ISLAMABAD: A parliamentary panel headed by Muhammad Nauman, MNA, on Tuesday cleared two key bills of the Ministry of Commerce — the Copyright (Amendment) Bill, 2026 and the Insurance Bill, 2026 — after detailed scrutiny and forwarded them to the National Assembly Standing Committee on Commerce for final approval.
During the meeting, panel members Asad Alam Niazi, Shaista Pervaiz and Dr Mirza Ikhtiar Baig raised a number of questions regarding the benefits of the proposed amendments for investors, businesses and the general public.
Asad Alam Niazi and Dr Baig observed that foreign investment in the country has already been declining, partly due to weak copyright protection laws. Director of the Intellectual Property Organization (IPO), Nauman Aslam, acknowledged that investors are facing issues affecting investment flows.
He informed the panel that while the Board of Investment (BoI) is addressing investor-related concerns, a senior IPO official has also been deputed to the Board to help expedite resolution of intellectual property issues.
Shaista Pervaiz stressed that the IPO should first resolve the concerns of local investors before focusing on securing intellectual property rights at the international level. The Director General IPO, however, could not satisfactorily respond to questions raised by Asad Alam Niazi regarding copyright registration in Geneva.
The panel also approved the Insurance Bill, 2026, which replaces the existing Insurance Act with around 220 amendments. Under the new law, the Securities and Exchange Commission of Pakistan (SECP) will serve as the primary regulator of the insurance sector.
Muhammad Ashraf, Director General at the Ministry of Commerce, briefed the panel that the new law would open the insurance business to the private sector, including coverage of public sector entities, which is currently handled by the National Insurance Company Limited (NICL).
He clarified, however, that insurance of strategic assets would remain under NICL, as sensitive details of such assets cannot be shared with private entities. He added that the government aims to adopt international best practices to promote growth in the private insurance sector.
Asif Jalal Bhatti of SECP provided further details of the bill and addressed various concerns related to insurers and third-party evaluators.
Panel members emphasized the need for a clear timeframe for insurance companies to settle claims and called for enhanced transparency in the sector. Committee chairman Muhammad Nauman stressed that the new law must ensure both transparency and facilitation.
He apprised the panel that currently, 42 Insurance Companies are operating in the country which required codal formalities. However, the panel argued that there are insurance companies in the country, established in one or two rooms and with few staff members and just make money with false claims.
The panel also referred to the Trade Organizations (Amendment) Bill, 2026, moved by MNA Farooq Sattar, back to the main committee after the Ministry of Commerce opposed the bill and the mover himself sought its reconsideration, indicating plans to revise or introduce a new version with the Speaker’s permission.
During the discussion, Asad Alam Niazi underscored that the Karachi Chamber of Commerce and Industry (KCCI) should retain its current status without any changes.
Copyright Business Recorder, 2026
Comments