ISLAMABAD: The Pakistan General Insurance Company Limited has successfully implemented a series of corrective measures aimed at reviving its operations and aligning with regulatory requirements, according to a recent progress report.

The Company has fulfilled the Securities and Exchange Commission of Pakistan's (SECP) 'Fit and Proper Criteria for Insurance Companies' through the approval of its Board of Directors. This step follows the submission and acceptance of essential documentation by the SECP's Company Registration Office, highlighting the Company's initiative towards engaging a new management team.

According to information available from the Pakistan Stock Exchange (PSX), the Board Committees were established in compliance with the applicable Code of Corporate Governances for listed and licensed entities. The establishment of these committees and a Compliance Department underscores the Company's dedication to corporate proficiency.

On April 22, 2024, the Board also approved an increase in the Company's Paid-up Capital, following the SECP's endorsement. This adjustment was necessary to meet the minimum capital requirements set forth by the laws and regulations and was validated by the PSX after receiving a No Objection Certificate.

The Company's "Business Revival Plan" received approval from shareholders at an Extraordinary General Meeting held on September 30, 2023, and subsequently received the green light from the relevant authorities. The SECP has now approved the revocation of previously imposed conditions on business operations, marking a significant milestone in the Company's quest for corporate supremacy.

The management assured continued communication regarding any further developments in compliance with the PSX Rule Book, reinforcing its commitment to transparency and regulatory adherence.