7 Micro-Insurance Companies Receive Approval For Operation
November 28, 2022 | Investopaper
Nepal Insurance Authority has given pre-approval to seven micro insurance companies for operations.
The authority granted permission to three micro life insurance companies and four micro non-life insurance companies on Sunday. One company was selected from each province. 31 companies had applied to the authority seeking a license to operate micro insurance companies.
Companies Approved For Micro Life Insurance Business
1. Crest Micro-Life Insurance Ltd., (Birendranagar, Surkhet, Karnali Province)
2. Guardian Micro-Life Insurance Ltd., (Biratnagar 7, Morang, Province 1)
3. Liberty Micro-Life Insurance Ltd. (Pokhara 8 Kaski, Gandaki Province)
Companies Approved For Non-Life Micro Insurance Business
1. Nepal Micro Insurance Co. Ltd. (Bharatpur 1, Chitwan, Bagmati Province)
2. Protective Micro Insurance Ltd. (Kailali, Sudurpaschim Province)
3. Star Micro Insurance Company Ltd. (Janakpurdham Dhanusha, Madhesh Province)
4. Trust Micro Insurance Co. Ltd. (Butwal 2, Rupandehi, Lumbini Province)
The Authority had issued a 35-day notice on Bhadra 10 for the establishment of the company doing micro insurance business.
The company that has received the permission to operate the business must go to the company registrar’s office and register the company within 35 days. After receiving the company registration certificate, an application for a license must be submitted to the Nepal Insurance Authority.
After getting the license to operate the company, 70 percent of the paid-up capital must be deposited in the bank in the name of the company.
