Farrukh Majeed Qureshi

• To provide secretarial support to the Board of Directors in convening the meetings of the Board of Directors, its Committees, the Annual General Meetings and/or Extra Ordinary General Meetings in accordance with the provisions of the Companies Act, 2017;

• To file/disseminate statutory returns/notices/forms/statements under the relevant provisions of the Companies Act, 2017, the State-Owned Enterprises (Governance & Operations) Act, 2023, and the rules and regulations made thereunder, and the directives / Code(s) and circulars issued thereunder;

• To monitor and ensure regulatory compliance with the provisions of the Companies Act, 2017, the State-Owned Enterprises (Governance & Operations) Act, 2023, and the rules, regulations and policies made thereunder;

• To maintain various statutory registers including register of members and ultimate beneficial owners;

• To record, draft and maintain minutes of the meetings of the Board, Committees and the shareholders;

• To frame new policies and procedures in compliance with the statutory requirements concerning various aspects / processes for better internal controls and oversight;

• To act as secretary to the Gratuity and Provident Funds, of which the employees hold the membership.

• To provide assistance to the Board of Directors in convening its meetings and the meetings of the Board’s Committees;

• To provide assistance to the Board of Directors in convening the Annual General Meetings and/or Extra Ordinary General Meetings in accordance with the provisions of the Companies Act, 2017 (previously the Companies Ordinance, 1984);

• To file/disseminate statutory returns/notices/forms/statements under the relevant provisions of the Companies Act, 2017 (previously the Companies Ordinance, 1984) and the Insurance Ordinance, 2000, and the rules and regulations made thereunder, and the directives / Code(s) and circulars issued thereunder;

• To ensure compliance with all provisions of the Companies Act, 2017 (previously the Companies Ordinance, 1984) and the Insurance Ordinance, 2000 across all departments / functions;

• To ensure compliance with anti-money laundering laws especially the regulations and the guidelines issued by the Securities and Exchange Commission of Pakistan;

• To record, draft and maintain minutes of the meetings of the Board, Committees and the shareholders, and to maintain register of members and ultimate beneficial owners;

• To frame new policies and procedures in compliance with the statutory requirements concerning various aspects / processes for better internal controls and oversight.

Additional Responsibilities / Portfolios:
• Acted as Member of the Risk Management & Compliance Committee of National Insurance Company Limited;

• Acted as Member of the Ministry of Commerce & Textile’s Committee on expansion of insurance business in Pakistan;

• Acted as Member of the Ministry of Commerce & Textile’s Committee on Motor Third-Party Liability Insurance.

• To act as Vice Chairman on the Board of Directors / Council of Pakistan Insurance Institute for the term 2020 to 2023, as nominee of National Insurance Company Ltd.

• To perform any or all duties as member and Vice Chairman of the Board of Directors / Council of the Pakistan Insurance Institute;

• To assist the Chairman in convening the meetings of the Board of Directors / Council of the Institute;

• To act authorized signatory for banks of the Institute.

• To carry out extensive research based on current market practices and the international best practices;

• To review and strengthen the insurance regulatory and supervisory framework in line with the international best practices;

• To develop policies, rules, regulations and guidelines in order to strengthen the regulatory framework for the insurance and takaful industry;

• To take appropriate enforcement actions against the non-compliant players of the insurance and takaful industry in the light of the provisions of the Companies Ordinance, 1984, Insurance Ordinance, 2000, the Rules made thereunder, and all applicable International Accounting Standards and Financial Reporting Standards;

• To take actions against unregistered / bogus insurance / takaful companies for winding up of all such companies;

• To oversee cases filed by the insurance / takaful companies against the Securities and Exchange Commission of Pakistan before the Honorable Courts of Law and the Appellate Bench of the Securities and Exchange Commission of Pakistan;

• To monitor the insurer’s reinsurance programs and to grant approvals for placement of facultative reinsurance outside Pakistan.

• To monitor regulatory compliance and to examine the accounts of the insurance companies for compliance under the Companies Ordinance, 1984, Insurance Ordinance, 2000, the Rules made thereunder, and all applicable International Accounting Standards and Financial Reporting Standards.

• To take appropriate enforcement actions against the non-compliant players of the insurance and takaful industry in the light of the applicable laws which fall under the regulatory ambit of the Securities and Exchange Commission of Pakistan;

• To perform financial modeling, statistical analysis and offsite review of the financial statements, financial projections and various other forms of analysis on the basis of the financial data available with the Commission.

• Other assignments include:
 Coordinated with the Information Systems & Technology Division for in-house software development;
 Day-to-day correspondence with Ministries and other regulators on various matters
 Inspection team member of an onsite inspection;
 Takaful (Islamic Insurance) product approvals after thorough scrutiny of the relevant documents as per the law .

• To assist the Joint Director - Insurance in monitoring the regulatory compliance and examination of accounts of the insurance companies for compliance under the Companies Ordinance, 1984, Insurance Ordinance, 2000, the Rules made thereunder, and all applicable International Accounting Standards and Financial Reporting Standards;

• To perform financial modeling, statistical analysis and offsite review of the financial statements, financial projections etc. on the basis of the financial data / statements.

• To devise novel and innovative software solutions for plotting the location of the tracking device on satellite maps, accurately;

• To develop routines / programs for micro controllers (PIC & 8051);

• To design customer satisfaction survey forms for the PhaseForward website.