Section 45, 59A & 156 Failure to maintain proper books and records During on-site inspection, the inspection team was not granted access to various claims files related to motor claims, saying the claim files are related to claims paid in the workshop. , And the total amount of claims paid to these workshops was more than Rs. 1,869,382, which was reported on the survey reports that the claim files on the company's Internet portal were missing from the company records. Misuse of the record of the entire claim of specific workshops, creating serious doubts about the accuracy and accuracy of the payment of all these claims. Were, in the disappearance of 116 files, the company performed improper maintenance of records through the company, in which case the breach of section 45 of the Insurance Ordinance violated, the company's 2000 directors had certain reliability duties, ie. Duties and some of the broader duties imposed by the Constitutional Directors were imposed against the highest standards of accountability, which enabled them to remain vigilant and perform their duties with appropriate responsibility. In relation to the legal requirements set forth in Section 45 of the Insurance Ordinance 2000, directors should have been aware of their legal obligations and had adequate space. All bookkeeping procedures and company records, but they failed to do so, were made the default of Section 45 of the Insurance Ordinance 2000, and the Company exercised its powers in exercising its powers under section 156 of the Insurance Ordinance 2000 The default commission was also accepted. Instead of imposing a maximum penalty, a fine of Rs 500,000 is also directed
Related judgments — Securities and Exchange Commission of Pakistan, 2013
