A. Background (BG)

1. This refers to the following Important TIQCs in trail, blue, italic and after double line (a) 8 of 13.12.25 about Related Partly, etc Disclosure for insurers Clarified – Circular 35 (b) 7 of 12.12.25 about 2026 Growth rate scenarios for Life Insurance & Family Takaful - Circular 34 of 2025 (c) 6 of 21.10.25 about Draft Actuarial Valuation Rules for Insurers Takaful & Operators and KC Views & Recommendation

2. We also refer to several Other TIQC including (a) 5 of 16.4.25 about Insurance Tribunal is valid (b) 4 of 12.8.24 about Insured Pakistan: Pool Dynamics (c) 3 of 4.5.24 about Pakistan Potential Micro, inclusive Takaful & Insurance and KCV & KCR (d) 2 of 24.1.24 about Life Insurance correctly claimed by deceased Mother-SCP

B. Updated Commentary

1. Further to KQU 3691, being an Important matter, we would inform you about Circular no. 31 of 2025 - Life Insurance Policy Finder Service Copy (Attachment 9.1) in the ensuing paragraph, with emphasis in bold & Underline, ours for quick reading.

2. The SECP in exercise of the powers conferred under Section 40B read with clause (u) of sub-section (4) and clause (fa) of sub-section (6) of section 20 of the SECP Act 1997, hereby directs all life insurers and family takaful operators registered under the Insurance Ordinance, 2000 (hereinafter collectively referred to as "Life Insurers") to participate in the "Life Insurance Policy Finder Service" and its functioning thereof.

3. The Life Insurance Policy Finder Service is a service to assist the heirs of deceased policyholders in locating lost policies, identifying beneficiaries and enabling claim processing to ensure that rightful benefits do not go unclaimed. The scope of the Policy Finder Service shall extend to individual life insurance policies issued by life insurers.

4. This service has been developed and is maintained by the CDC, pursuant to the MoU dated 11.2.25 with the Insurance Association of Pakistan and the agreement dated 27.2.25 with M/s State Life Insurance Corporation of Pakistan. The detailed roles, rights, and responsibilities of CDC and the participating insurers shall be governed by the respective Service Level Agreements (SLAs) executed between the relevant parties.

5. All life insurers shall:

(a) Participate in the Policy Finder service without exception and shall continue to remain a part of the service;

(b) Integrate with the Policy Finder service's system through Centralized Insurance Repository (CIR) maintained by the CDC and/or through Application Programming Interface (API) integration, as applicable, ensuring timely system connectivity and real-time query processing;

(c) In respect of participation through CIR, Insurers shall continue to timely submit data of individual life insurance policies

as per the agreed frequency; and

(d) Ensure timely response to all queries routed through the system, ensuring adherence to the turnaround times (TATs) finalized by the IAP in consultation with all participating insurers from the receipt of a query until its final disposal.

6. All participation insurers CIR, Insurers and CDC shall ensure the security, confidentiality, and integrity of all policyholder data processed. Stored or transmitted through the policy.

7. All life insurers shall ensure that details of the Policy Finder Service, including the designated SMS shortcode, are prominently displayed on their official websites to ensure visibility for users. Additionally, insurers shall also promote the service through their official social media platforms. Furthermore, the participating insurers shall after suitable intervals ensure that the Policy Finder Service is promoted through their websites and social media platforms. Life insurers shall ensure that all descriptions and representations of the service are consistent with the objectives of the service.

8. This Circular shall take effect within thirty (30) days of its issuance i.e. from 14.12.25

C. Further Details & Services

Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@kasbati.co with CC to info.kasbati@professional-excellence.com.

Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)

Managing Partner 

Kasbati & Co (1400+ Tax, Levies, Companies, Economy, Inflation, HR, Banking, Finance, etc

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