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Insurence

In: Business and Management

Submitted By fajarvirk
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State Life Insurance Company.
History
NATIONALIZATION OF LIFE INSURANCE
The life insurance business in Pakistan was nationalized under a Presidential Order on 19th March 1972. It was executed in two stages. In the first stage which covered the period 19th March to 31 October 1972, the management of 32 life insurance companies were taken over by the government. Trustees and sub-trustees were appointed by the Government to takeover different companies and to co-ordinate and guide their activities.
The Government constituted Life Insurance Management Board (LIMB). The Board’s term included the task of recommending a permanent set up of life insurance within the framework of nationalization. The Board recommended establishing a single corporation with three units
The second phase of nationalization started by establishment of Single Corporation called State Life Insurance Corporation of Pakistan with 3 Units called A, B, and C operating throughout Pakistan and competing with one another. On 1st October 1975, the 3 Units merged and different Zones were created. Initially there were five Zones with their Zonal offices at Karachi, Hyderabad, Lahore, Rawalpindi and Peshawar. The figure has increased to 26 Zones under four different Regions, South, Central, North and Multan headed by very competent Executives.
By the Grace of Allah the Almighty, State Life has made steady progress in all fields of its operations. The future is even brighter as the Corporation is making very positive strategies for not only maintaining its market leadership but displaying beyond any doubt that it deserves the matchless corporate image created during the last decades.
OBJECTIVES
* To run life insurance business on sound lines. * To provide more efficient service to the policyholders. * To maximize the return to the policyholder by economizing expenses and increasing the…...

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