Pakistan: Authorities to boost largest life insurer’s capital

Pakistan’s authorities has determined to extend the paid-up capital of the State Life Insurance coverage Company (SLIC), the most important life and well being insurer within the nation, to satisfy the regulatory necessities of the UAE and keep away from a high-quality.

Below UAE rules, the paid-up capital of insurance coverage corporations in UAE must be not less than AED100m ($27.2m), reported the newspaper Nation.

The paid-up capital of State Life Insurance coverage Company slipped under the required degree because of the depreciation of the Pakistani rupee in opposition to the UAE dirham.

The federal government proposes to extend SLIC’s paid-up capital to PKR8bn ($29m) from PKR6.2bn and its authorised share capital to PKR9bn from PKR8bn.

SLIC operates within the UAE by way of its Gulf Zone department.