![SECP starts reviewing insurance companies' websites](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470485780.jpg)
SECP Starts Reviewing Insurance Companies' Websites
Faizan Hashmi Published August 06, 2016 | 05:16 PM
![SECP starts reviewing insurance companies' websites](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470485780.jpg)
ISLAMABAD, (UrduPoint / Pakistan Point News - 6th Augst,2016) :The Securities and Exchange Commission of Pakistan (SECP) has started verifying the insurance companies for complying with the requirement of maintaining functional websites with contents in accordance with its notifications.
This exercise has exposed various deficiencies in the websites of many insurance companies,said a statement issued by SECP here on Saturday. The SECP has taken a serious note of this non-compliance, and has issued directions to 33 of them to ensure maintenance of functional websites within 30 days. The SECP had earlier notified all companies (listed or non- listed) vide its SRO No 634(1)/2014 of July 10, 2014, to maintain functional websites having detailed information about the company, its objectives, governance structure, election of directors and financial position to benefit its members, potential investors, and the public.
In a subsequent notification SRO 1222(I)/2015 of December 10, 2015 and SRO 16(I)/2016 of January 4, 2016, the companies were further required to maintain the information prescribed in SRO 634(1)/2014 in urdu on their websites.
Furthermore through SRO 684(I)/ 2015 of July 15, 2015, the companies were required to place the web link of JamaPunji on their websites.
In addition, the SECP through circular No 18 of December 30, 2011, directed all insurance companies to maintain necessary information about all their products and claims/grievance handling mechanism on their websites in an easy-to-follow manner and in both English and Urdu. Moreover, through circular number 11 of May 19, 2014, the SECP has directed all insurance companies to place on their websites an updated list of all policyholders' Names who have not claimed their benefits along with the information about the contact person who would provide the necessary information to the insured or his/her legal heirs.
This mandatory updated website will serve as a valuable tool for current and potential investors and policyholders to make informed decisions. Updated websites will also benefit the companies, giving them an effective platform to provide all relevant material information to stakeholders and to seek their feedback wherever required.
The SECP has been constantly urging companies to comply with these mandatory requirements, believing that this is a step towards aligning participants with global technological advances and the best international practices.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Business
-
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
7 hours ago -
Chinese support for CPEC, development projects show deep love with Pakistan: Mushahid
8 hours ago -
G20 seeks common ground on taxing super-rich
8 hours ago -
Stocks rise as inflation data boosts rate cut hopes
8 hours ago -
Land of PSM to be used for establishment of SEZs: NA body told
10 hours ago -
European medicines watchdog rejects new Alzheimer's drug
10 hours ago
-
FBR committed to resolve taxpayer issues in KP, Chairman FBR assures Governor KP
12 hours ago -
Tanveer emphasizes role of SEZs in attracting investment
12 hours ago -
Russian central bank hikes key rate to fight inflation
12 hours ago -
SBP injects Rs9.545 trillion into market
12 hours ago -
PSX stays bearish, loses 439 points
12 hours ago -
US Fed's favored inflation measure cools further in June
13 hours ago