ISLAMABAD: Pakistan’s Senate on Thursday approved eight pieces of legislation. The centrepiece for markets and households is a government measure that lets Islamabad later restructure or sell the State Life Insurance Corporation (SLIC) if ministers choose that route.
The Life Insurance (Nationalisation) (Amendment) Bill, 2026 had already cleared the National Assembly. It revises the Life Insurance (Nationalisation) Order, 1972 so the state insurer can operate with fewer statutory limits and, if cabinet later agrees, move toward private ownership under ordinary company law.
What the State Life changes do
Draft objects attached to the bill argue that the old statute no longer fits today’s finance rules. State Life was set up as a statutory body when life cover was brought under public ownership. Lawmakers now want it registered as a firm under the Companies Act, 2017, and aligned with the State-Owned Enterprises Act, 2023 and related statutes, so governance, efficiency and openness can improve.
Assets, debts, contracts and duties would move to that successor entity so day-to-day cover continues without a break. The same text underlines that the amendments are not a sell-off order. They only lift legal barriers if the federal government later seeks divestment, still subject to its approval and other applicable laws.
Sponsors also say policyholders should keep their protections, and that staff pay, service terms and pensions are meant to stay intact through any shift.
Other bills and chamber business
In the same sitting, senators adopted 2026 amendment bills on the Higher Education Commission; the NFC Institute of Engineering and Technology, Multan; National Textile University; the National Rahmatul-lil-Aalameen Wa Khatamun Nabiyyin Authority; archival material preservation and export controls; Centres of Excellence; and the National College of Arts Institute.
During question hour, Petroleum Minister Ali Pervaiz Malik said complaints from gas users in Balochistan are being taken up. He told the House he had spoken with Chief Minister Sarfraz Bugti and that both sides would design a shared fix, especially around how consumption slabs work.
Separately, members backed a consensus motion from PPP parliamentary leader Sherry Rehman calling for a joined-up national drive to slow rapid population growth.
Aasan alfaaz mein
Senate ne State Life Insurance ka qanoon pass kar diya hai. Is se hukumat baad mein corporation ko private karne ka rasta khol sakti hai, magar abhi koi sale ka faisla nahi hua. Policy wale aur mulazimeen ke huqooq mehfooz rakhne ka irada hai. Saath hi saat aur bills bhi manzoor hue.
