National Insurance Corporation (Reorganization) Ordinance, 2000

This Ordinance converted the government-owned National Insurance Corporation into a public limited company, the National Insurance Company Limited, incorporated under the Companies Ordinance, 1984. It was issued during the 1999-2000 period when the National Assembly and Senate stood suspended following the Proclamation of Emergency.

Section 3 is the operative provision: the Federal Government could, by order published in the Gazette, set an "effective date" on which all the Corporation's property, rights, and liabilities would vest in the new Company. In exchange, the Company would issue fully paid ordinary shares to the President of Pakistan equal to the Corporation's estimated net asset value, and no stamp duty would apply to this transfer. From the effective date, the Corporation would cease to exist, all its contracts and pending court cases would be deemed to continue with the Company standing in the Corporation's place, and any reference to the Corporation in other laws or documents would be read as referring to the Company.

Section 4 protected employees: all staff who had worked at the Corporation for at least six months before the effective date automatically became Company employees on the same terms, pay, pension, and other benefits, without any right to compensation for the transfer.

Section 5 exempted the new Company from registration fees under the Companies Ordinance, and Section 6 gave the Company one year to either register under the Insurance Ordinance, 2000 or stop writing new insurance business. Section 9 repealed the National Insurance Corporation Act, 1976 once the new Company was incorporated and registered.

This is a transitional, corporatisation-specific law from 2000 whose main operative event (the conversion) has presumably already occurred; it remains relevant mainly for understanding the legal history and continuity of National Insurance Company Limited's obligations and predecessor contracts.