NA standing committee reflects public concerns over delay in fulfilment of life policies by State Life

National Assemblys Standing Committee on Commerce at a meeting on Wednesday chaired by Engineer Khurram Dastagir Khan reflected public concerns over delays in fulfilment of Life Policies by State Life.

The committee recommended State Life should streamline its operation in terms of training, productivity, responsiveness to the policy holders.

State Life must be more lean and conversant with best corporate practices across the world. Convenience of policyholders should be its foremost priority. The standing committee appreciated that State Life Insurance is one of few Public Entities that is not a burden on National Exchequer.

Chairman standing committee announced formation of a sub-committee to investigate investment policy decision of National Insurance Corporation Board, particularly $ 20 million real estate investment in Dubai in July, 2009 and questioned integrity of investment policy of NIC.

Committee observed that an Independent Regulatory Authority is required for insurance industry. Federal Government must make a provision in Rule; that all departments must get their assets insured, and must also take steps to stop outflow of foreign exchange in general insurance premiums amounting to 20 billion rupees.

The meeting was attended by MNAs Nawab Abdul Ghani Talpur, Ch. Iftikhar Nazir, Mrs Tahira Aurangzeb, Haji Muhammad Akram Ansari, Iqbal Muhammad Ali Khan, Mrs Jamila Gilani, Shafqat Naghmi, Additional Secretary Commerce Shahid Aziz Siddiqi, Chairman SLIC Mrs Rukhsana Saleem, Chairperson PRCP and other officers.