SECP for effective implementation of Motor Third Party Liability Insurance

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has formed a working group to explore the possibilities and mechanism for effective implementation of “Motor Third Party Liability (TPL) Insurance” in the country, a statement said on Tuesday.

The group, comprises industry experts, representatives of the Insurance Association of Pakistan (IAP) and the SECP officials, will formulate a detailed proposal for effective implementation of the Motor TPL Insurance, including mechanism for coordination with relevant authorities.

The first meeting of the working group held at the SECP head office, discussed in detail the implementation of the Motor TPL Insurance under the existing laws. It was agreed that the recommendations will include the schedule for engagement with other relevant bodies, public awareness, availability of affordable products and central database of motor insurance policies.

The Motor TPL Insurance offers protection against death, bodily injury and property damage to the victims of road traffic accidents or their legal heirs.

The TPL insurance is also mandatory in almost all jurisdictions of the world, including neighbouring countries such as India, Bangladesh and Sri Lanka.

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