Govt Allowed 100% equity Participation to Foreign Insurance Companies

ISLAMABAD: The government has allowed foreign companies 100 per cent equity participation for undertaking life/non-life insurance business. According to an official announcement issued here on Friday, foreign companies have been allowed to participate 100 per cent equity for operating life and non-life business in Pakistan subject to certain conditions. The foreign companies shall be required to bring in a minimum of $4 million in foreign exchange, out of which not less than $2 million should come from abroad. The foreign insurance companies will have no restriction on the number of branches and no restriction on as to whom they shall employ. They shall be extended all the facilities enjoyed by local companies.