Pakistan: Govt defers privatisation of state owned insurers
Source: Asia Insurance Review | Mar 2019
The government has postponed the privatisation of State Life Insurance Corporation (SLIC), National Insurance Corporation Limited and public reinsurance companies.
Ministry of Commerce federal secretary Younus Dagha told the Public Accounts Committee of Parliament, that fake insurance agents were registered with SLIC as a result of which the life insurer was paying commission of up to PKR4.8bn ($34.5m) to them, according to local media reports.
He said that the fake agents had been removed and the organisation at SLIC revamped to resolve the issue.
Mr Younus expects significant improvement in SLIC’s performance within a year. A