Insurance Corporation. The Pakistan Insurance Corporation •as established in 1953 with an authorized capital of Rs. ten million. Federal Government hold 51% of the capital and the remaining 40% is subscribed by the pubte including national insurance companies. The Pakistan Insurance Corporation (PIC) provides (1) reinsurance facilities within the country and overseas (2) it helps the development of national insurance industry by helping in the promotion of new companies and rendering technical advice to such companies (3) it also promotes regional co-operation in the field of insurance (4) it also administers the Export Guarantee Scheme on behalf to the Government.
Export Credit Guarantee Scheme, It is entirely owned by the FederalGovernment and is managed by the Pakistan Insurance Corporation. It providessecurities to the commercial banks to advance money to the exporters toindemnify for the loss sustained due to non-realization of sale proceeds onaccount of political and commercial risks.
Regional Co-operation. It is an R.C.D. collaboration in the field ofinsurance for the purpose of reducing foreign exchange outflow and proving thestandard of insurance and reinsurance in Pakistan.
National Insurance Corporation. National Insurance Corporation wasset up in 1973 with a working capital of Rs.5 million to preserve the public sectorresources and also the provide general insurance service at lower cost to thepublic and semi-public organization. The profit darned is to be reverted to theGovernment. The Corporation has achieved some progress in respect ofreduction in the cost of insurance, early settlement of claims and reduction ofoutflow of foreign exchange on account of reinsurance premium.
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