The Securities and Exchange Commission of Pakistan (SECP) has officially revoked the registration of New Hampshire Insurance Company, Pakistan Branch, as an insurer. This decision, made under sub-section (2) of Section 9 of the Insurance Ordinance 2000, follows the approval of the Scheme of Arrangement by the High Court of Sindh on September 13, 2023. The scheme involves the complete transfer of New Hampshire Insurance Company’s operations in Pakistan to TPL Insurance Limited.
As a result of the revocation, New Hampshire Insurance Company, Pakistan Branch, is no longer authorized to conduct insurance business within the country. Furthermore, all business activities and liabilities associated with the company are now the responsibility of TPL Insurance Limited.
Policyholders who were previously associated with New Hampshire Insurance Company, Pakistan Branch, are advised to direct any queries or concerns regarding claims or liabilities to TPL Insurance Limited. The SECP has issued a notification in adherence to the provisions of sub-section (1) of Section 10 of the Insurance Ordinance, 2000, formalizing this transition.
This move by the SECP ensures a seamless transfer of operations and responsibilities, safeguarding the interests of policyholders and maintaining the regulatory integrity of the insurance sector in Pakistan.