Altaf Hamid Rao.
MIRPUR [AJK] ( Parliament Times): A high level joint meeting of AJK government and the State-run National Insurance Company Ltd meeting held reaching consensus on the importance of effective risk management and the role of NICL in safeguarding the assets of the AJ&K government.
The outcome of this meeting, by Chief Secretary of AJK government and Chief Executive Officer (CEO) of National Insurance Company Limited (NICL) Khalid Hamid, held in the state metrolpolis, signals a significant step towards strengthening the partnership between NICL and the AJ&K government, ensuring the protection of state-owned assets and enhancing overall financial resilience, NICL said in a press release issued on Wednesday.
Chief Executive Officer (CEO) of National Insurance Company Limited (NICL), Khalid Hamid, led the delegation comprising Zonal Head Khurrum Irshad and AJ&K Head Abdul Basit Khan in the meeting with the Chief Secretary (CS) AJ&K, Mr. Dawood Muhammad Breach. The meeting was also attended by Zafar Mehmood, Secretary Services & General Administration Department (S&GAD), Communication & Works Department (C&WD) and Chairman Central Board of Revenue (CBR).
The agenda of the meeting centered on NICL’s role as the leading state-owned insurance provider and its willingness to assume the financial risks associated with both movable and immovable assets owned by the Government of AJ&K. During the meeting, CEO Mr. Hamid introduced NICL, highlighting its status as a state-owned entity fully owned by the Government of Pakistan and operating under the administrative control of the Ministry of Commerce. Since its inception in 1976, NICL has been providing comprehensive coverage to vital, strategic, and sensitive assets.
The CEO NICL also discussed the legal framework of governing business in AJ&K. It was noted that the Insurance Ordinance, 2000, which has been adopted by the AJ&K Government through the AJ&K Insurance (Adaptation and Extension of Functions) Act, 2007, mandates that all insurance business relating to public property, or any associated risks must be placed with NICL exclusively. Additionally, the enactment of “Act IV of 1986” by the GoAJ&K further empowers NICL to transact business within the region.
Expressing appreciation for NICL’s commitment to assuming the financial risks of state-owned assets, the Chief Secretary reiterated the importance of compliance with all relevant legislation. He directed the state departments, state-owned entities, and autonomous bodies to transfer their financial risks to NICL, emphasizing the benefits this would bring to the AJ&K government in terms of financial stability and asset protection. The Secretary S&GAD, C&WD and Chairman CBR commended NICL’s efforts and assured full cooperation for the insurance of public properties.
The Chief Secretary directed the Additional Chief Secretary Ms. Midhat Shahzad for the orientation session for secretaries of many departments with National Insurance Company Limited.
The Chief Executive Officer of NICL presented a shield to Chief Secretary AJ&K as a souvenir on behalf of the NICL, the added.
