{"id":5570,"date":"2020-07-20T21:50:48","date_gmt":"2020-07-20T21:50:48","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5570"},"modified":"2020-10-19T11:49:04","modified_gmt":"2020-10-19T11:49:04","slug":"secp-to-recognize-insuretechs-for-the-first-time-in-history","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/secp-to-recognize-insuretechs-for-the-first-time-in-history\/","title":{"rendered":"SECP to recognize InsureTechs for the first time in history"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<h2>Amendments Proposed to Insurance Ordinance 2000 by the SECP<\/h2>\n<p><span style=\"font-weight: 400;\">The Securities and Exchange Commission of Pakistan (SECP) has proposed a draft law to make amendments to the Insurance Ordinance 2000. The amendments refer to address regulatory gaps in the existing law and provide such an environment where market development can be encouraged.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The draft bill has been placed on the regulator\u2019s official website for stakeholder and general public consultation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is the first time in the history that SECP is going to recognize InsureTechs. The changes aim to facilitate the use of technology and provide ease of doing business to everyone. It also focusses on the entity-specific and systemic risks by altering towards risk-based capital (RBC) and risk-based supervision (RBS) regimes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The amendments are targeted to reinforce the regulatory framework and ensure its affiliation with the International Association of Insurance Supervisors (IAIS) on the Insurance Core Principles (ICP).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The significant reforms mentioned in the draft bill includes provision for the regulation of Takaful and re-Takaful; introduction of dedicated micro insurers; flexibility for the introduction of new intermediaries; regulation of reinsurance brokers; regulation of both local and foreign reinsurance business for the enhancement of local capacity; insurance self-network and insurance repository platform; provisions for regulation of index-based insurance and InsurTech.<\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/secp-to-recognize-insuretechs-for-the-first-time-in-history\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":5574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[58],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Press Release | Insurance Ordinance 2000 by the SECP | Cometinsure<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission of Pakistan (SECP) has proposed a 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