SECP Expands Engagement with Provincial Governments for ‘Insured Pakistan’ Initiative.

Islamabad, October 21, 2024: The Securities and Exchange Commission of Pakistan (SECP)
continues taking steps to fulfil the vision of insured Pakistan. In this regard, Commissioner
Insurance SECP, Aamir Khan held a series of meetings with provincial authorities to discuss
steps aimed towards realization of the vision. In Baluchistan, he met with the Secretary
Transport, Mr. Muhammad Hayat Kakar and Director General Excise and Taxation Mr.
Zeeshan Raza Gohar, followed by meetings with Advisor Finance to Chief Minister Khyber
Pakhtunkhwa, Mr. Muzammil Aslam and Additional Secretary Excise, Taxation and
Narcotics Control KPK Mr. Wajid Ali Khan.
The outreach is in line with the objectives of the 5-year strategic plan for the Insurance Sector
by SECP. This includes taking stakeholders onboard to help promote insurance sector as well
as ensuring protection of the citizens of Pakistan through various initiatives under the Insured
Pakistan initiative. Similar engagements are planned with key government officials of other
provinces in the coming weeks.
During the meeting with Secretary Transport and Director General Excise and Taxation,
Baluchistan, the discussion focused on enforcement of mandatory Third-Party Insurance for
registered vehicles and facilitating adoption of insurance services by the broader population.
In the meeting with Advisor Finance, Commissioner Insurance presented insurance sector snapshot along with protection gap and potential for growth. Furthermore, use of insurance as a financing strategy by the
provincial government in the domains of health & agriculture and disaster mitigation was
discussed.
In the meeting with the Additional Secretary of Excise, Taxation, and Narcotics Control
KPK, the enforcement mechanism for mandatory third-party motor insurance was discussed.
Other than that, matters related to ensuring compliance to the insurance requirement and
enforcement mechanisms were discussed.
These efforts are part of a broader strategy to collaborate with key provincial government
stakeholders for the realization of Insured Pakistan agenda, and will cover the provinces of
Punjab and Sindh in coming weeks. This outreach will culminate in the holding of SECP
Insurance Conference 2024 at the end of the year in Karachi, aimed at fostering collaboration,
engagement and innovation.