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<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
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<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the ‘Insurer Registration and Insurance Operation Directive 2073’ issued by the board on March 31. “Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,” said Chiranjibi Chapagain, Chairman of IB.</p>
<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
<p style="text-align:justify">As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.</p>
<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. “This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,” he added. </p>
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<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the ‘Insurer Registration and Insurance Operation Directive 2073’ issued by the board on March 31. “Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,” said Chiranjibi Chapagain, Chairman of IB.</p>
<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
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<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. “This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,” he added. </p>
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<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the ‘Insurer Registration and Insurance Operation Directive 2073’ issued by the board on March 31. “Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,” said Chiranjibi Chapagain, Chairman of IB.</p>
<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
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<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. “This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,” he added. </p>
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April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. For that matter, IB has provided three weeks of time lag to the companies. However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.
The board is set to provide license to the companies which have followed the directions as per the ‘Insurer Registration and Insurance Operation Directive 2073’ issued by the board on March 31. “Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,” said Chiranjibi Chapagain, Chairman of IB.
“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.
As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.
However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. “This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,” he added.
The companies seeking license will have to maintain paid-up capital of Rs 2 billion for life-insurance companies and Rs 1 billion for non-life insurance. Additionally, they need to submit detail report on fixed assets, new plan on insurance policy, management expense, capital structural report, fundamental strategy to sustain in insurance market and financial plan of at least five years.
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<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
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<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. “This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,” he added. </p>
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<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the ‘Insurer Registration and Insurance Operation Directive 2073’ issued by the board on March 31. “Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,” said Chiranjibi Chapagain, Chairman of IB.</p>
<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
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<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
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'title' => 'IB Approaches 14 Companies for Licensing',
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'summary' => 'April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. For that matter, IB has provided three weeks of time lag to the companies. However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.',
'content' => '<p style="text-align:justify">April 17: Insurance Board (IB) has approached new insurance companies for licensing. On April 16, IB approached the 14 companies that were waiting for license since last 10 years after submitting due file to the board. For that matter, IB has provided three weeks of time lag to the companies. However, the board will decide about the possibility of new registration of companies by next three months once it conducts detail study.</p>
<p style="text-align:justify">The board is set to provide license to the companies which have followed the directions as per the ‘Insurer Registration and Insurance Operation Directive 2073’ issued by the board on March 31. “Based on the directive, groundwork has already been commenced to grant license to the new insurance companies that have applied for license before 2064 BS,” said Chiranjibi Chapagain, Chairman of IB.</p>
<p style="text-align:justify">“The task group formed by IB has decided to provide license to those companies which register their application by three weeks stipulated period,” said Raj Kumar Aryal, Deputy Director of Legal Department, IB. The task group formed by IB after the issuance of the directive includes a member from the board, an insurance specialist and a chartered accountant. “After the task group submitted a preliminary report on insurance sector and possibility of insurance companies, it was decided that the companies who have already submitted the file will be given the opportunity of licensing,” he added.</p>
<p style="text-align:justify">As per Aryal, the IB approached nine life insurance companies and five non-life insurance companies that have not obtained license as per the Insurance Act but are registered in company registrar office. These companies have already submitted their file to IB. Apart from them, three other companies which have submitted request letter seeking approval for registration in company registrar office have also been approached, he informed.</p>
<p style="text-align:justify">However, he clarified that the companies which do not submitted required documents and fulfill the provisions within the three weeks will not be provided licenses. “This is an opportunity for those companies which were in the pipeline since 10 years for the license. However, 10 years is a long period. Many changes may have occurred since then. Therefore, IB will check the realities of the companies and decide whether or not they should to be granted license,” he added. </p>
<p style="text-align:justify">The companies seeking license will have to maintain paid-up capital of Rs 2 billion for life-insurance companies and Rs 1 billion for non-life insurance. Additionally, they need to submit detail report on fixed assets, new plan on insurance policy, management expense, capital structural report, fundamental strategy to sustain in insurance market and financial plan of at least five years. </p>
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