NA passes bill to convert State Life into public limited company

ISLAMABAD: The National Assembly on Wednesday passed the State Life Insurance Corporation (Re-organisation and Conversion) Bill 2016 to encourage and promote growth in the insurance sector of the country.

The bill was moved by Commerce Minister Khurram Dastgir Khan. According to the statement of objects and reasons of the bill it would provide for the re-organisation and conversion of the State Life Insurance Corporation (SLIC) into a public limited company.

The bill would provide a legal basis for SLIC other than through the Life Insurance Nationalisation Order to accurately define its enhanced objectives and role in the current environment. It would provide for SLIC’s business activities to be subject to uniform regulatory oversight and supervision. The bill would streamline SLIC governance structure to bring it in line with existing regulations and international best practices.

The house also passed a bill to amend the Credit Bureaus Act 2015 (XI of 2015) The Credit Bureau (Amendment) Bill 2016 Ordinance No II of 2016.