An online meeting of Professional Association of Insurance Surveyors of Pakistan (PAISP) was held in respect of Draft Insurance Ordinance (Amendments) Bill 2020 issued by Security Exchange Commission of Pakistan (SECP).
The meeting was chaired by Association’s President Junaid Zaidi, who addressing the members informed that in the Draft Bill; SECP has made certain amendments that are in favor of Insurance Surveyors and the ease of doing business rules were also followed. Also certain clauses are endorsed in the Amendments Bill that the Association was demanding since two decades. However, the most objectionable thing in the draft Bill is that SECP is a Regulatory Body how it can work as Parliament. In draft amendments SECP has given legislative powers in the name regulations. Where as
Legislation is an Act of Government formed after going through certain process while a regulation is specific and describe how legislation is enforced.
During the previous tenure of Corrupt Governments. The Law was badly misappropriated for giving legal cover to illegal financial benefits.
The corrupt leadership of past Government the power of legislation was delegated to SECP from the Government of Pakistan through SRO No. 708 Dated 27-07-2009
Our Association has been protesting against this illegal transfer of legislation powers since the issuance of SRO but we were never head. Now we aspect that the present Government will take action against the illegality to stop the corruption.
How it is possible that in the existence of Parliament any other body can work as legislative body.
We demand that Government of Pakistan must take action to stop further proceedings on these Amendments and re-draft the Bill through parliament not with collaboration of SECP by empowering them legislative powers.
