Sections 11 (1) (d), 41 (1), 59A (i) and 156 require insurance arrangements and the need to maintain insurance insurance arrangements apply the default penalty applicable executive order On the inspection of the underwriting company. The director of the insurance division found that different policies were issued on the same risk. The company retained each risk premium instead of a single retention, which was contrary to the terms and conditions of the contract, which violated the terms and conditions of contract management. And may risk the default premature cancellation of section 41 read with Section 11 (1) (d) of the Insurance Ordinance 2000 and the Company may also accept its default penalty provided under Section 156 of the Insurance Ordinance 2000 done. However, in exercising the power granted to the Commission under Section 156 of the Insurance Ordinance 2000, the Commission imposed a fine of Rs 500,000, instead of imposing a maximum penalty of Rs 1 lakh. That the company had assured that the system would be resolved without delay, the company was also issued a stern warning that in the future such severe non-compliance will be taken against the company.
Related judgments — Securities and Exchange Commission of Pakistan, 2011
