Altaf Hamid Rao.
MIRPUR (AJK), (Parliament Times) : State-run National Insurance Company Limited, an organization owned by the Government of Pakistan and working under the administrative control of Federal Ministry of Commerce, established under the National Insurance Act, 1986 in Azad Jammu and Kashmir, has showed its willingness to assume the financial risks connected to the public properties in Azad Jammu & Kashmir.
In a significant move towards safeguarding the state-owned moveable and immoveable assets of Azad Jammu & Kashmir (AJ&K), a pivotal session was convened at the Kashmir Plan House, in the state metropolis Tuesday organized by the Planning & Development Department AJ&K. Under the directives of Chief Secretary AJ&K, the session was headed by Additional Chief Secretary (Development) Ms. Midhat Shahzad, witnessed the convergence of high-ranking officials and key stakeholders, says a an official press statement issued here on Wednesday.
The focal point of the session was a comprehensive presentation delivered by the Chief Executive Officer (CEO) of the National Insurance Company Limited (NICL), Mr. Khalid Hamid. Attended by Secretaries and Heads from various departments including Planning & Development, Energy & Water Resources, Tourism & Archeology, Health Services, Physical Planning & Development, Communication & Works, Higher Education, and Elementary & Secondary Education of the AJ&K Government, the session aimed to address critical aspects of asset protection. From the NICL, Mr. Khurrum Irshad, Zonal Head (North Zone) Islamabad, and Mr. Abdul Basit Khan, NICL AJK Branch Manager, actively participated, underscoring the company’s commitment to the region’s insurance needs.
Expressing gratitude towards the Chief Secretary and Additional Chief Secretary (Development) for orchestrating the session, CEO NICL Mr. Khalid Hamid emphasized the paramount importance of insuring state-owned assets, particularly in high-risk areas such as AJ&K. He highlighted NICL’s longstanding presence in AJ&K, dating back to the National Insurance (Extension of Business to Azad Jammu & Kashmir) Act 1986, which authorized NICL to conduct business within the region. The CEO told the participants that I took over the organization in 2021 and I am happy to say that NICL earned 19.78 million gross premiums in 2021 and 25.65 and 30.71 million in 2022 and 2023 respectively. He further said that NICL is a financially strong institution of the state which can bear the financial risks of public assets in Azad Kashmir.
The CEO said that “The Govt. of Azad Jammu and Kashmir in its circular No.: Administration/H.12(2)/Part-III Department General/97 dated: 22.7.1999 and No.: G.8(5)/Part (I)/2003 dated 10-8-2004, clear instructions have been issued to all secretaries, heads of departments, all heads of semi-government institutions, and all heads of corporations that all government assets should be insured only by National Insurance Company Limited. Every state-owned organization is bound to take out the insurance services from NICL only, and insurance services taken out from any private insurance company will be considered void”.
Furthermore, the Chief Secretary Azad Kashmir on behalf of Govt. of Azad State of Jammu & Kashmir vide letter No. Administration/I15(06) 2018/ dated 15th February 2019 directed the Additional Chief Secretary (Development), Additional Chief Secretary (General), Senior Member Board of Revenue, all the Secretaries to the Government, Mr. Inspector General of Police and all the heads of the attached departments/Corporations, for strictly implement the instructions issued earlier that government assets should be insured to protect the government from losses.
Quoting Section – 166 of the Insurance Ordinance 2000, adopted by the AJ&K Insurance (Adoption and Extension of Functions) Act 2007, Mr. Hamid reiterated NICL’s exclusive mandate to insure state-owned assets. He urged all departments to adhere to the directives of the Chief Secretary and comply with relevant legislation, emphasizing that NICL stands ready to assume the financial risks associated with AJK’s state-owned assets.
In conclusion, the session underscored the critical need for proactive measures to safeguard AJ&K’s valuable assets, emphasizing collaboration between government departments and NICL to ensure comprehensive insurance coverage. The commitment demonstrated by both parties signals a concerted effort towards protecting the interests and assets of AJ&K, setting a precedent for effective risk management and resilience in the region. The CEO asked the heads of all departments to provide complete details of movable and immovable assets of their respective departments to the NICL so that other steps of financial risks can be taken.