The first round-table meeting for the development of an Insurance Repository was held at CDC House on 22nd April, 2015 and was presided by the Chairman of the Securities and Exchange Commission of Pakistan (SECP), Mr. Zafar-ul-Haq Hijazi. The Commissioner of Insurance Division, SECP, Mr. Fida Hussain Samoo, CEO – Central Depository Company (CDC), Mr. Muhammad Hanif Jakhura along with the management of CDC and senior representatives of the Insurance sector also participated in the inaugural meeting.
SECP had formed an Insurance Industry Reforms Committee (IIRC) in 2012 which outlined the future roadmap for revolutionizing the Insurance Industry. In a meeting held with CDC, a solution was proposed for the development of an Insurance Repository whereby all policies will be held in an electronic form on a central server, allowing access to all stakeholders at any time. This initiative will introduce multiple operational efficiencies and greatly reduce the several risks that are currently inherent in the industry.
The first phase of the project was successfully completed when CDC launched the Centralized Information Sharing Solution for the Insurance Industry (CISSII) in
April 2014. A total of seven Life Insurance companies joined the endeavour and in a landmark achievement, State Life Insurance Corporation of Pakistan which is the country’s largest Insurance Company, formally joined CISSII in March 2015.
The round-table entailed several presentations from all pertinent stakeholders and there were deliberations on significant issues pertaining to the successful implementation of an Insurance Repository. This initiative would be yet another milestone achieved by CDC for the technological overhaul of the financial sector.