The interim federal government has opted to boost the paid-up capital of the State Life Insurance Corporation to prevent a penalty in the United Arab Emirates (UAE).
According to sources, the approved capital is set to increase from Rs. 8 billion to Rs. 9 billion, while the paid-up capital will rise from Rs. 6.2 billion to Rs. 8 billion.
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This adjustment became imperative in light of the regulatory requirements in the UAE, where insurance companies are mandated to maintain a minimum paid-up capital of AED 100 million. The State Life Insurance Corporation’s paid-up capital had fallen below this stipulated threshold due to the devaluation of the Pakistani Rupee against the United Arab Emirates Dirham.
It is noteworthy that the State Life Insurance operates within the UAE through its Gulf branch.
