President of the Professional Association of Insurance Surveyors of Pakistan (PAIS), Mr. Junaid Zaidi, while addressing a dinner hosted by the Association’s Executive Committee, expressed serious concerns over the Securities and Exchange Commission of Pakistan’s (SECP) proposed Insurance Rules, 2026, vide S.R.O. 1686(I)/2026.
Mr. Zaidi stated that SECP’s draft rules, dated 1 October 2026, allowed stakeholders one month to submit comments. However, the notification was emailed to insurance surveyors on 3 November 2026, after the consultation period had already expired. He further criticized SECP for previously tabling the Insurance Bill, 2026, directly in Parliament without notifying stakeholders, uploading or publicly circulating its draft for consultation. He termed both actions, prima facie, indicative of SECP’s bad intentions and a deliberate disregard for transparency and stakeholders’ right to meaningful consultation.
He also questioned the relevance of amending rules under the Insurance Ordinance, 2000, when the Ordinance itself was expected to be repealed upon enactment of the new Insurance Bill. He maintained that fresh rules should instead be drafted and circulated after the proposed Act is passed.
Mr. Zaidi also pointed out that the proposed rules were substantially similar to an earlier draft discussed before the Insurance Rules, 2017. He recalled that representatives of insurance surveyors had held detailed consultations with an SECP delegation led by the then Chairman, during which contentious provisions were mutually resolved and an agreed framework was incorporated into the amended rules of 2017.
PAIS demanded that SECP withdraw the draft Insurance Rules, 2026, notification and that the Insurance Bill, 2026, be withdrawn from Parliament for comprehensive consultations with stakeholders, ensuring that disputed provisions are amicably resolved before the Bill is re-tabled.
