ISLAMABAD (Web Desk) – The Securities and Exchange Commission of Pakistan (SECP) has increased the minimum paid up capital requirement for insurance companies by two hundred million rupees.
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The Commission amended the rules under which the baseline paid-up capital requirement for non-life and life insurance companies has been prescribed as 500 million rupees and 700 million rupees respectively.
These new capital requirements would be applied in a phased manner. The existing insurance companies would be allowed a period of two years to meet the said requirements.