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SALIENT AMENDMENTS IN THE SECURITIES AND EXCHANGE COMMISSION [INSURANCE] RULES 2002

SALIENT AMENDMENTS IN THE SECURITIES AND EXCHANGE COMMISSION [INSURANCE] RULES 2002. Anomalies have been removed and Rule 10 has been re-drafted.

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SALIENT AMENDMENTS IN THE SECURITIES AND EXCHANGE COMMISSION [INSURANCE] RULES 2002

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  1. SALIENT AMENDMENTS IN THE SECURITIES AND EXCHANGE COMMISSION [INSURANCE] RULES 2002

  2. Anomalies have been removed and Rule 10 has been re-drafted.

  3. For the purpose of sub-section (3) of Section 34 of the Ordinance the amounts determined under clauses (c) and (d) of sub-section (2) of section 34 of the Ordinance shall for Accident and Health Business written by a non-life insurer be based on the advice of an Actuary as defined in Rule 3.”

  4. The Commission may grant written permission to a life insurer to maintain the solvency margin calculated in accordance with the principles set out in Annexure III in its shareholders’ fund and statutory funds in aggregate.

  5. The life insurer makes an application in writing, not less • than three months. • The application in Rule (12)(2)(a) is supported by a non- • revocable resolution of the Board of Directors of the life • insurer to maintain the solvency margin for a period not • less than 10 years.

  6. 19. Financial Condition Report. - For the purposes of Section 50 of the Ordinance, the Financial Condition Report shall be prepared in accordance with the requirements prescribed in Annexure IV.”;

  7. 19. Financial Condition Report. - For the purposes of Section 50 of the Ordinance, the Financial Condition Report shall be prepared in accordance with the requirements prescribed in Annexure IV.

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