IGI Life Insurance : DISCLOSURE OF MATERIAL INFORMATION
March 21, 2023 at 04:31 am EDT
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CS/PSX/2023/0015
March 21, 2023
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
SUBJECT: DISCLOSURE OF MATERIAL INFORMATION
Dear Sirs:
In accordance with the requirements of the Rule Book of Pakistan Stock Exchange Limited ("PSX"), and the applicable provisions of the Securities Act, 2015, IGI Life Insurance Limited (the "Company"), hereby conveys to PSX the following information:
The board of directors of the Company ("Board") have authorized the Company to commence the process of establishing a voluntary pension fund ("Pension Fund") under the applicable Securities and Exchange Commission of Pakistan (SECP) regulations. Subject to requisite regulatory and corporate consents/approvals, the Company shall acquire a certificate of registration to act as a pension fund manager and shall establish the Pension Fund in accordance with the Voluntary Pension System Rules, 2005, the Non-Banking Finance Companies Regulations, 2008, the Sindh Trust Act, 2020, and all such laws that may be applicable.
The Board has also resolved the appointment of Mahaana Wealth Limited ("Mahaana") to act as the investment advisor of the Pension Fund in accordance with the terms and conditions to be agreed between the Company and Mahaana.
A disclosure form is attached herewith (Annexure "A").
You may please inform the members of your Exchange, accordingly.
Yours Sincerely,
For IGI Life Insurance Limited
Nadia Perveen Hussain
Company Secretary
IGI LIFE INSURANCE LIMITED
DISCLOSURE FORM
(Securities Act, 2015)
March 21, 2023
Name of the Company
IGI Life Insurance Limited ("Company")
Date
of
Report (Date
of
March 21, 2023
earliest event reported
if
applicable)
Exact Name of the Company
IGI Life Insurance Limited
as
specified
in
its
Memorandum
Registered
address
of
the
7th Floor, The Forum, Suite 701-713,G-20, Block 9, Khayaban-e-
Company
Jami, Clifton, Karachi - 75600, Pakistan
Contact Information
Nadia Perveen Hussain
Company Secretary
Tel: [+(92)-111-711-711]
Fax: [+(92-21)111-567-567]
Disclosure of inside information by the Company in terms of Securities Act, 2015
The Board of Directors of the Company ("Board") have authorized the Company to commence the process of establishing a compliant voluntary pension fund ("Pension Fund").
Subject to requisite regulatory and corporate consents/approvals, the Company shall acquire a certificate of registration to act as a pension fund manager and shall establish the Pension Fund in accordance with the Voluntary Pension System Rules, 2005, the Non-Banking Finance Companies Regulations, 2008, the Sindh Trust Act, 2020, and all such laws that may be applicable.
The Board has also resolved the appointment of Mahaana Wealth Limited ("Mahaana") to act as the investment advisor of the Pension Fund in accordance with the terms and conditions to be agreed between the Company and Mahaana.
Nadia Perveen Hussain
Company Secretary
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Disclaimer
IGI Life Insurance Ltd. published this content on 21 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 08:30:05 UTC.
IGI Life Insurance Limited is engaged in life insurance, carrying on both participating and non-participating business. The Company is also engaged in providing Shariah Compliant family takaful products as an approved window takaful operator. It segments include Individual Life participating business, Individual Life non-participating business, Investment linked, Accidental & health, Group Life, Group health, Pension business, Individual family takaful, Accidental and health individual takaful, Group family takaful and Accident & health family takaful. The Life (participating) segment provides life insurance coverage to individuals under individual life policies that are entitled to share in the surplus earnings of the statutory fund to which they are referable. The Life (non-participating) segment provides life insurance coverage to individuals under individual life policies that are not entitled to share in the surplus earnings of the statutory fund to which they are referable.
IGI LIFE INSURANCE LIMITED 
