KARACHI - The SECP has issued 14 warning letters and 5 show cause notices to the CEOs and directors of various insurance/takaful firms for failing to comply with corporate laws, insurance laws and accounting standards and regulations.  These warnings and show cause notices have been issued by the SECP’s Insurance Division. Three were issued to the takaful operators for compromising the principles of Shariah as envisaged in the Shariah guidelines issued by the eminent Shariah scholars.

In addition, the Insurance Division has also initiated proceedings on the appeals filed against the orders of the Federal Insurance Ombudsman.