Sections 11 (1) (f), 12, 59A and 156 were conducted on-site inspection for the good and careful management of the insurance company and the inspection team revealed several internal control weaknesses in the company's process. In addition to the weaknesses of controlling the opportunity for former employees to engage in fraudulent activities, the interests of the Company were also disputed by the Board of Directors and its Audit Committee, by developing and implementing an appropriate internal control system. Did not pay attention: Do not take serious steps or strengthen operational audits, nor operational guidelines and guidelines There is no focus on the development of the firm, nor is there any proper method for making investment decisions in the company, nor does any investment committee need to improve the surrender value calculator system, even on the same policy, The system was once a sultan, this particular policy is being shown as a complete blunder / auto-surrender and which can lead to contradictions that result in the incorrect calculation of the cash value of the policies. In view of this, it appears that the Company's internal control system is very weak, especially because of its operational policies, procedures and procedures. Absence of rules which were important for the performance of the company which indicated that the business of the company was not performed with proper care and professionalism as per the relevant provisions of section 11, 12. ? The Insurance Ordinance, 2000 Company was not aware of the activities of its employees, including the Heads of Departments, whether by any means, directors of any other business activity of the Company.
Related judgments — Securities and Exchange Commission of Pakistan, 2013
