Karachi: The Securities and Exchange Commission of Pakistan (SECP) has officially approved the appointment of Mr. Azfar Arshad Inam as the Chief Executive Officer (CEO) and Ms. Sima Kamil as Director of Jubilee General Insurance Company Limited. The approval was granted on February 07, 2025, under the Insurance Companies (Sound and Prudent Management) Regulations, 2012. This decision came following the submission of necessary information and documents by the company, seeking approval for these key appointments.

According to the SECP, the appointments have been made in accordance with Section 12(1) of the Insurance Ordinance 2000, coupled with Regulation 2(2) of the specified regulations. The SECP has emphasized the insurer's obligation, as per Section 11(1)(f) of the Ordinance, to ensure that its executives, including directors and the CEO, uphold the standards of sound and prudent management. This includes meeting all criteria outlined in Section 12 of the Ordinance.

The SECP's approval is contingent on the information provided by Jubilee General Insurance Company, and it remains the insurer's responsibility to maintain compliance with regulatory requirements. In addition, any changes in the submitted information must be reported to the Commission within a seven-day period through an authorized representative of the insurer.

According to information available from the Pakistan Stock Exchange (PSX), Jubilee General Insurance Company Limited operates within the insurance market category, which has shown consistent growth over the years. The insurance sector continues to be a vital component of the financial market, contributing significantly to the economy.

The company has been advised to consistently adhere to the Ordinance and the regulations to ensure the continued sound and prudent management of its operations. The SECP's decision underlines the importance of regulatory compliance and the role it plays in maintaining the integrity of the insurance sector in Pakistan.