SECP issues motor insurance study

ISLAMABAD: The Securities and Trade Fee of Pakistan (SECP) has printed a diagnostic examine on motor third-party insurance coverage within the nation to current an in-depth overview of the authorized framework relevant to the insurance coverage, a press release mentioned on Monday.

The examine can also be aimed toward presenting present state of motor insurance coverage, impediments in implementation and enforcement, current initiatives taken by SECP, and a method ahead containing suggestions. It will function a place to begin for dialogue and collaborative motion planning on the implementation of motor third-party insurance coverage amongst key stakeholders, together with central and provincial authorities, SECP, and the insurance coverage sector, SECP mentioned.

As per the examine, motor insurance coverage protection in Pakistan is merely 3 p.c, which is method decrease in comparison with different main international locations throughout the area.

The present standing of motor third-party insurance coverage in Pakistan calls for speedy consideration. To extend motor insurance coverage protection and implement current obligatory motor third-party insurance coverage, the examine offered coverage suggestions for a multifaceted reform agenda. The initiation level must be efficient implementation of the prevailing legal guidelines whereas on the identical time galvanising the method of amendments to the Motor Autos Act of 1939, based on SECP. The examine may be accessed at SECP’s web site.