TAKAFUL PAKISTAN LTD. versus EXECUTIVE DIRECTOR (INSURANCE)
Sections 76, A 59A and Sec 63 Securities and Exchange Commission of Pakistan Act (XLIII of 1997), section 33A applicable section penalties for appellate bench of Commission Inspections, sale of package To adopt misleading and fraudulent market practices. The ordinance, 2000, revealed that the company had failed to meet the ordinance requirements and had completely ignored the interest of policy holders. The company had adopted deceptive and fraudulent market practices to sell the package and failed to make the necessary disclosures to policy holders. The company went a long way in explaining the package, however, it appears to have neglected the interests of policy holders; 76 was clearly violated and could not be barred. Responsibility and should ensure that the package was fully disclosed to the passengers / policy holders During the period of Pan violation, the policy holders were misled and received sufficient money and could not be allowed to be scot free. An impedance order was upheld and the company was instructed to re-calculate the penalty at the threshold of section 76 (5). Insurance Ordinance, 2000
Related judgments — Securities and Exchange Commission of Pakistan, 2010
