Failure to meet the standards of sections 11 (1) (f), 12, 59A (1) and 156 sound and deft management impose penalties during the insurance company's site inspection It is noted that any policy, The company did not adopt an appropriate internal control system to provide guidelines and frameworks for efficiently and effectively operating the company and standard operating procedures, which prevent or prevent errors on a timely basis. To detect and demonstrate its accuracy. The materials used by the company were obsolete and lacked proper construction, the scope of the internal audit was very limited and did not cover areas related to control issues resulting in a weakness in the internal control system in the inspection report. Various irregularities and discrepancies were created. In the circumstances of section 11 (1) (f) and 12 of the Insurance Ordinance 2000, the punishment provided under section 156 of the Insurance Ordinance was established. Anise 2000 can be levied on a company which can be raised up to one million rupees, however, due to the facts, the company was fined Rs 50,000 instead of the maximum penalty. That (a) the directors suffered investment losses to protect the interests of the company's stakeholders. (B) The Company's administration actively takes steps to remedy the deficiencies in the payment of federal excise duty. And (c) that the Company assured that the system is in the process of making a correction of the error, a strict warning was issued to the Company that in the future, in the event of such non-compliance, it would take strict action against the Company. Will go
Related judgments — Securities and Exchange Commission of Pakistan, 2011
