Document background
The Buy And Sell Agreement (Insurance) is a specialized commercial contract used in Pakistan's insurance sector for transferring ownership of insurance products, portfolios, or entire insurance businesses. This document is essential when insurance companies wish to divest or acquire insurance portfolios, requiring careful consideration of regulatory requirements under the Insurance Ordinance 2000 and SECP regulations. The agreement typically includes detailed provisions for valuation of insurance portfolios, transfer of policy liabilities, regulatory compliance requirements, and ongoing obligations of both parties. It's particularly important in scenarios involving merger and acquisition activities in the insurance sector, portfolio transfers, or strategic business restructuring. The document must comply with Pakistani insurance regulations while addressing complex aspects such as actuarial valuations, policy holder protection, and regulatory approvals.
