Scribd
Upload
9 views1 page

Notification Amendment in Insurance Rules 2017 IFRS 16

IFRS

Uploaded by

dradeennida
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
9 views1 page

Notification Amendment in Insurance Rules 2017 IFRS 16

IFRS

Uploaded by

dradeennida
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

GOVERNMENT OF PAKISTAN

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN


-.-.-.-
Islamabad, the 5th July, 2022

NOTIFICATION

S.R.O. 1012(I)/2022.- In exercise of the powers conferred by section 167 of the Insurance
Ordinance (XXXIX of 2000) read with clause (v) of sub-section (2) of section 32 and sub-section (7) of
section 35 thereof and S.R.O. 708(I)/2009 dated July 27, 2009, the Securities and Exchange
Commission of Pakistan, with the approval of the Policy Board, is pleased to make the following
amendments to the Insurance Rules, 2017, the same having been previously published in the official
Gazette through S.R.O. 535(I)/2021 dated May 3, 2021 for eliciting public opinion thereon.

AMENDMENTS
In the Insurance Rules, 2017, -

1. In rule 12, -

(a) after the words “the percentages”, the expression “/ limit of admissibility” shall be inserted;

(b) in the table, in the entry provided at the third column of the first row, after the word
“Percentage”, the expression “/ Limit of Admissibility” shall be inserted;

(c) the following new entry shall be inserted at the end of the table:

Right of Use Assets recorded as From the date of coming into effect of this amendment,
per International Financial in the case of both life insurer and non-life insurer, right
Reporting Standard 16 (Leases) of use asset to the extent of the corresponding right-of-
use liability but excluding right of use assets created
against vehicles, office equipment and intangible assets.

2. For rule 16, the following shall be substituted:

“16. Assets to be invested in securities. - (1) Thirty per cent of the assets of the shareholders’
fund of a life insurer, or of a statutory fund of a life insurer, other than a statutory fund which
contains only investment linked policies, shall be invested in Government securities, under sub -
section (7) of section 35 of the Ordinance.

(2) A further ten percent of the assets of the shareholders’ fund of a life insurer, or of a statutory
fund of a life insurer, other than a statutory fund which contains only investment linked policies,
shall be invested in a combination of Government securities and other approved securities, under
sub -section (7) of section 35 of the Ordinance:

Provided that for the purposes of computation of the limits provided at sub-rule (1) and (2)
above, inter-fund receivables of a shareholders’ fund or a statutory fund and right of use
assets, other than right of use assets created against vehicle, office equipment and intangible
assets, shall be excluded.”
__________________________________________________________________________________
[ID/MDPR/IAP/2022]

You might also like