September 21: The Insurance Board has given the final permission to Union Life Insurance Company to start commercial operation. The board had taken the decision on September 18 but the company was informed about it through a letter two days later.

Upon receiving the green signal from the board, Union Life will be starting its commercial operation from September 22. Another insurance company, IME Life Insurance, has recently started its operation while Sun Life Insurance will also start its operation from September 22.

Reputed business houses including Jagadamba Group, Golchha Organization and Gadia Group are the promoters of Union Life Insurance. Sulav Agrawal is the chairman of the board of directors of the company. Shekhar Golchha from Golchha Organization and Sandip Kumar Agrawal from Gadia Group are the other members of the board of directors. Similarly, Manoj Kumar Lal Karna is the CEO of the company. The corporate office of the insurance company is located at New Baneshwar.

Altogether 10 insurance companies that got license to start operation recently are in the final phase of starting their operation.

Ministry of Finance (MoF) has provided license to 10 life insurance companies for operation. After obtaining the license, the companies fulfilling all the other criteria are given the final permission to start commercial operation. To get the final permission, the companies need to have a paid-up capital of Rs 2 billion, staff, necessary office infrastructure among other things.