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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 — 2025 CLD 872 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2025 CLD 872 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2025
Reporter
CLD
Parties
The UNITED INSURANCE COMPANY OF PAKISTAN LIMITED vs The HOD, ADJUDICATION-I, ADJUDICATION DIVISION, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss
Provisions referred to
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

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 by Insurance Company---Penalty, imposition of---Mens Rea---Scope---Ignorance of law---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) ---Assertion of the Appellant was that the Respondent/Commission was required to establish mens rea (guilty mind) before proceeding against the Appellant under S. 156(6) of the Insurance Ordinance 2000 because the Appellant being a regulatee under the Insurance Ordinance 2000 was required to have complete knowledge and information regarding the ambit of operations and restrictions imposed under the law---Legal principle of law, "ignorantia juris non excusar" (ignorance of the law excuses not), or "ignorantia legis neminem excusat" (ignorance of law excuses no one), is explicit and holds that a person who is unaware of a law may not escape liability for violating that law merely by being unaware of its content---Furthermore, ignorance of the law may be considered as a valid argument inparticular cases where violations are committed by a third person, having no direct or indirect concern with the relevant law, however, a regulatee or any other stakeholder under the relevant law cannot take a defense that they were not aware of such law---Appeal, filed by Insurance Company, being merit-less was dismissed, in circumstances.

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