaints

–

HOD/Wing Head

As per SDMS guidelines

Handling of Complaints

1

–
Provision of
complete information by the complainant e.g. complainant name, contact
details, details against which complaint is made etc.

–
Delays in
response from the concerned entity (ies)

–
Sub-judice
complaints

·
03 working days
to respond on complaints.

·
07 working days
with respect to updating the status on complaint

·
Undefined – in
case of sub-judice complaints depending upon the courts

2

–
Provision of
complete information by the citizen enabling the concerned officer to respond
to the query.

·
03 working days
to respond on applications.

·
15 working days
with respect to updating the status on complaint

Department Name: Insurance Division – Market Development
Policy and Regulations Department

–
HEC verified Degrees
of the Authorized Surveying Officers;

–
Submission of
undertaking required under Anti-Money Laundering Directive

–
Credit
Information Data of the CEO/Directors from State Bank of Pakistan;

–
Exchange of
Information on any adverse issues with other departments of SECP;

–
Submission of
undertaking required under Anti-Money Laundering Directive;

–
Legal opinion
required on any court cases etc. from Legal Dept.

–
Credit
Information Data of the CEO/Directors from State Bank of Pakistan;

–
Exchange of Information
on any adverse issues with other departments of SECP;

–
Submission of
undertaking required under Anti-Money Laundering Directive;

–
Legal opinion
required on any court cases etc. from Legal Dept.

For Non-Life Insurance – 10
working days to respond.