PAKISTAN: Regulatory authority planned for insurance sector

15 May 1998
NEWS

The government is drawing up plans for a regulatory authority to oversee insurance companies. The Pakistan Insurance Regulatory Authority (PIRA) will regulate the operations of the existing 15 private sector insurance firms, as well as state-owned insurance companies which are to be privatised.

A draft of laws and regulations which will govern the insurance sector has already been prepared by the Commerce Ministry, which is currently consulting various other government bodies in order to finalise it. It will then be discussed in the National Assembly and approved by the federal cabinet.

PIRA is expected to start operations by the end of 1998. The Privatisation Commission is preparing to privatise the three state-owned insurance companies: National Insurance Corporation, Pakistan Insurance Corporation and State Life Insurance Corporation.

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