PAKISTAN – SECP issues license to non-life insurance company

The Securities and Exchange Commission of Pakistan (SECP) issued a license to the Sahara Insurance Company Limited (SICL), a wholly owned subsidiary of the Employees Old-age Benefits Institution (EOBI), to transact non-life insurance business in Pakistan. 

With continuing emphasis on social insurance, the EOBI decided to incorporate the SICL with the primary objective of providing health insurance coverage to EOBI pensioners, aged between 60 and 70. 

In addition, accidental death and disability coverage will be provided to expatriate Pakistanis working abroad. 

In case of health insurance, the premium will be funded by the Workers Welfare Fund, while premiums for accidental death and disability insurance will be paid directly by the expatriate Pakistani labour force to SICL.