ISLAMABAD, Sep 20 (APP): Commerce Minister, Engineer Khurram Dastgir Khan said Tuesday that the State Life Insurance Corporation (SLIC) would not be privatized.

The minister was briefing the Senate Standing Committee on Commerce on the proposed new SLIC law here.

The minister said that the employees of SLIC have been fully protected under the proposed law while right of policy holders has also been ensured in the law.

Replying to various questions by the committee members, he said the existing SLIC lawΒ was about five decades old and was prepared at the time of nationalization of the insurance

However, he highlighted the importance of regulating SLIC under the new law to the corporation under the domain of Companies Ordinance.

He informed the committee that SLIC was put on the list of privatization by the previous government in 2011.

He said that as per the manifesto of the Pakistan Muslim League (N), there was no proposal under consideration to privatize any profit earning state entity.