Securities and Exchange Commission of Pakistan to join hands with Turkey for insurance supervision

Islamabad, October 02, 2013 (PPI-OT): The Securities and Exchange Commission of Pakistan (SECP) and its Turkish counterpart, under secretariat of Treasury of Turkey, have agreed to have mutual cooperation, exchange of information and experience sharing in the area of insurance regulation and supervision.

The memorandum of understanding (MoU) to this effect was signed by Pakistan’s finance minister, Mr Mohammad Ishaq Dar, and the Turkish finance minister, Mr Mehmet Simsek.

The MoU forms the formal basis for coordination between regulatory authorities of the two countries. It provides for exchange of information regarding the insurance sector to enhance the transparency, understanding and operational coordination between the insurance regulators of two countries. The two sides agreed on keeping the confidentiality of the information shared and assistance extended.

The MoU also provides for extending technical assistance and carrying out joint training programs on the subjects of mutual interest for both organizations. It is expected to improve the cooperation and coordination between the insurance regulators of two countries and achieve the mutual objective of development of insurance industry amid increasing international activity and integration of global financial markets.

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: +9251 921 4005 or 921 4009 (Ext. 378)
Fax: +9251 920 6459
Cell: +92302 855 2254
E-mail: shakil.chaudhary@secp.gov.pk

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