ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted licence of life insurance to Postal Life Insurance Company under the Insurance Ordinance, 2000.

Established in 1884, PLI has been working as an attached agency of Pakistan Post. In order to bring improvement in its governance structure and enhance outreach and stakeholder confidence, the government has decided to bring the organisation under the regulatory purview of SECP.

The licence under the ordinance would make PLI subject to compliance with SECP’s regulatory frameworks of corporate governance, insurance standards and AML/CFT protocols etc.

Similarly, the applicability of regulatory standards would transform PLI into a modern life insurer which can fully utilise the vast branch network of Pakistan Post across the country.

The corporatisation and licensing of PLI would establish effective supervisory controls and help towards increasing the insurance penetration levels in the life sector, owing to its large customer base and established distribution network throughout Pakistan.

Published in Dawn, August 28th, 2020