Karachi, The Securities and Exchange Commission of Pakistan (SECP) has announced the revocation of the registration of M/s New Hampshire Insurance Company’s Pakistan Branch, marking a significant change in the country’s insurance sector.

According to Securities and Exchange Commission of Pakistan, this decision follows the approval of a Scheme of Arrangement by the Honorable High Court of Sindh on September 13, 2023, under sub-section (2) of Section 9 of the Insurance Ordinance 2000. As per this arrangement, all operations of M/s New Hampshire Insurance Company in Pakistan have been transferred to TPL Insurance Limited.

With the revocation of its registration, M/s New Hampshire Insurance Company’s Pakistan Branch is no longer permitted to engage in insurance business within Pakistan. Consequently, all its business activities and liabilities have now been assumed by TPL Insurance Limited.

The SECP advises policyholders who have active insurance policies with M/s New Hampshire Insurance Company’s Pakistan Branch to contact TPL Insurance Limited for any claims or matters related to their policies. This transfer of responsibilities is designed to ensure continuity and support for existing policyholders.

The SECP has taken this step in line with the provisions of sub-section (1) of Section 10 of the Insurance Ordinance 2000 and has issued a formal notification to this effect. This move is indicative of the SECP’s ongoing efforts to regulate and streamline the insurance sector in Pakistan.