State Life Insurance, NICL and PRCL No Longer Strategic SOEs

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at the Finance Division on Monday. The Committee considered the summaries presented by different Ministries/Divisions for the categorization of their relevant State-Owned Enterprises (SOEs) as strategic/ essential or otherwise.

The Cabinet Committee after detailed discussion decided that National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) did not meet the criteria of strategic or essential SOEs and will not be categorized as essential for the public sector.

The Ministry of Commerce was further directed to explore the Public Private Partnership model for the Pak Expo Company.

The committee reviewed the summary presented by the Ministry of Science & Technology and approved the renaming and restructuring of STEDEC to Indigenous Research and Development Agency (Pvt) Limited (IRADA).

It was further directed to constitute its board and operationalize the entity by December 2024.

The CCoSOEs approved the proposals of the Aviation Division and Ministry of Communications for the appointment of candidates as Independent Directors on the Boards of PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLICL). The committee directed M/o Communications to present proposals for categorization of these entities at the earliest.

The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Mr. Qaiser Ahmed Sheikh, Minister for Commerce Mr. Jam Kamal Khan, Minister for Law & Justice Mr. Azam Nazeer Tarar, Minister for Economic Affairs Mr. Ahad Khan Cheema, Deputy Chairman Planning Commission, Governor SBP, Chairman SECP, Federal Secretaries and other senior officers of the relevant ministries.