The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES

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The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED VS The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss. 156 & 166---Insurance of public property, matter of---Violations---Complaint, filing of---Limitation---Securities and Exchange Commission of Pakistan ('Commission') penalized Appellant (Insurance Company) on a complaint lodged by National Insurance Company Limited (NICL/Complainant ) for underwriting insurance policies of vehicles of a public sector entity (PASSCO)---Argument of the Appellant was that there was delay in filing of the complaint by NICL---Validity---Appellant had failed to corroborate said argument with the any relevant legal provision that stated that NICL's case was barred by the statute of limitations---Insurance Ordinance, 2000 ('the Ordinance') and secondary legislation made under the Ordinance did not prescribe a limitation period for filing a complaint, therefore, Appellant's assertion (that the complaint filed by NICL was time-barred) was misconceived---Furthermore, principles envisaged under the legal framework of the criminal justice system were not applicable in the present case---This was not a case of a delayed complaint rather, it was about the fact that as to when, how and by whom the law had been violated---Respondent had not taken action against the Appellant to undo the effect of the transaction whereby insurance policies were issued by the Appellant for PASSCO vehicles, but to proceed against the violation of S. 166 of the Insurance Ordinance, 2000---Filing a delayed complaint did not bar the Commission from taking action against the violation that came on record through a complainant---Thus, the violation committed by the Appellant had been duly dealt with by the Respondent---Furthermore, the case laws referred by the Appellant were not binding on the Bench, because the said orders were passed by the subordinate adjudicating authorities--- Moreover, every case had its own merits and circumstances, therefore, the decision in one case was not ipso facto applicable in other cases---Appeal, filed by Insurance Company , being merit-less was dismissed, in circumstances.

The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss — 2025 CLD 872 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

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