The Insurance Development and Regulatory Authority (Idra) has temporarily postponed the drafts of the Insurance Act, 2010, the Insurance Development and Regulatory Authority (Idra) Act, 2010, and the ‘Insurers’ Resolution Ordinance, 2026’.
The decision has been taken as the drafts need further review and revision.
This information was given in a letter issued by the Idra’s legal department on Tuesday (July 14).
The letter said that earlier, the drafts of the Insurance Act, 2010, the amendment to the Idra Act, 2010, and the ‘Insurers’ Resolution Ordinance, 2026’ were sent to the Financial Institutions Department through three separate memoranda.
However, in the latest review, Idra feels that the drafts need to be reviewed more deeply and necessary revisions should be made.
For this reason, the Financial Institutions Division has been requested not to take any action on these drafts until further instructions are given.
The letter signed by the Director (Law) of Idra has been sent to the Secretary of the Financial Institutions Division of the Ministry of Finance.
At the same time, the attention of the Deputy Secretary in charge of the Insurance Branch has been drawn to it.
The concerned people say that these drafts were prepared with the aim of modernizing the regulatory framework of the insurance sector, strengthening good governance of the institutions and creating a new legal framework for the management of troubled insurance companies.
However, as a result of the latest decision of Idra, the process of finalizing the amendments and the new ordinance has been delayed for the time being.
