Securities and Exchange Commission of Pakistan facilitates signing of agreement between insurance/takaful companies and Central Depository Company to join centralized information sharing solution for health insurance

Islamabad, July 28, 2016 (PPI-OT):Insurance/takaful companies have signed an agreement with, the Central Depository Company (CDC) to join the centralized information sharing solution for the health insurance (CISSII) on Thursday at SECP head office. The agreement was signed by the authorized officials of the insurance/takaful companies and Mr. Muhammad Hanif Jakhura, CEO-CDC. CISSII is the outcome of efforts led by the SECP, the Insurance Industry Reform Committee (IIRC) and the CDC with the main objective of suggesting avenues of utilizing technology to revolutionize the insurance industry.

The signing ceremony was presided over by Mr. Fida Hussain Samoo, Commissioner Insurance, SECP. Mr. Ali Azeem Ikram, executive director insurance, and other senior officials from CDC and SECP were present. Inclusion of insurance and takaful companies, which are engaged in health insurance into the CISSII will greatly enrich the CISSII database and help in achieving the objectives of this information sharing mechanism.

CISSII was launched by CDC as a central electronic database and the electronic claims register through which all stakeholders of the insurance industry can access information greatly reducing the risks associated with management of filed claims, also mitigating the risks and tediousness associated. CISSII was launched with the induction of seven private life insurance companies in April 2014.

The launch of CISSII in the health insurance sector will ensure a high level of transparency and efficiency in the insurance industry. This will help the insurance industry in underwriting quality business based on the claims data provided for the preceding year. In the initial phase this initiative was implemented only on the life-insurance industry. Considering the progressive response of the life insurance industry the initiative is now being implemented on the health insurance industry and later the solution can be extended to other sectors.

For more information, contact:
Shakil Ahmad Chaudhary
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254