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Over Rs 0.35 million reinsurance premia on life insurance remittance allowed

KARACHI (January 22 2003) : The State Bank of Pakistan has allowed remittance of re-insurance premia on life insurance policies for sums over Rs 0.35 million without any restriction.

The State Bank on Tuesday issued a circular to all authorised dealers inviting attention towards the circular 16 of 2002, in terms of which remittances of re-insurance premia on policies issued in respect of accidental death risks is allowed.

To further liberalise the forex regime, the circular said, it has now been decided to remove restrictions of “accidental death risks only” and hence to allow remittance of re-insurance premia on life insurance policies for sums over Rs 3.5 lacs without any restriction.”

According to amended Foreign Exchange Manual, remittance of premia on policies reinsured before December 29, 1970, and remittance of premia on policies issued and reinsured on or after May 25, 1973, for sums over Rs 0.35 million has been allowed.

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