ISLAMABAD – The Federal Cabinet on Tuesday approved to appoint Muhammad Naeem Akhter as Chief Executive Officer (CEO) of Postal Life Insurance Company (PLIC).
The Postal Life Insurance Company (PLIC) was recently incorporated as life insurer in Securities and Exchange Commission of Pakistan to comply the recommendations of Financial Action Task Force (FATF) Asia Pacific Group.
It is pertinent to mention here that out of 40 recommendations given by FATF to avoid blacklisting, 13 relates to the Pakistan Post.
At present, the affairs of PLIC are being run through a four-member board, however an advertisement to appoint a regular CEO was flouted in August 2020.
In response, a total of ten candidates applied for the post. All the applications were securtinised by the consultant M/s Sidat Hyder Morshed to shortlist a penal of suitable candidates.
The consultant submitted a list of four candidates after short listing and all candidates were interviewed by PLIC board in November 2020. The board recommended names of top three candidates, including Muhammad Izqar Khan, Muhammad Naeem Akhtar and Muhammad Shoaib Khanzada.
The federal cabinet on Tuesday considered a summary in this regard and approved to appoint Muhammad Naeem Akhtar as CEO PLIC.
Naeem Akhtar has an experience of more than two decades in the life insurance industry. He also served as CEO of two international broker companies in the UAE.