ISLAMABAD — The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has ruled that key insurance companies, including the National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL), and Pakistan Re-Insurance Company Limited (PRCL), do not qualify as strategic organizations. The committee concluded that these firms do not meet the necessary criteria to be classified as essential state-owned enterprises (SOEs).
The decision came during a meeting led by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, held at the Finance Division. The session included the Deputy Chairman of the Planning Commission, the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan, federal secretaries, and senior officials from relevant ministries.
The CCoSOEs reviewed summaries from various ministries to determine the strategic importance of their state-owned enterprises. After thorough deliberation, it was determined that NICL, SLICL, and PRCL would not be categorized as essential public sector entities. Instead, the Commerce Ministry has been tasked with exploring a public-private partnership model for the Pak Expo Company.
Additionally, the committee approved a proposal from the Ministry of Science and Technology to rename and restructure its Technology Commercialisation Corporation of Pakistan (STEDEC) into the Indigenous Research and Development Agency (Pvt) Limited (IRADA). The Ministry has been instructed to establish a board and operationalize IRADA by December 2024.
Furthermore, the CCoSOEs endorsed the Aviation Division and Ministry of Communications’ proposals for appointing independent directors to the boards of the PIA Holding Company, Pakistan Postal Services Management Board (PPSMB), and Postal Life Insurance Company Limited (PLICL). The Communications Ministry has been directed to present further categorization proposals for these entities as soon as possible.
