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Pakistan securities regulator OKs draft insurance bill

Pakistan's securities regulator approved a draft legislation that calls for instituting reforms in the insurance industry, including the introduction of microinsurers and provisions for the regulation of takaful and re-takaful, or Islamic insurance and reinsurance.

The Securities and Exchange Commission on June 1 said the draft bill was sent to the finance ministry for its onward submission to the ministry of commerce to start the necessary legislative process. The bill was formulated through extensive public consultation and due legal process.

Among other things, the draft bill proposes enabling provision for the introduction of risk-based supervision framework, regulation of local and foreign reinsurance business, regulation of reinsurance brokers and flexibility for the introduction of new intermediaries.