By Our Correspondent
LAHORE: Under the leadership of Chief Minister Maryam Nawaz Sharif, Punjab has become the first province in the country to introduce a General Insurance Company. The chief minister has directed the Punjab General Insurance Company to present a comprehensive health insurance policy plan, while a summary for the establishment of the company has been sent to the provincial cabinet.
Instructions were also issued to include the private sector in the insurance plan and to ensure the provision of infrastructure and resources. The business plan of the company and the swift approval process were appreciated.
During the briefing, it was shared that the Punjab Life Insurance Company is moving forward to manage the Chief Minister’s health initiatives and the Sehat Sahulat Programme. A special committee has been constituted for the Punjab General Insurance Company, which will be responsible for all “non-life” insurance of government institutions under the supervision of the Finance Department.
The Punjab Life Insurance Company will introduce special insurance plans for family breadwinners, women, transgender persons, farmers, students, and overseas Pakistanis.
Chairing a meeting regarding the Punjab General Insurance Company, Chief Minister Maryam Nawaz Sharif remarked that Punjab has always led in reforms and continues to do so. She said a health insurance policy would be introduced enabling citizens to seek treatment wherever they prefer.
Punjab has also achieved the distinction of the fastest registration in the country’s history by the Punjab Life Insurance Company with the Securities and Exchange Commission of Pakistan (SECP). It was further informed that the company will provide financial protection to citizens from all segments and income groups through specialised insurance plans, including coverage for natural disasters, pension products, health insurance for the underprivileged, and Shariah-compliant Takaful.
The meeting was informed that recruitment of 17 professional experts for the Punjab Life Insurance Company has been completed and the company has commenced operations after securing financial support. The CEO of the Punjab Life Insurance Company will also serve as the CEO of the Punjab General Insurance Company.
A detailed briefing was given on the affairs of both the Punjab Life Insurance Company and the Punjab General Insurance Company. The chief minister has constituted a special committee for the latter. It was decided that a board comprising the Chairman P&D, Secretary Finance, and President of the Bank of Punjab will be established.
The meeting also decided to send a summary for the establishment of the Punjab General Insurance Company to the provincial cabinet. The chief minister directed that the private sector be included in the insurance plan and appreciated the business plans and swift approvals of both insurance companies.
It was further briefed that the Punjab Life Insurance Company is advancing to manage the Chief Minister’s health initiatives and the Sehat Sahulat Programme. The company is also collaborating with institutions to develop schemes for government employees’ worker welfare fund, pension fund for retirees’ insurance coverage, and public welfare programmes.
The chief minister directed ensuring infrastructure and resource availability, stating that Punjab has always been ahead in reforms and will continue to lead. She added that a health insurance policy will be introduced enabling citizens to receive treatment at facilities of their choice. She further stated that as the insurance sector is progressing globally, Punjab must keep pace with the world.
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