Internal Audit Co-sourcing Services by Punjab Life Insurance Company Limited

Punjab Life Insurance Company Limited invites proposals from reputed QCR-rated chartered accountant firms on SECP's approved panel for life insurers to provide internal audit co-sourcing services. The engagement covers post-audit review of life and health insurance claims to ensure that claims are processed in accordance with applicable policies, procedures, approved benefit packages, contractual terms and applicable regulatory requirements. The scope encompasses establishing a robust and effective internal audit framework for the newly established operations of Punjab Life Insurance Company Limited across Punjab province. This is a critical compliance and operational audit function essential for an insurance provider meeting regulatory governance standards.

Eligible bidders must be QCR-rated chartered accountant firms registered on SECP's approved panel specifically for life insurance operations. Firms must demonstrate relevant experience in internal audit functions within the life and health insurance sector, possess necessary professional qualifications, and maintain good standing with regulatory authorities. The submission should include evidence of firm registration, QCR rating certification, and details of similar audit engagements completed for insurance entities.

Proposals must be submitted in a single sealed envelope containing both technical and financial components as per the specified annexures. The proposal should include the tender submission form (Annexure A), detailed response to technical criteria (Annexure B), and a comprehensive financial proposal. Interested firms should carefully review all requirements and submit complete documentation by the specified deadline. Contact Punjab Life Insurance Company Limited directly for bid document clarification, amendments to proposal documents, or additional information required for submission.

PLIC seeks co-sourced internal audit covering claims processing review for life and health insurance. The engagement is foundational for a newly operational life insurer establishing audit governance frameworks. Applicant pool appears limited to QCR-rated CA firms on SECP's insurance panel—a regulatory barrier that moderates competition. Scope focuses on claims compliance and regulatory alignment rather than general financial audit, suggesting specialised insurance audit experience is valuable. Contract structure and duration not disclosed in the available excerpt; clarification needed on engagement term, audit frequency, and resource requirements.

Who can bid: Bidders must be QCR-rated chartered accountant firms currently on SECP's approved panel for life insurers. Registration with the Institute of Chartered Accountants of Pakistan and relevant professional standing required. Typically, firms must demonstrate prior experience auditing life or health insurance operations, possess competency in insurance regulatory frameworks, and maintain professional indemnity insurance.