KARACHI (APP) - National Assembly Standing Committee on Commerce has constituted a sub-committee to investigate investment policy decision of National Insurance Corporation of Pakistan (NIC) board, particularly a $ 20 million real estate investment in Dubai in July, 2009. The meeting of the Committee under the chairmanship of Engineer Khurram Dastgir Khan, at State Life building here Wednesday, also questioned the integrity of the investment policy of NIC. The Committee observed that an independent regulatory authority was required for the insurance industry in the country. The Federal Government must make a provision in the Rules, that all departments must get their assets insured. The committee also noted that the government must also take steps to stop the outflow of foreign exchange in general insurance premiums amounting to 20b rupees. While reviewing the performance of State Life Insurance Corporation of Pakistan (SLIC), the Standing Committee reflected public concerns over delays in fulfilment of Life Policies by State Life. The Committee recommended the company to streamline its operations in terms of training, productivity and responsiveness to the policy-holders. The Standing Committee also suggested that in the age of Information Technology (IT), State Life must be more lean and conversant with best corporate practices across the World. Similarly, convenience of policyholders should be the foremost priority for State Life. The Standing Committee appreciated that State Life Insurance is one of the few Public Entities that is not a burden on the National Exchequer. Nawab Abdul Ghani Talpur, Chaudhry Iftikhar Nazir, Mrs. Tahira Aurangzeb, Haji Muhammad Akram Ansari, Iqbal Muhammad Ali Khan, Mrs. Jamila Gillani attended the meeting, besides Shafqat Naghmi. Addl Secy. Ministry of Commerce, Shahid Aziz Siddiqi, Chairman, SLIC, Mrs Rukhsana Saleem, Chairperson, PRCP and other senior officers.