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STATE BANK OF PAKISTAN FOREIGN EXCHANGE DEPARTMENT KARACHI
F.E.
Circular No. 1
January
21, 2003
All Head
Offices/Principal Offices of
Authorised Dealers in Foreign Exchange
Dear Sirs,
REMITTANCE OF LIFE INSURANCE PREMIUM
Attention of the Authorised Dealers is invited to FE Circular No.16 of
2002 in terms of which remittances of re-insurance premia on policies
issued in respect of accidental death risks was allowed. To further
liberalize the forex regime, it has now been decided to remove restriction
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 whatsoever. Accordingly 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.
Remittances
in respect of (a) and (b) 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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