Senate body approves “The Marine Insurance Bill, 2017 “to regulate country’s maritime trade

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ISLAMABAD, Oct 19 (APP):Senate Standing Committee on Commerce and Textile Industry on Thursday approved “The Marine Insurance Bill, 2017 “in order to regulate the maritime trade in the country.
The Committee meeting was held under the chairmanship of Senator Syed Shibli Faraz for considering the bill and to provide for the regulation of the business of marine insurance “The Marine Insurance Bill 2017″ here in Parliament house.
Earlier Senate Committee for Commerce formed a special committee of experts for reviewing “The Marine Insurance Bill, 2017 “ and to further shortly report to the committee for amending and removing any confusion in bill.
In the light of proposals from the special committee members the senate committee further reviewed these suggestions of the experts from different relevant institutions for simplifying the bills to applicable.
Special committee was consisted on experts from relevant institutions, including National Insurance Company Limited (NICL), Securities and Exchange Commission of Pakistan (SECP) and Pakistan National Shipping Corporation (PNSC) for report the Senate committee for approval.
Beside the committee meeting in talking to APP, Chairman Senate standing committee on Commerce Syed Shibli Faraz hailed the approval of “The Marine Insurance Bill 2017″ for maintaining transparency in maritime trade of the country.
He said that after the approval of “The Marine Insurance Bill 2017” this law would be implemented from today to regulate the maritime trade.
Replying to a question, he said the committee has studied marine bill 2017 line by line and took the inputs form all the relevant departments and stakeholders in order to remove the lacuna in the law before its approval.
While talking to APP, Secretary Commerce and textiles industry, Muhammad Younas Dhaga said that before approval of the bill from senate standing committee of the commerce Pakistan did not have a law to deal with marine insurance, adding that in post approval trade was carried out on the basis of old British Marine Act, 1906.
Replying to a question he said that before in maritime trade insurance act 2017, rules was followed from the Insurance ordinance 2002.
He said that approved “The Marine Insurance Bill 2017″ to legislate the Marine Insurance Act had been drafted, which would cover the subjects including marine insurance, insurable interest, insurable value, disclosure and representation.
Secretary Commerce said that committee reviewed the proposal from all relevant institutions to simplify and amends the bill for removing complexities.
Senator Mufti Abdul Sattar,Saud Majeed, ,Mrs. Rubina Khalid and official of Ministry of commerce and government institutions participated in meeting.