October 16: The Insurance Board (IB) is preparing to issue directive for insurance brokers in order to mediate between insurance companies and re-insurance companies.

The IB said that such directive is necessary to issue licenses to the brokers.

President of the IB, Chiranjibi Chapagain, made such remarks while speaking at the inaugurating ceremony of Reliable Nepal Life Insurance in Kathmandu on Sunday (October 15).

The IB is preparing to issue directive for the brokers as the Insurance Act 1993 has clearly mentioned about the provision of insurance brokers but lacks regulatory mechanisms.

Reliable Insurance started its business from Sunday itself. Reliable Insurance is the fifth insurance company to get the final approval from the IB to start operation.

Chapagain also handed over certificates to Sambriddhi Rai and Raju Dhungel, who were the first customers of the company.

Similarly speaking at the program, Narayan Babu Lohani, chief executive officer of the company said that Reliable will soon take permission to open 40 branches throughout the country.

“People will see our presence in all over the country within a year. The company has brought insurance policies which are suitable for every people of the country,” he said.

The corporate office of the company is in Gyaneshwar, Kathamandu.