ISLAMABAD, July 27: The ministry of commerce has notified conditions for allowing 100 per cent equity participation to foreign companies to undertake life, non-life insurance business in Pakistan.

An official announcement issued on Friday by the ministry said that the facility could only be available to foreign players following the fulfilment of the conditions.

According to conditions foreign companies shall be required to bring in a minimum of $4 million in foreign exchange; out of which not less than $2 million should come from abroad.

There shall be no restriction on the number of branches. There shall be no restriction on foreign companies as to whom they shall employ.

They shall be given national treatment in extending all the facilities to them as enjoyed by local companies.

All other conditions, under Insurance Ordinance, 2000 and instructions issued there under from time to time will apply.