ISLAMABAD: Senate Standing Committee on Commerce and Textile Industry on Thursday approved “The Marine Insurance Bill, 2017” in order to regulate the maritime trade in the country.
The Committee meeting was held under the chairmanship of Senator Syed Shibli Faraz for considering the bill and to provide for the regulation of the business of marine insurance “The Marine Insurance Bill 2017″ here in Parliament House.
Earlier Senate Committee on Commerce formed a special committee of experts to review the bill and to further report to the committee for amendments and removal of any confusion in the bill.
The special committee consisted of experts from relevant institutions, including National Insurance Company Limited (NICL), Securities and Exchange Commission of Pakistan (SECP) and Pakistan National Shipping Corporation (PNSC).
While talking to APP, Senate Standing Committee on Commerce Chairman Syed Shibli Faraz hailed the approval of the bill for maintaining transparency in maritime trade of the country.
He said that after the approval of the bill this law would be implemented from today to regulate the maritime trade.
Replying to a question, he said the committee has studied marine bill 2017 line by line and took the inputs from all the relevant departments and stakeholders in order to remove the lacuna in the law before its approval.
While talking to APP, Commerce and textiles industry Secretary Muhammad Younas Dhaga said that before the approval of the bill from Senate standing committee of commerce, Pakistan did not have a law to deal with marine insurance. He further added that before the bill the trade was carried out on the basis of old British Marine Act, 1906.
Replying to a question he said that before maritime trade insurance act 2017, rules were followed from the Insurance ordinance 2002.
Senator Mufti Abdul Sattar, Saud Majeed, Rubina Khalid and officials of the ministry of commerce and government institutions participated in the meeting.
