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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. 166; 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---Penalty, imposition of---Provisions under S. 166 of the Insurance Ordinance, 2000---Exceptions, benefit of---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)---Contention of the Appellant was that there was some ambiguity in S. 166 of the Insurance Ordinance 2000---Held, that Appellant was not entitled to secure the tender bid issued by PASSCO for insurance of its vehicles except as otherwise provided under subsections (4), (5) and (6) of S.166 of the Insurance Ordinance, 2000---Appellant failed to demonstrate that it was entitled to get the benefit of the exceptions provided in said subsections of S. 166 of the Insurance Ordinance, 2000---Appeal, filed by Insurance Company, being merit-less was dismissed, in circumstances.

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