Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

Law: Insurance Ordinance, 2000

Section: 61,156

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 33---Insurance Ordinance (XXXIX of 2000), Ss. 156 & 61---Appeal to the Appellate Bench of the Commission---Power of Commission to call for information and access---Penalty for default in complying with or acting in contravention of the Insurance Ordinance, 2000---Withdrawal of appeal---Scope---Securities and Exchange Commission advised the appellant Insurance Company to submit its comments in the matter of a complaint, whereby it was alleged that the appellant company had failed to pay a claim of certain sum of amount but no reply was received company was directed under S. 61 of the Insurance Ordinance, 2000 (the Ordinance) to submit reply to the complaint but the direction was not complied with company was imposed upon a fine under S. 156, of the Ordinance for contravening the provisions of S. 61 of the Ordinance---Validity---Held, delay in payment of insurance claims and non-compliance of regulatory direction was a serious matter which could not be ignored company requested the Appellate Bench to allow the withdrawal of appeal---Appellate Bench, without further probe into the merits of the case, dismissed the appeal as withdrawn. ORDER 1. This order shall dispose of Appeal No. 112 of 2017 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997, by Crescent Star Insurance Company Limited (the Appellant) against the Order dated October 30, 2017 (the Impugned Order) passed by the Director Insurance (the Respondent) under section 61 read with section 156 of the Insurance Ordinance, 2000 (the Ordinance). 2. Brief facts of the case are that the Securities and Exchange Commission of Pakistan vide email dated June 7, 2017 advised the Appellant to submit its comments in the matter of a complaint lodged by Ms. Raksahnda Javed Malik (the complainant) whereby it was alleged that the Appellant had failed to pay a claim of Rs. 14,000/-. However, despite of issuance of three reminders (June 13, 19 and 23 of 2017) to the Appellant, no reply was received. Thereafter, vide letter dated July 11,…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492