Law: Insurance Ordinance, 2000

Section: XXXIX,76,156,2(xvi),122(3),125,127

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

Section:

(a)    Insurance Ordinance (XXXIX of 2000)-------Ss.76 & 156---Order passed by Appellate Bench of Securities and Exchange Commission of Pakistan---Review---Scope State Life Insurance Corporation ofPakistan ('the Applicant') sought review against the order passed by the Appellate Bench of the Securities and Exchange Commission of Pakistan ('the Commission')--Validity---Pertinently, the applicant, at any stage of the proceedings, did not contest the fact(s) taken in the instant Review Application and had only raised question with respect to jurisdiction of the Commission to pass the Order in Original---Reliance of the applicant on Circular 14 of 2000, dated September 23, 2006, was misplaced for the reason that for the first time at review stage, it was raised---Show-cause notice was issued on June 06, 2016 and at that point in time Circular No. 05 of 2016, was already in field as the same was issued on January 26, 2016, and later its annexure was amended vide Circular No. 27 of 2020 (dated September 04, 2020)---In said regard, the Bench had adequately dealt with the applicability of Circular No. 05 of 2016 in para 11 of the impugned order--Applicant admitted that higher cash surrender value was shown to the policy holder due to a malfunction of a software program and inter alia for the said reason the direction to compensate the loss suffered by the policyholder was issued and penalty under Ss. 76 & 156 of the Insurance Ordinance, 2000, was imposed vide impugned order---Bench had already determined the question of jurisdiction, in view of the facts of present matter---Applicant failed to highlight any anomaly or illegality in the Impugned order---Review Application was dismissed, in circumstances.(b)    Insurance Ordinance (XXXIX of 2000)-------Preamble---Insurance matters---Securities and Exchange Commission of Pakistan---Powers---Insurance Ordinance, 2000 as a whole empowers the Securities and Exchange Commission of Pakistan as a regulator inter alia to take all necessary steps to ensure the interest of policyholders.(c)    Insurance Ordinance (XXXIX of 2000)-------Ss.2(xvi), 122(3), 125 &…