By expanding policy loans
, the FSC said it will help speed up restructuring of the corporate sector and create some 170,000 jobs.
(CIC) requiring insurers to submit the premium payments, insurance contracts and policy loans
of its clients.
Notably, the CIC cannot rely on the foregoing exemption under the Data Privacy Act applicable because policy loans
, premium payments and insurance contracts do not constitute basic credit data,' it added.
2017-04 requiring insurers to submit the premium payments, insurance contracts and policy loans
of their clients.
These lenders are not giving policy loans
to Pakistan due to the absence of a Letter of Comfort from the IMF.
Subject to overall macroeconomic stability, the policy loans
will be given for energy-sector reforms, improving trade and competitiveness and financial market development.
The decision to cancel policy loans
came following postponement of visit of a World Bank team to Pakistan.
ISLAMABAD -- A report prepared by the Independent Evaluation Group (IEG), an arm of the World Bank (WB) has said two policy loans
worth $900 million given to Pakistan failed to achieve their stated objective of stimulating economic growth.
The World Bank and the Asian Development Bank (ADB) have already withheld $700mn as balance of payments' policy loans
due to deterioration in macroeconomic indicators in the past one year.
Sources in the finance ministry said that the World Bank's policy loans
were now contingent upon a good health certificate from the International Monetary Fund (IMF).
While life insurance policy loans
and death proceeds are generally received income-tax free, the same favorable tax treatment does not necessarily apply upon sale or surrender of a policy.