Finance Ministry Approves License of 10 Life Insurance Companies

May 18: Ministry of Finance has approved of providing license to 10 new life insurance companies. Krishna Bahadur Mahara, Deputy Prime Minister and Finance Minister of Nepal approved Insurance Board (IB) to grant license to 10 out of 12 life insurance companies on May 17.

The to-be established new insurance companies required to have paid-up capital of Rs 2 billion. After the licensing of 10 new companies, Nepal will have 19 life insurance companies. Presently, nine insurance companies are operating in Nepal. According to Finance Minister, it approved license of Reliable Life Insurance, Citizen Life Insurance, Star Life Insurance, Reliance Life Insurance, Sun Life Insurance, IME Life Insurance, Mahalaxmi Life Insurance, Jyoti Life Insurance, Sanima Life Insurance and Union Life Insurance.

Similarly, according to Insurance Board, five non-life insurance are also waiting for their license. With the additions, number of non-life insurance will reach 22.