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STATE BANK OF PAKISTAN EXCHANGE POLICY DEPARTMENT KARACHI
F.E. Circular No. 16
November
14, 2002
Head
Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear
Sirs
Remittance of Life Insurance Premium for Accidental Death Risk
With
a view to further liberalize the foreign exchange regime, it has been
decided to allow remittances of re-insurance premia on policies issued in
respect of accidental death.
In
this regard, Para 23 Chapter XV of Foreign Exchange Manual (eighth edition
– 2002) has been amended as reproduced below:-
“Reinsurance
– Life.
Remittance
of reinsurance premia both under treaty and facultative cover arising from
the life insurance policies is not permissible except in the following cases:
a) Reinsurance premia on policies reinsured before 29th December, 1970.
b) Reinsurance premia on policies issued
and reinsured on or after 25th May, 1973 for sums over Rs. 3.5 lacs
in respect of death risk only.
c) Re-insurance premia on policies issued in respect of accidental death
risks for any amount.
Remittances in respect of (a), (b) and (c) above will be allowed by the State
Bank in accordance with the procedure set out in the following paragraph No.
24.”
2. Please bring the above changes to the notice of your constituents.
Yours faithfully,
(M. R. Mehkari)
Director
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