Central Depository Company of Pakistan Limited (CDC) has signed Memorandum of Understanding with Life Insurance and Takaful companies in Pakistan including State Life Insurance Corporation of Pakistan, EFU Life Assurance, Jubliee Life Insurance Company, MetLife Alico Pakistan, Adamjee Life Insurance Company, Pak-Qatar Family Takaful and Dawood Family Takaful Ltd, for a Centralized Information Sharing Solution for the insurance industry.
The MoU signing ceremony was held at the CDC’s head office in Karachi and was attended by CEOs, Chairpersons and Senior Management of the Pakistan’s leading Life Insurance and Takaful companies, the SECP and Management of CDC.
All the parties have been agreed on principle that a Centralized Information Sharing Solution for the Insurance Industry (CISSII) should be developed to bring in greater efficiencies and transparency in the Industry for sharing of critical information including acceptance of claim and underwriting of hazardous risks.
Central Depository Company (CDC) which possesses the necessary technology infrastructure and has a proven success story in managing electronic securities has been asked by Securities and Exchange Commission of Pakistan (SECP) to develop and maintain Insurance Repository on behalf of the insurance sector.
“CDC has been at the forefront of the Capital markets development in Pakistan, which have experienced such phenomenal growth in recent years” said Muhammad Hanif Jakhura, the CEO of CDC. “We have revolutionized the Capital Markets infrastructure and this MoU marks the beginning for a similar change in the insurance industry with greater cooperation between our organizations which provides us with a framework for the exploration of collaborative projects.” added Muhammad Hanif Jakhura.
Centralized Information Sharing Solution will be implemented in two phases, the first phase of which will cover the sharing of information only among the Insurance companies on a Centralized database while the second phase will result in its extension for establishment of a comprehensive Insurance Repository in Pakistan through which insurance policies can be stored in dematerialized form.
About Central Depository Company
Central Depository Company (CDC) is a public limited company incorporated in 1993. The company is the only depository that manages electronic transfer of securities across all three stock exchanges of the country. The company has recently completed fifteen years of successful operations.
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