In a significant legal development, the Sindh High Court has granted approval for the merger scheme, facilitating the seamless transfer of the entire undertaking and business of M/s SPI Insurance Company Limited to the United Insurance Company of Pakistan.
Following the court’s sanction, the Securities and Exchange Commission of Pakistan (SECP) has officially revoked the registration of M/s SPI Insurance Company Limited as an insurer, in accordance with sub-section (2) of Section 9 of the Insurance Ordinance 2000.
Effectively, M/s SPI Insurance Company Limited ceases to exist, with all its business activities and liabilities now vested in the United Insurance Company of Pakistan Limited.
For policyholders and individuals with claims or responsibilities related to insurance policies issued by SPI Insurance, it is crucial to note that all inquiries and communications should be directed to the United Insurance Company of Pakistan Limited. The latter is now the entity responsible for addressing and fulfilling any obligations arising from the policies previously held with SPI Insurance.
This legal transition ensures a streamlined and transparent process for all stakeholders involved. The merger not only consolidates the operations of the two entities but also signifies a structural shift within the insurance sector. Policyholders are encouraged to promptly contact the United Insurance Company of Pakistan Limited for any assistance or clarification regarding their insurance policies.
The Sindh High Court’s approval and subsequent actions by the Securities and Exchange Commission of Pakistan mark a milestone in the restructuring of the insurance landscape. The United Insurance Company of Pakistan Limited stands ready to assume its expanded responsibilities, committed to upholding the trust and ensuring the continued satisfaction of policyholders affected by this merger.
For further information and assistance, policyholders are encouraged to get in touch with the United Insurance Company of Pakistan Limited through their official channels. The transition process aims to provide a seamless experience for all parties involved while maintaining the highest standards of service and compliance within the insurance industry.
