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SECP Draft Regulatory Framework for Digital-only Insurers & Micro-Insurers

The SECP has introduced a draft regulatory framework for digital-only insurers and dedicated micro-insurers for seeking public comments.

The framework, projected through alterations in Insurance Rules, 2017, sets out the registering requirements for objects eager to operate through digital mode only and for units wanting to conduct small ticket size insurance, i.e., micro-insurance.

In addition, the draft also specifies requirements linking to business conduct such as technological capacity, permissible classes of business, a requirement to start pilot operations before complete launch, cyber-security, and product filing requirements, fair treatment of customers, among others.

The initiative was taken on the basis of the global developments concerning insurers functioning on a digital-only basis, which will be further accompanied by recent developments in the payment systems landscape.

Moreover, the new framework does not proscribe existing entities to underwrite micro-insurance or allocate insurance through digital modes.

The draft alterations, along with a position paper exemplifying the planned framework, can be retrieved at SECP’s website.

 

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