| National Insurance Company Limited was incorporated in Pakistanon 31st March 2000 as an unquoted public limited company under the Companies Ordinance 1984 through NIC (Reorganization) Ordinance 2000. |
Major Objectives of National Insurance Company Limited
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To provide insurance cover to the Government/Semi Government organizations at economical cost. |
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To reduce outflow of foreign exchange by reducing dependence on reinsurance abroad
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To make significant contributions to public exchequer by payment of taxes & dividends. |
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To make prudent investments in public as well as private sector in order to obtain maximum returns. |
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| FUNCTIONS |
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Functions of National Insurance Company Limited
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The major function of the Company is to insure public properties |
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To build sufficient reserves to increase risk retention capacity
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To insure properties other than public properties as and when directed by the Federal Government |
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To advise the Government Departments on issue of risk management to adequately protect their assets at minimum cost |
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To transfer surplus funds after meeting all management expenses, to the government exchequer |
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| OWNERSHIP |
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Initially it was named as National Insurance Corporation formed in the year 1976 through NIC Act 1976.
The National Insurance Company Limited is 100% owned by Government of Pakistan (GOP) and working under the administrative control of Ministryof Commerce (MOC).
Authorized Capital of Company is Rs. 6 Billion and Paid up Capital of Rs. 2 Billion divided into 200 million shares of Rs. 10 each.
Being NBFI, Securities and Exchange Commission of Pakistan (SECP) is the regulator of NICL. |
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| PRINCIPAL BUSINESS |
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The National Insurance Company Limited is providing general insurance coverage to the State Owned Moveable and Immoveable Assets belonging to Federal & Provisional Government, Local Authorities and Statutory Corporations.
Insurance coverage is being provided in the following areas:
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Fire and Property Damage |
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Aviation Hull |
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Marine Hull |
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Marine Cargo |
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Credit Risk and Surety ship |
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Motor |
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Liability |
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Workers’ Compensation |
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Accident and Health |
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Engineering / Miscellaneous |
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Agri Loans (New) | |
