The Securities and Exchange Commission of Pakistan has issued a circular directing all registered non-life insurance companies, including general Takaful operators that provide motor vehicle insurance, to join the Motor Insurance Repository.
A circular issued today states that the establishment of a verified data repository is considered an important step towards strengthening the enforcement of mandatory vehicle insurance. It is expected that this will empower the authorities to quickly and accurately verify coverage, thereby addressing the major issue of uninsured vehicles on the roads.
This initiative is in line with the SECP’s broader commitment to promoting digital transformation, enhancing compliance, protecting the public interest, and improving the transparency and efficiency of Pakistan’s insurance system.