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State-Life Insurance became a company from a Corporation

State-Life Insurance became a company from a Corporation

At last senate after Completing  44 years  Successful  Journey as life insurance jaunt in public sector State-Life Insurance became a company from a Corporation. The Senate on Friday passed the State Life Insurance Corporation (Re-organization and Conversion) Bill, 2016 aimed at converting the entity into a public limited company.

Minister for Law and Justices Zahid Hamid on behalf of Minister for Commerce had moved the bill in the House to re-organized and convert the Corporation into a public limited company.

The bill will provide legal basis for SLIC other than through the Life Insurance Nationalization Order, that will accurately define its enhanced objects and role in the current environment; encourage and promote growth in insurance in the country.

It will also streamline SLIC governance structure to bring it in line with existing regulations and international best practices.

State-Life Insurance Corporation of Pakistan (the Corporation) was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. Due to its well established Agency Network of more than 90,000 sales people State Life is the largest Life Insurance Corporation since 1972 in Pakistan.

The Life Insurance Business in Pakistan was nationalized in March 1972. Prior to 1972, 32 Life Insurance companies were involved in the life insurance business. These companies were later merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. Later, these Beema Units were merged on November 1, 1972 and State-Life Insurance Corporation of Pakistan came into existence. The major function of State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other business activities such as investment of policyholders’ fund in Government securities, Stock market, Real Estate etc.