Privatisation: Evaluation study of public sector insurance companies ordered

ISLAMABAD: The Cabinet Committee on Privatisation (CCOP) has directed Commerce Division was to fast track evaluation study regarding insurance and reinsurance sector along with the need for regulatory framework improvements, which should precede process of privatization.

Commerce Division would present its report on State Life Insurance Corporation (SLIC), National Insurance Company Limited (NICL) and Pak Reinsurance Company to the CCoP by March 31, 2019.

Finance Minister Asad Umar here on Wednesday chaired meeting of the Cabinet Committee on Privatization (CCoP). Minister for Privatization Muhammad Mian Soomro was also present on the occasion.

Secretary Privatization Division shared with the meeting progress on the Active Privatization List, which includes National Power Parks Management Company, (NPPMCL), SME Bank, divestment of government’s residual shares in Mari Petroleum Company, Services International Hotel, Lakhra Coal Development Company, Jinnah Convention Centre, Islamabad and the First Women Bank Ltd.

Committee was informed that progress of various degrees had been achieved on the Public Sector Enterprises (PSEs)  included in this list.

The CCoP was informed that in pursuance of the decision 15 PSEs including PIA have already been delisted from the Privatization Programme.

Senior officials of PIA apprised the Committee regarding the current status and future prospects of Roosevelt Hotel, New York. The Committee directed that formal proposal in this regard may be finalized by June 2019.

Petroleum Division was directed to expedite the work on regulatory framework for creation of competitive market place for gas sector.

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