Law: Insurance Ordinance, 2000

Section: 59,112

Insurance Ordinance (XXXIX of 2000)--- ----Ss. 59 & 112---Insurance Rules, 2017, Rr. 41 & 47---S.R.O. No.122(I)/2016, dated 12-2-2016 and S.R.O. No.658(I)/2018---Insurance surveyor---Cancellation of licence---Appellant/Surveyor, conducted survey of non-life classes of business---Commission carried out investigation of Insurance Company and as per its report, appellant conducted six surveys of bogus claims and connived with the Company to process such claims---Show-cause notice was issued to the appellant---Dissatisfied with the response of appellant to said show-cause notice, Commissioner (Insurance) held that violation of S. 112(6) of the Insurance Ordinance, 2010 having been established, licence of surveyor was cancelled---Validity---Commissioner (Insurance) had not been able to show beyond any reasonable doubt connivance on the part of surveyor, however, surveyor did not exercise due care and diligence expected from an Insurance surveyor---Commissioner (Insurance) had not specified in show-cause notice and impugned order that as to which licence had been cancelled for which particular class or classes of business---Case was remanded by Security Exchange Commission to Commissioner (Insurance) to conduct fresh proceedings, including issuance of show-cause notice and pass a speaking order within 30 days---Surveyor was also barred from engaging in any insurance survey in respect of all classes of business until conclusion of the proceedings in the matter. THIS ORDER PASSED BY: SHAUZAB ALI, COMMISSIONER (SCD-S&ED/IE & IR)---.--- 1. This Order is passed in the matter of Appeal No.70 of 2017 filed under section 33 of the Securities and Exchange Commission of Pakistan (Commission) Act, 1997 (SECP Act) against the order (Impugned Order) dated 13/06/17 passed by the Respondent. 2. The brief facts of the case are that Zarar A. Nasir (Pvt.) Limited (Appellant) were licensed under the Insurance Ordinance, 2000 (Insurance Ordinance) to conduct survey of non-life classes of business comprising of fire, marine, motor and miscellaneous/MBD classes. The Commission under section 59 of the Insurance Ordinance carried out an investigation of M/s The Pakistan…

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