Sections 11 (1) (F), 12 (1) (B), 63 (1) and 156 Insurance Companies (Sound and Production Management) Regulations, 2012, Regulation 2 (2) to obtain Commission approval before the Chief Appointment Failing Executive Officer Impact The company and its directors must obtain approval from the Securities and Exchange Commission prior to the appointment of the company's chief executive officer, which the company and its directors have approved by Regulation 2 (2) of the insurance companies (sound and product). Did not comply. Management) Regulations, 2012 and Sections 11 (1) (F) and 12 (1) (B) of the Insurance Ordinance 2000 were established, in the circumstances directed under section 63 (1) of the Insurance Ordinance 2000, and / or The penalty, as provided under Section 156 of this Ordinance, may be levied on the Company and / or its Directors Commission, however, using the authority granted under Sections 63 (1) and 156 of the Insurance Ordinance 2000 They can be imposed rather than instructed. Only the director of the company was fined Rs 1 lakh for not accepting commission before the appointment of the company's chief executive officer, refusing to enter into new contracts of insu, a further Rs 200,000 was imposed on the remaining six directors of the company. Not to ensure the appointment of a fit and appropriate person to act as Chief Executive Officer. \ r \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2013
