{"id":65185,"date":"2020-05-09T10:03:00","date_gmt":"2020-05-09T05:03:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=65185"},"modified":"2020-05-08T14:44:30","modified_gmt":"2020-05-08T09:44:30","slug":"secp-to-amend-credit-suretyship-rules-forex-outflow","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/secp-to-amend-credit-suretyship-rules-forex-outflow.html","title":{"rendered":"SECP seeks to amend credit &#038; suretyship rules to curb forex outflow"},"content":{"rendered":"\n<p>Islamabad: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday presented the amended draft of the Credit &amp; Suretyship (Conduct of Business) Rules, 2018 on its official website for garnering public feedback, according to news sources. The proposed amendment is aimed at restricting the country&#8217;s foreign exchange outflow for reinsurance purpose<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/secp-establish-str-financing-smes.html\" target=\"_blank\" rel=\"noreferrer noopener\">SECP to establish \u2018STR\u2019 for financing SMEs<\/a><\/p>\n\n\n\n<p>The proposed amendment is aimed at restricting the money outflow for reinsurance purpose. It seeks to delink the reinsurance, conditional of collateral, to save the foreign exchange (FOREX). The amendment will facilitate the insurance sector by increasing local retention of insurance risks.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/details-sought-of-ultimate-beneficial-owners-foreign-firms.html\" target=\"_blank\" rel=\"noreferrer noopener\">SECP seeks details of \u2018ultimate beneficial owners\u2019 of foreign firms<\/a><\/p>\n\n\n\n<p>The existing rule of procuring collateral on bonds\/guarantees of an amount equal to 80% of the sum insured, left after the reinsurance was highlighted at the stakeholders\u2019 consultation meeting. It was pointed out that the condition has caused a reduction in businesses and retention on suretyship and credit venture, given the insurance sector\u2019s tendency to park risks in reinsurance.<\/p>\n\n\n\n<p>Consequently, the local businesses are required to pay a premium for foreign companies as reinsurance businesses are based abroad. The<a href=\"https:\/\/www.zameen.com\/news\/secp-proposes-amendments-companies-act-2017.html\" target=\"_blank\" rel=\"noreferrer noopener\"> amendment<\/a> suggests the insurance companies to gather collateral at 10% of the sum insured under the insurance guarantee document.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday presented the amended draft of the Credit &amp; Suretyship (Conduct of Business) Rules, 2018 on its official website for garnering public feedback, according to news sources. The proposed amendment is aimed at restricting the country&#8217;s foreign exchange outflow for reinsurance purpose Read: SECP to establish \u2018STR\u2019 for financing SMEs The proposed amendment is aimed at restricting the money outflow for reinsurance purpose. It seeks to delink the reinsurance, conditional of collateral, to save the foreign exchange (FOREX). The amendment will facilitate the insurance sector by increasing local retention of insurance risks. Read: SECP seeks details of \u2018ultimate beneficial owners\u2019 of foreign firms The existing rule of procuring collateral on bonds\/guarantees of an amount equal to 80% of the sum insured, left after the reinsurance was highlighted at the stakeholders\u2019 consultation meeting. It was pointed out that the condition has caused a reduction in businesses and retention on suretyship and credit venture, given the insurance sector\u2019s tendency to park risks in reinsurance. Consequently, the local businesses are required to pay a premium for foreign companies as reinsurance businesses are based abroad. The amendment suggests the insurance companies to gather collateral&hellip;<\/p>\n","protected":false},"author":75,"featured_media":61188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[28542,28541,26299],"persona":[],"class_list":{"0":"post-65185","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-credit-suretyship-conduct-of-business-rules","9":"tag-secp-seeks-to-amend-credit-suretyship-rules-to-curb-forex-outflow","10":"tag-securities-and-exchange-commission-of-pakistan-secp","11":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SECP seeks to amend credit &amp; suretyship rules - Zameen News<\/title>\n<meta name=\"description\" content=\"Securities and Exchange Commission of Pakistan (SECP) on Wednesday presented the amended draft of the Credit &amp; 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