Pakistan raises insurance capital requirementsAugust 28 2015 by InsuranceAsia News Staff
The Securities and Exchange Commission of Pakistan has increased the minimum paid-up capital requirement for insurers by PRs200 million (US$1.9 million).
The commission has amended the SECP (Insurance) Rules 2002 by adding a new rule. Under this rule, the baseline paid-up capital requirement for nonlife insurers has been set as PRs500 million, from PKR300 million.
Capital requirement for life insurers, meanwhile, has been prescribed as PRs700 million, from PRs500 million.
The new capital requirement will be applied in a phased manner and existing insurers would be given a period of two years until 2017 to meet the set requirements, the report stated.
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