ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has directed all registered non-life insurers and general takaful operators underwriting motor insurance to join the newly established Motor Insurance Repository (MIR), a centralized digital system designed to strengthen enforcement of mandatory motor third-party insurance nationwide.
The MIR, developed under a Memorandum of Understanding between insurance companies, takaful operators and the Central Depository Company (CDC), will serve as a secure electronic database for storing, validating and accessing motor insurance policies and claims data. Under the new circular, insurers must sign a Service Level Agreement with the CDC within 60 days and submit complete and accurate policy information in line with the agreement.
The SECP said the repository will allow federal and provincial authorities to verify insurance coverage more effectively, addressing long-standing gaps in compliance. All data sharing will be subject to strict confidentiality and security standards.
The Commission termed the measure an important step toward improving enforcement of mandatory motor third-party insurance, while advancing digital transformation and strengthening regulatory oversight. It reaffirmed its commitment to enhancing compliance, safeguarding public interest and improving the efficiency and integrity of Pakistan’s insurance sector.
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