KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has asked all the registered insurance companies to submit with the commission the annual supervision fee not later than January 15, which would generate an amount of Rs76 million approximately, sources said .
The Insurance Ordinance provides that an insurer registered under the ordinance will pay to the commission, on or before 15th day of January of every calendar year, an annual supervision fee of the greatest of Rs100,000 and such amount as may be prescribed.
The amount of supervision fee was prescribed through the insertion of Rule 7A in the Securities and Exchange Commission Insurance 2002 on December 18, 2009 Rules.
The rules define that every insurer registered under the ordinance will pay to the commission, on or before the fifteenth day of January in every calendar year, an annual supervision fee, initially at the rate of Rs1.50 per thousand of the gross direct premium written in Pakistan during the calendar year, subject to a maximum of rupees fifty million; and at the expiry of one year, at the rate of Rs2 per thousand of the gross direct premium written in Pakistan during the calendar year, subject to a maximum of rupees fifty million.
The commission directed all the registered insurance companies to pay to the commission the greatest of Rs100,000 or Rs2 per thousand of the gross direct premium written during 2009, they said.
The total gross premium of the listed sector stood at Rs38 billion in 2009 led by Adamjee Insurance which written Rs10.3 billion followed by EFU General with Rs9.6 billion. Pakistan Re-insurance had a gross premium of Rs5.8 billion and New Jubilee with Rs4.03 billion in 2009
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