Securities and Exchange Commission of Pakistan (SECP) has officially revoked the registration of M/s New Hampshire Insurance Company—Pakistan Branch as an insurer.
This decision, made under sub-section (2) of Section 9 of the Insurance Ordinance 2000, signifies a transformative shift in the insurance landscape.
SECP’s action follows the approval of the Scheme of Arrangement by the Honorable High Court of Sindh in its order dated September 13, 2023.
According to this scheme, the entire undertaking of M/s New Hampshire Insurance Company in Pakistan has been transferred to TPL Insurance Limited.
As a consequence of the registration revocation, M/s New Hampshire Insurance Company, Pakistan Branch, is no longer authorized to conduct insurance business in the country.
All business activities and liabilities previously associated with it are now the responsibility of TPL Insurance Limited.
Policyholders are strongly advised to reach out to TPL Insurance Limited for any claims or liabilities related to their insurance policies with M/s New Hampshire Insurance Company – Pakistan Branch.
The SECP has issued a notification in compliance with the terms of sub-section (1) of Section 10 of the Insurance Ordinance 2000, formalizing this regulatory decision.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan