Secp Turn Around Time

Handling of Complaints

Process No.

Process Name/Explanation

Any Dependencies

Final Approving Authority

Minimum Turn Around Time
(TAT)

1

Handling of Complaints

–
Provision of
complete information by the complainant e.g. complainant name, contact
details, details against which complaint is made etc.

–
Delays in
response from the concerned entity (ies)

–
Sub-judice
complaints

Concerned Point of Contact (POC)

·
03 working days
to respond on complaints.

·
07 working days
with respect to updating the status on complaint

·
Undefined – in
case of sub-judice complaints depending upon the courts

2

Handling of Queries

–
Provision of
complete information by the citizen enabling the concerned officer to respond
to the query.

Concerned Point of Contact (POC)

·
03 working days
to respond on applications.

·
15 working days
with respect to updating the status on complaint

Department Name: Insurance Division – Market Development
Policy and Regulations Department

Process No.

Process Name/Explanation

Any Dependencies

Final Approving Authority

Minimum Turn Around Time
(TAT)

1

Licensing of Insurance
Surveyors

–
HEC verified Degrees
of the Authorized Surveying Officers;

–
Submission of
undertaking required under Anti-Money Laundering Directive

Director – Insurance

10 working days to respond on
applications.

2

Fresh and Renewal Licensing
of Insurance Brokers

–
Credit
Information Data of the CEO/Directors from State Bank of Pakistan;

–
Exchange of
Information on any adverse issues with other departments of SECP;

–
Submission of
undertaking required under Anti-Money Laundering Directive;

–
Legal opinion
required on any court cases etc. from Legal Dept.

Commissioner – Insurance

10 working days to respond on
applications.

3

Licensing of Insurance
Companies/Takaful Operators (both life and general)

–
Credit
Information Data of the CEO/Directors from State Bank of Pakistan;

–
Exchange of Information
on any adverse issues with other departments of SECP;

–
Submission of
undertaking required under Anti-Money Laundering Directive;

–
Legal opinion
required on any court cases etc. from Legal Dept.

Commission – SECP

For Life Insurance – 15 working
days to respond;

For Non-Life Insurance – 10
working days to respond.

Specialized Companies Division

Process No.

Process Name/Explanation

Any Dependencies

Final Approving Authority

Minimum Turn Around Time (TAT)

1

Licensing

Fulfilment of regulatory requirements under NBFC rules and
Related Regulations

Commissioners SCD/ ED SCD

Minimum 5-7 days (subject of fulfilment of regulatory
requirements by the applicant)

Securities Market Division (SMD)

Process No.

Process Name/Explanation

Any Dependencies

Final Approving Authority

Minimum Turn Around Time (TAT)

 1

 Grant/ renewal of licences

CIB report from SBP, Internal comments/exchange of
information from operational departments of the Commission, submission of
complete information/documents by the applicant

 Commissioner

2-3 days upon completion of documents/information as per
applicable regulatory framework