The Federal Cabinet has appointed Secretary Finance, Younus Dagha as Chairman Board of Directors (BoD) of State Life Insurance Corporation (SLIC) for another three months, official sources told Business Recorder. SLIC was constituted under the Life Insurance (Nationalisation), Order, (LINO), 1972 and the federal government has 100 percent equity in the Corporation. The Commerce Division is responsible for administrative oversight of the company. The management of the company is headed by chairman who is appointed by the federal government in pursuance of powers conferred under rule 12(1) of LINO.
The sources said, the Federal Cabinet in its meeting on February 14, 2019 approved separation of the posts of the chairman and chief executive officer (CEO) in SLIC, and allowed the charge of Chairman to SLIC to Secretary Commerce during the transition.
The cabinet had also asked Commerce Division to initiate amendments in the regulations to effect transfer of executive powers from the chairman and to move summary for prime minister for appointment of the chairman and CEO upon the separation.
SLIC is passing through various structural reforms which would require some transitionary supervision and Commerce Division has already provided the proposed amendments in relevant rules and regulations of SLIC to Law and Justice Division for submission of the case to CCLC.
Commerce Division proposed that instead of Secretary Commerce, Younus Dagha, Secretary Finance may continue as Chairman of the Board of Directors for the next three months. Commerce Division, in its summary solicited the approval of the federal cabinet.
The cabinet considered the summary of Commerce Division and appointed Younus Dagha, Secretary Finance as chairman of the BoD for another period of three months. During this period, requisite process for appointment of a permanent Chairman of the Board will also be completed.