Islamabad, Nov 3: Associate member of the Casualty Actuarial Society or the Institute of Actuaries in England or Society of Actuaries in the United States of America with at least five years managerial experience has also met the new criteria of eligibility.
Securities and Exchange Commission of Pakistan (SECP) who has recently came up with new requirements for recruiting chief financial officers of Insurance Company.
The new regulation set for formally releasing on Saturday includes S.R.O. 1586(I)/ 2024,
which revises the Code of Corporate Governance for Insurers last published in 2016.
As per-test imposed by the new provision, an independent person should have managerial experience of not less than five (5) years within audit or accounting fields.
or in managing the finance or the administration andorporateaffairs section of an insurer,
and who is a Fellow or Associate member of Casualty Actuarial Society.
the Institute of Actuaries in England, or the Society of Actuaries in the United States of America,
will also be qualified to be appointed as Chief Financial Officer of an insurer.
In accordance with S.R.O. 1586(I)/2024, the SECP has notified the following amendment to the Code of Corporate Governance for Insurers,
2016 in the exercise of the authority granted under section 40B read with clause (u) of subsection (4)
and clauses (fa), (fb), (fc) & (g) of sub-section (6) of section 20 of the Securities and Exchange Commission of
Pakistan Act, 1997, as well as clause (f) of sub-section (1) of sections 11 and 12 of the Insurance Ordinance, 2000.
“Provided further that a person, being a Fellow or Associate member of the Casualty Actuarial Society
or the Institute of Actuaries in England or Society of Actuaries in the United States of America
and has at least five (5) years of managerial experience in the fields of audit or accounting or in managing financial or corporate affairs functions of an insurer,
shall also be qualified to serve as an insurer’s chief financial officer,” SECP continued.
The previous proviso will be followed by this new one in clause (xi) of the aforementioned Code.
