Pakistan demands proof

Asia-Pacific

The Securities & Exchange Commission of Pakistan has instructed 25 of the country’s 48 registered insurers to prove they have adequate reinsurance cover by 31 January 2002. The regulator has set a list of guidelines the insurers must comply with or they face the prospect of having their licences revoked. This is seen as an attempt to improve the financial basis of the insurance sector. So far only 23 insurers have submitted evidence of their reinsurance contracts.