{"id":272113,"date":"2022-07-19T01:45:07","date_gmt":"2022-07-18T20:45:07","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=272113"},"modified":"2022-07-19T01:45:07","modified_gmt":"2022-07-18T20:45:07","slug":"secp-notifies-amendments-to-the-credit-and-suretyship-conduct-of-business-rules-2018","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/secp-notifies-amendments-to-the-credit-and-suretyship-conduct-of-business-rules-2018\/","title":{"rendered":"SECP notifies amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018"},"content":{"rendered":"<p> ISLAMABAD<br \/>\nTo promote implementation of sound principles of risk management in credit and suretyship businesses of insurance companies, Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018 vide S.R.O. 1010 (I)\/2022.<br \/>\nThe amendments require insurance companies to develop risk assessment mechanism to evaluate technical and financial strength of the persons on whose behalf the bond\/guarantee is being issued. This is intended to assess the principal obligors\u2019 experience and expertise to carry on the project work, as well as their financial strength.<br \/>\nFurthermore, in order to optimally utilize the local absorption capacity available within the country, and to curtail the outflow of reinsurance cessions abroad.<br \/>\n the collateral requirements has been delinked from reinsurance arrangement. Through these amendments, SECP has also reduced the cash collateral requirement to 10% of the bond value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD To promote implementation of sound principles of risk management in credit and suretyship businesses of insurance companies, Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018 vide S.R.O. 1010 (I)\/2022. The amendments require insurance companies to develop risk assessment mechanism to evaluate technical [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-272113","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SECP notifies amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/secp-notifies-amendments-to-the-credit-and-suretyship-conduct-of-business-rules-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SECP notifies amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD To promote implementation of sound principles of risk management in credit and suretyship businesses of insurance companies, Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Credit and Suretyship (Conduct of Business) Rules, 2018 vide S.R.O. 1010 (I)\/2022. 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