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EFU GENERAL INSURANCE LIMITED vs EXECUTIVE DIRECTOR, INSURANCE-SECP S — 2025 CLD 1621 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2025 CLD 1621 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2025
Reporter
CLD
Parties
EFU GENERAL INSURANCE LIMITED vs EXECUTIVE DIRECTOR, INSURANCE-SECP S
Provisions referred to
S. 33---I; S. 45---R; S. 45; Insurance Ordinance (XXXIX of 2000); Insurance Ordinance

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

EFU GENERAL INSURANCE LIMITED VS EXECUTIVE DIRECTOR, INSURANCE-SECP S. 33---Insurance Ordinance (XXXIX of 2000), S. 45---Review of the order passed by the Appellate Bench Securities and Exchange Commission in appeal---Scope---Applicant (Insurance Company) sought review of an order passed by the Appellate Bench whereby penalty was imposed on account of non-compliance of S. 45 of the Insurance Ordinance, 2000---Argument of the applicant was that S. 45 of the Insurance Ordinance, 2000 allowed maintaining books and records in electronic form which were available for inspection, however, the inspection team insisted on providing the 116 missing claim files in physical form, which (files) were not available due to the reason that they were lost during shifting of offices of the applicant despite taking reasonable measures---Validity---Record revealed that the said argument / contention of the applicant had already been considered by the Appellate Bench while passing the impugned order and determination on questions of facts and law had already been made thereunder---Applicant failed to highlight legal or factual error discernable on the surface of the impugned order---Review application was dismissed.

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