ASIAN MUTUAL INSURANCE COMPANY (GUARANTEE) LIMITED versus CHAIRMAN (INSURANCE DIVISION) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 6, 11, 29, 36 and 63 of the Securities and Exchange Commission of Pakistan (Insurance) Rules 2002, R9 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 are required to be legally deposited and minimized by the company. Failure to meet Appeal against the direction of the Commission Appellant Company, provided under section 11 (1) (b) of the Insurance Ordinance 2000, which fails to maintain legal deposit. Failed to meet the minimum annuity requirements set forth in Section 11 (1) (c) and Section 36 of the Insurance Ordinance 2000. Failed to pay Rs. 200,000 to the Securities and Exchange Commission on the basis of annual monitoring fees for the year 2005 and 2006 provided under Section 11 (3) of the Insurance Ordinance 2000 and the official amount of Rs. 27,697 for 1 Failed to submit. The directive to comply with the federal insurance fees was stated that the record of the law as per the provisions of the law shows that the appellant company did not submit an annual monitoring fee of Rs 200,000 till 2006 and that year 2007, and Failed to present effectively for 2008 and a sum of Rs 4 lakh was deposited by the appellant in the legality of Rs 5 lakh at the time the unwanted directive was approved and which later amounted to ten million rupees. Appellant had not submitted it to the State Bank of Pakistan. Finally, the record available with the Appellant Insurance Depa. Accordingly, the appeal had failed to meet a total admissible assets less than Rs fifty lakh required. The rtment of the commission for the year ended 2007 was Rs.5.52 lakhs, which the appellant's own records show that
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