Islamabad:
The Standing Committee of the National Assembly on privatization has ordered the Ministry of Finance to make a return plan of 48 billion rupees to postal life insurance, because the company is struggling to respond to its expenses.
A meeting of the permanent committee took place on Friday under the president of Dr Farooq Sattar.
Managers of the Ministry of Finance have declared to the panel that the government had affected 14 billion rupees in the last four years for the insurance company. However, he only used half of the amount. The company officials told the committee that the organization
was created in 2021 in an emergency to ensure that the name of Pakistan is deleted from the list of gray of the Financial Action Working Group (FATF).
Postal life insurance currently has 48 billion rupees of funds, but the amount is located with the Ministry of Finance, which is neither return of the amount nor interest, the company officials told the NA Committee. They added that the company had not paid its customers its insurance complaints due to the shortage of funds.
