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  • Khattak launches health insurance scheme

    PESHAWAR: Chief Minister Pervez Khattak here on Tuesday launched a health insurance scheme under the Khyber Pakhtunkhwa “Sehat Sahulat Programme” for the deserving and poor patients in the province...

    Ambassador of Germany Ms Ina Lepel, health minister Shahram Tarakai, Pakistan-based director of KfW, chairperson of State Life Insurance and secretary health also spoke on the occasion...

  • SBP allows dollar-denominated insurance policies

    KARACHI: The State Bank of Pakistan (SBP) has allowed resident insurance companies to issue dollar-denominated insurance policies on a notional basis to meet the condition of foreign lenders and foreign projects undertaken in Pakistan...

    The SBP issued on Wednesday a circular addressing all banks and financial institutions to follow the instructions regarding new insurance policies...

  • Insurance firms directed to follow anti-money laundering rules

    Moreover, Circular No 8 dated April 7, requires all life insurers to provide information to the Securities and Exchange Commission of Pakistan (SECP) on a monthly basis with respect to the single premium life insurance policies having annual premium of 5 million or above...

    Consequently, such life insurance companies have been warned to ensure effective implementation of the directive and submit compliance report on implementation to...

  • European fund to acquire stake in Asia Insurance

    LAHORE: A European investment fund has entered into an agreement to acquire a significant minority stake in a Lahore-based general insurance company offering agriculture insurance to over 100,000 farmers in Pakistan...

    An announcement issued on Saturday said the InsuResilience Investment Fund, set up by the German Development Bank KfW and managed by Switzerland-based Impact Investment Manager BlueOrchard Finance, will acquire 25 per...

  • Without insurance, Harvey's victims turn toward the state

    Hurricane Harvey's devastation will be among the costliest of any storm in US history but, with most not covered by insurance, victims are left hoping for government aid and community support...

    But in federally designated US flood zones, only 12 per cent of home owners are covered by flood insurance, according to the Insurance Information Institute...

  • Health insurance scheme for the poor approved

    ISLAMABAD: An inter-provincial forum on Wednesday approved a health insurance scheme conceived in 2012 for the people living below the poverty line in the country...

    People earning less than Rs200 (or equivalent to US$2) per day, and registered with the Benazir Income Support Programme (BISP), will benefit from the Prime Minister’s National Health Insurance Scheme, according to the Central Development Working Party (CDWP), which...

  • Insurance rules proposed

    Through these rules, three committees will be formed in Islamabad, Lahore and Karachi, and each committee will have three members: a senior chartered accountant, a lawyer and a representative of the Insurance Association of Pakistan (IAP)...

    The purpose of these rules is to provide maximum relief to the insurance policy holders or their legal heirs in case any dispute arises between them and the insurers...

  • SECP approves draft Insurance Bill 2017

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved the draft Insurance Bill 2017...

    The Bill has been formulated to institute significant reforms in the insurance regulatory framework and to bring it on a par with international standards to ensure the development of financially sound insurance sector where interests of policyholders are protected...

  • Law ministry told to appoint insurance tribunals

    LAHORE: The Lahore High Court on Monday directed the Federal Law Ministry to appoint permanent insurance tribunals in Punjab province within three months or be ready to face contempt of court proceedings...

    Chief Justice Syed Mansoor Ali Shah issued this order on the petitions questioning unavailability of the insurance tribunals in the province for the last 17 years...

  • Japan men take out ‘groper insurance’

    TOKYO: In Japan, where train travel can often be a perilous ordeal for women, an insurance company is reporting a sudden run on a policy that protects men falsely accused of groping...

    But the plan, devised by the Small Amount and Short Term Insurance company in 2015, covers legal costs for policy-holders who find themselves on the wrong end of such a charge...

  • Health insurance: irregularities in award of Rs20m contract by KU

    KARACHI: Serious violations of public procurement rules have been found in the award of a multimillion contract by Karachi University for a health insurance scheme to a private company, it emerged on Monday...

    Sources said the KU administration awarded one-year contract of around Rs20 million to the private health insurance company by unlawfully changing the tender’s specification and extending the bid’s validity period to almost a...

  • National health insurance

    THE Prime Minister’s National Health Insurance Programme raises hopes of a better system being put in place for those who cannot always afford medical treatment...

    We also know the task will be executed through the State Life Insurance Corporation...

  • PEC fined Rs30m for restricting insurance coverage

    ISLAMABAD: The Compe­tition Commission of Pakistan (CCP) has imposed a cumulative fine of Rs30 million on the Pakistan Engineering Council (PEC) for restricting competition in the market for insurance coverage of public civil works in violation of Section 4 of the Competition Act 2010...

    The complaint alleged that the body had restricted insurance coverage of public civil works to only ‘AA’ rated companies, which placed other...

  • Insurance firms asked to keep websites functional

    ISLAMABAD: The Sec­u­rities and Exchange Commission of Pakistan (SECP) has launched a verification drive against the insurance sector to ensure maintenance of functional websites with contents in accordance with the commission regulations...

    The SECP probed websites of insurance companies revealing their deplorable state...

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