Karachi: The Securities and Exchange Commission of Pakistan (SECP) has notified draft of accounting rules and regulations for the Life and non-Life Insurance companies.
The drafted revised Accounting Formats and regulations for published financial statements and regulatory returns by insurance entities was notified in the official gazette of Pakistan to elicit public and stakeholders comments.
After in-depth deliberations, the commission notified the draft rules and regulation format for public consultation. Only those comments and suggestions shall be considered and incorporated which are viable and in the spirit of law. Thereafter, the final rules and regulations shall be announced.
By issuing these accounting formats and regulations, the SECP, as the apex regulator, aimed to protect the interests of policyholders and promote sound development of the insurance industry.
It is envisaged that the revised set of accounting rules and regulations shall bring in more transparency, establish enhanced disclosures requirements that would be useful in decision-making by present and potential policyholders, investors, lenders, etc.
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