ISLAMABAD, Dec 16: The Securities and Exchange Commission of Pakistan on Monday notified the Securities and Exchange Commission (Insurance) Rules, 2002.

The Rules, enforced with immediate effect, have been made to carry out the purposes of the new insurance law, that is, Insurance Ordinance, 2000, whereby the insurance industry was brought under regulatory jurisdiction of the SECP.

The draft of the Rules, as required under sub-section (2) of Section 167 of the Insurance Ordinance, 2000, were notified for soliciting views/comments of the interested public as well as the insurance industry. Comments/suggestions received on the draft rules from them were incorporated in the draft rules.

The Rules, according to the SECP statement, cover important operational matters relating to accounting and reporting, actuarial report, re-insurance arrangements, independent insurance survey and market conduct, etc., as applicable to life and non-life insurance companies.

Also specified in the Rules are solvency requirements for the insurers (i.e. solvency margin as well as margin). The notification of these rules has been made through the Gazette of Pakistan, to be published by the Printing Corporation of Pakistan Press, Islamabad.