Punjab cabinet approves life insurance company for government employees

Punjab Finance Minister Mujtaba Shuja-ur-Rehman told the Punjab Assembly that the provincial cabinet has approved the establishment of the Punjab Life Insurance Company for government employees. He said work on preparing the documents needed to register the company will begin soon.

He spoke during the assembly session, which started two hours and five minutes late under panel of chairpersons member Samiullah Khan. Business Recorder reported that the minister was responding to questions from treasury member Amjad Ali Javed during question hour.

The minister said the company would immediately obtain 1 million clients from government institutions. He also said it would not be allowed to carry out banking or non-banking business, directly or indirectly. It would also not be permitted to lend money to people for building houses or to invest in the stock market.

Mr Shuja-ur-Rehman said he assured the House that the company would be successful and would bring in billions of rupees.

In reply to another question, he said the Punjab Revenue Authority has offices in 36 districts and its scope will be extended to all districts. He said the authority showed 38 percent growth in one year in the 2025-26 financial year.

The assembly also unanimously passed a resolution on Kashmir Black Day, which was marked on 27 October. Business Recorder reported that treasury benches failed to maintain quorum for the second consecutive day. Opposition member Hassan Malik pointed out the lack of quorum, and the sitting was adjourned until 11:30am. The assembly set next Tuesday for a general debate on water reservoirs, dams and rainwater harvesting.