ISLAMABAD: The SECP on Thursday introduced a new registration mechanism for Digital Only Insurance and Micro Insurance companies. According to a circular issued by SECP to amend insurance rules, buyers will be authorized to get abrupt insurance startup, typically called ‘Beema’. According to SECP, the motive behind amending insurance rules is to encourage newness in the insurance framework and to increase the range of Beema services. Total investment limit, as per the new policy, has been set at 100 million rupees for Digital Only Non-life companies while 250 million rupees for Life Digital Only companies. The Digital Only companies have been directed to initiate their Digital claim lodgment and payment procedures from the very start of insurance operation. ONLINE
