SECP taking steps for promotion of micro insurance market
SECP is encouraging all insurance companies to include micro insurance business in their annual business plans.
The Securities and Exchange Commission of Pakistan (SECP) is taking vigorous steps for the promotion of micro insurance market to enhance the insurance penetration and financial inclusion. It is being done in the wake of Micro insurance Rules that were issued to promote the micro insurance market in Pakistan.
The SECP is encouraging all insurance companies to include micro insurance business in their annual business plans. In this regard, SECP is considering to lower capital requirements for dedicated micro insurance companies or to reduce solvency requirements relating to micro insurance business.
SECP is encouraging insurance companies to invest in necessary technological infrastructure to promote micro insurance.