GOVERNMENT OF PAKISTAN SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN S.R.O. 226 (1)/2015.- In exercise of the 28 and sub-section (2) of section 167 of the read with SRO No. 708(D/2009 dated 27" 291(1)/2007 dated 26" NOTIFICATION Islamabad, the 13" March, 2015 powers conferred by sub-section (2) of section Insurance Ordinance, 2000 (XXXIX of 2000), July 2009, and in supersession of SRO No. March 2007, the Securities and Exchange Commission of Pakistan is Pleased to propose the following insertion in the Securities and Exchange Commission Insurance) Rule, 2002, for soliciting the comments of the general public, namely :- O In the aforesaid Rules, the Rule 9 shall be inserted, namely:- “Minimum paid-up capital requirement for insurers.- (1) For the purposes of sub-section (2) of section 28, the amount given in the table below shall be the ‘minimum required amount of paid-up capital for an insurer registered under the Ordinance to carry on insurance business:~ Minimum Paid-Up Capital Requirement Amount given in million rupees Type of Insurer Year Year Year 2015 2016 2017 31" December | _ 30" June __| 31" December | 30" June __| 31" December @ 2 @ @ Oo Oo Life Insurers 500 550 600 650 700 Non-Life Insurers 300 350 400 450 500 O (2) An insurer who, after the insertion of this rule, desires to register itself under the Ordinance, shall be required to comply with the above mentioned minimum paid up capital requirement.” No.ID/PRDD/Rule9/2015/3 BUSHRA ASLAM Secretary to the Commission ae