Senate Standing Committee on Commerce and Textile Industry on Thursday directed the Ministry of Commerce to take on board all the relevant stakeholders to make the Marine Insurance Bill 2017 more comprehensive and updated before its finalization.
The Committee met here with Senator Shibli Faraz in chair for considering the bill to provide for the regulation of the business of marine insurance “The Marine Insurance Bill 2017.
Additional Secretary Ministry of Commerce, Anjum Asad Amin informed the meeting that at present Pakistan does not have a law to deal with marine insurance and business was carried out on the basis of old British Marine Act, 1906.
She said that proposed bill to legislate the Marine Insurance Act has been drafted which, would cover the subjects including marine insurance, insurable interest, insurable value, disclosure and representation.
She said that in 2001, Ministry of Commerce has initiated a trade and transport facilitation project with technical assistance of UNCTAD with an objective to modernize the marine transport insurance provision in the country.
The Chairman of the Committee directed the Ministry of Commerce to initiate a consolation with other stakeholders including Securities and Exchange Commission of Pakistan, National Insurance Company limited and other related provincial departments in order to make the bill more effective, comprehensive and updated for fulfilling future insurance requirements of marine business.
He said that the committee would study the bill line by line and take the inputs form all the relevant departments and stakeholders in order to remove the lacuna in the law before its approval.—APP