The Federal Cabinet on Friday approved a plan to increase the paid-up capital of the State Life Insurance Corporation (SLIC), sources informed ProPakistani.
Sources have confirmed ProPakistani the federal cabinet has approved a proposal from the Ministry of Commerce to increase the paid-up capital of the State Life Insurance Corporation by Rs. 1.8 billion.
SLIC’s paid-up capital has been increased from Rs. 6.2 billion to Rs. 8 billion. Sources added that the decision to increase the paid-up capital of State Life Insurance was not only prompted by internal considerations but also driven by the need to fulfill regulatory requirements imposed by the UAE government.
Additionally, the authorized share capital of the State Life Insurance Corporation has been raised from Rs. 8 billion to Rs. 9 billion.
Notably, to operate in the emirates, foreign insurance companies must have a minimum paid-up capital of AED 100 million, while noncompliance is punishable by heavy fines.
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