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Insurance
in Nepal |
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Sagarmatha Insurance Company
GPO Box 12211
Thapathali, Kathmandu
Tel: 240896
Nepal Insurance Co. Ltd.
GPO Box 3623
Kamaladi, Kathmandu
Tel: 221353
National Insurance Co. Ltd.
GPO Box 376
Tripureswor, Kathmandu
Tel: 221182
Lumbini General Insurance
Prominent bankers,
entrepreneurs, top dealers
of automobile and other
products, tourism
specialist, industrialists,
finance companies and vast
experience persons in the
insurance industry for more
than three decades, have
jointly promoted Lumbini
General Insurance company
limited
Premier insurance
Premier Insurance Company
(Nepal) Limited has emerged
as a renowned general
insurance company of the
second generation.
Nepal Life Insurance Company
Prudential
Insurance Company
Himalayan Gen. insurance
GPO Box 148
Durbar Marg, Kathmandu
Tel: 226634
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News item 4-9-2008 |
Beema Samiti, the regulatory
authority of insurance
companies, is doing homework
to make insurance companies
more transparent. “We are
working to make them publish
their quarterly reports to
maintain transparency and
inform small investors about
the companies’ financial
health,” said Devendra
Pratap Shah, chairman of the
regulatory authority that
has the primary duty to
protect policy holders,
adding that “protecting the
interest of small investors
is also our duty.” At
present, the insurance
companies submit their
reports yearly to the board
but do not need to publish
that in the newspapers. “We
have just started a new
regulation of submitting
detailed reports,” Shah said
adding that earlier
disclosure system was not
very good. The capital
market is financial
institutions-dominated
because they are transparent
due to the
Nepal Rastra bank
(NRB) rule. According to the
central bank rule, financial
institutions must publish
their quarterly accounts
regularly. Failure to do so
will invite penalty. The
insurance company group
comes third in terms of
trading of their shares at
the
Nepal Stock Exchange (Nepse)
after financial institutions
— Commercial banks,
development banks and
finance companies — and
hydropower groups.
Currently, 17 insurance
companies are listed under
the insurance group that has
a total of 17,187,384-unit
shares worth Rs
1,718,738,400, according to
Nepse. They have earned Rs
3.23 billion premium
collectively in the fiscal
year 2005-06 and the total
collection of premium might
be above Rs 4.5 billion at
the end of 2007-08, but that
has yet to be finalised.
Apart from these listed
insurance companies, new
companies like Prime Life
Insurance (PLI), Gurans Life
Insurance (GLI), Surya Life
Insurance (SLI) and Asian
Life Insurance (ALI) are
floating 1.1 million-unit
shares worth Rs 110 million
each as life insurance
companies need to have Rs
360 million for life
insurance while non-life
insurance companies need to
have Rs 100 million,
according to the new
regulation. The paid up and
issue capital of all these
insurance companies is equal
to Rs 360 million, of which
Rs 250 million belongs to
promoters. “Within a year of
its operation, Prime Life
Insurance will issue 1.1
million-unit shares worth Rs
110 million,” said Laxman
Rizal, chief executive
officer (CEO) of Prime Life
Insurance. N
Other insurance news and
articles:
Life Insurance
Corporation (Nepal)
launches money back
guarantee plan
(15-8-2008)
Siddhartha Insurance Ltd
has allotted the
ordinary shares
(27-11-2007)
initial public offering
Siddhartha Insurance
sold out (14-9-2007)
foreign employment
insurance scheme
forwarded to Ministry of
Finance (26-8-2007)
Nepal Life Insurance
reports 60% growth
(22-7-2007)
Nepal to have
reinsurance (5-4-2007)
Three insurance
companies lower their
returns on premium
(14-3-2007)
Rastriya
Beema Sansthan
(Insurance company)
asked to innovate
(25-2-2007)
Nepal life Insurance
company distributes
dividend (13-2-2007)
Imperial Finance to
issue shares
(6-2-2007)
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Easy
money and insurance in Nepal
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