The National Assembly Standing Committee on Privatization has instructed the finance ministry to prepare a plan for returning Rs48 billion to Postal Life Insurance, which is currently facing difficulties in meeting its financial obligations.
During a meeting chaired by Dr Farooq Sattar, finance ministry officials informed the committee that Rs14 billion had been allocated to the insurance firm over the past four years, but only half of this amount had been disbursed.
Representatives of Postal Life Insurance told the panel that the company, established in 2021 as part of efforts to help Pakistan exit the Financial Action Task Force’s (FATF) grey list, is holding Rs48 billion in funds that remain with the finance ministry. However, these funds have not been returned, nor has any interest been paid.
The insurance firm added that the lack of access to these funds has prevented it from paying insurance claims to clients on time, worsening its financial strain.
