UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECP, ISLAMABAD S — 2025 CLD 288 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2025 CLD 288 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2025
Reporter: CLD
Parties: UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECP, ISLAMABAD S
Provisions referred to: S. 156---SRO; S. 156; 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

UNITED INSURANCE COMPANY OF PAKISTAN LIMITED VS The DIRECTOR/HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECP, ISLAMABAD S. 156---SRO No. 1545(I)/2019 dated December 6, 2019---Takaful Rules, 2012, Rr. 10(1)(k) & 20(1)---Different persons/entities of Securities Exchange Commission of Pakistan (Commission)---Delegation of powers---Objection raised by the appellant (Insurance Company, being authorized to undertake non-life insurance business and to carry on Window Takaful Operations /WTO), was that the Show-Cause Notice was controversial because powers under S. 156 of the Insurance Ordinance, 2000, had been delegated to different persons (Commissioner Insurance, HOD, Adjudication and Wing Head Adjudication-I) which tantamount to sub-delegation of powers of the Securities and Exchange Commission of Pakistan (Commission)---Validity---Under the SRO No. 1545(I)/2019 dated December 6, 2019 ('the SRO-in-question'), powers had been delegated to the different administered legislations (persons) of the Commission (the Commissioners, Heads of Departments and Wing Heads)---Thus, the appellant's objection was misconceived as S. 156 of the Insurance Ordinance, 2000, was a penal clause that was delegated to different persons to adjudicate the matters involving violations of the substantive provisions of the Insurance Ordinance, 2000---Appellate Bench found no reason to interfere in the merits of the impugned order----Appeal was dismissed.

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