The Securities and Exchange Commission of Pakistan has issued a circular requiring all registered non-life insurers, including general takaful operators underwriting motor vehicle insurance, to participate in the Motor Insurance Repository (MIR) to strengthen enforcement of mandatory motor third-party insurance across Pakistan. The MIR is a centralized electronic database set up under a Memorandum of Understanding between insurance companies, takaful operators and the Central Depository Company (CDC) to securely store, validate and provide access to motor insurance policy and claims data. Under the circular, insurers must provide complete and accurate policy data in line with a Service Level Agreement (SLA), and the information may be shared with relevant federal and provincial authorities for insurance validation subject to confidentiality and security requirements. Insurers underwriting motor vehicle insurance must sign the SLA with the CDC within 60 days.
Securites & Exchange Commission of Pakistan 2025-12-08
Securities and Exchange Commission of Pakistan mandates insurer participation in the Motor Insurance Repository to enforce compulsory motor third-party insurance
The Securities and Exchange Commission of Pakistan mandates all registered non-life insurers, including general takaful operators, to join the Motor Insurance Repository (MIR) to enhance enforcement of mandatory motor third-party insurance. The MIR, established with the Central Depository Company, will securely store and validate motor insurance data. Insurers must comply with a Service Level Agreement and share data with authorities under confidentiality.