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Category Archives: Insurance

Insurance Pool to be converted into reinsurance company

The country is soon going to get a reinsurance company. After the Cabinet today permitted Insurance Pool to convert into a reinsurance company, the pool will start the legal process to convert itself into a reinsurance company. The government move

CIAA asks Rastriya Beema Sansthan to recover perks given to staff

The anti-graft body has asked Rastriya Beema Sansthan to recover Rs 80.35 million perks and and benefits awarded to its staffers illegally. Commission for Investigation of Abuse of Authority (CIAA) today directed Rastriya Beema Sansthan – for the second time

Government finally decides to split Rastriya Beema Sansthan

The government has finally decided to split life and non-life business of Rastriya Beema Sansthan (RBS), after a long discussion. Though the insurance regulator had issued the directive to split life and non-life business long ago, the state-owned insurer had

Everest Insurance resumes stock trading

After seven months, Everest Insurance Company is back to the stock exchange from today as its 1,000 units of shares were traded in a single transaction at Rs 215 per unit at the Nepal Stock Exchange (Nepse). Nepse had suspended

Kathmandu to host third SAARC Insurance Forum

Third SAARC Insurance Regulators meet will be held in Kathmandu. Chairman of the Insurance Board Dr Fatta Bahadur K C has proposed to hold the next meeting of SAARC Insurance Regulators in Kathmandu during the two day meeting – that

Second SAARC insurance regulators meet on Monday

KARACHI: Securities and Exchange Commission of Pakistan is hosting second South Asian Association for Regional Cooperation (SAARC) insurance regulators meet and international conference on April 14-16. Aimed at developing a sound, stable and inclusive financial sector across the entire SAARC

Lowest insurance premium for bank business fixed at 2.75 per cent

Insurance Board directed non-life insurance companies to charge a premium of at least 2.75 per cent, when insuring the business of banks. The insurance market regulator had fixed the minimum rate and amended the Banker’s Indemnity Policy to shield insurance

Appellate Court stays Insurance Board’s directive to slash agent fee

Patan Appellate Court has stayed Insurance Board’s reduction of commission rate for non-life insurance agents until final verdict. The board had slashed slashed the commission of non-life insurance agents by one-third in January to be effected from mid-January. But the

Insurance Board hands over management to newly elected board of Everest Insurance

After Everest Insurance shareholders elected a new seven-member board of directors in the special general meeting today, the Insurance Board handed over the management to the elected body. After takeover by the Insurance Board (IB) five months ago, the non-life

Insurance Board to handover Everest Insurance management after electing new board

Insurance Board led team is handing over the management of Everest Insurance after holding election of board of directors on February 13. The insurance market regulator – for the first time – had earlier taken over the management of Everest

Insurance Board reduces insurance premium for private vehicles

Insurance Board has reduced the insurance premium rates for private vehicles. According to the Board, the premium rate for private vehicles has been slashed by 25 per cent for vehicles valued at less than Rs 2 million and those valued

Majority of brokers out of insurance cover, fire guts a broker office

Though the Securities Act 2063 BS has made it mandatory for a broker to insure office, majority of the brokers have been out of insurance cover exposing their investors’ stocks and records to fire and natural calamities. Yesterday morning, the

Nepse suspends share trading of NB Insurance

Nepal Stock Exchange has suspended share trading of NB Insurance (Nepse-NBIL), after Insurance Board stopped the company from doing its non-life insurance business. The notorious NB Insurance has been bypassing the insurance market regulator’s directives since more than a year-and-a-half.

After missing AGM deadline two months ago, Rastriya Beema Sansthan starts stock trading at Nepse from today

After failing to hold its 29th annual general meeting (AGM) – two months ago on October 10 – that was supposed to approve Rastriya Beema Sansthan’s (RBS) financial statements of three fiscal years 2003-04, 2004-05, 2005-06, and distribute 39 per

Insurance Board finally closes NB Insurance business

NB Insurance that has been in news for failing to comply with the regulatory norms have finally been closed down today, according to the insurance market regulator, Insurance Board. The Nepse-listed insurance company that has sold some 6,867 policy in

CIB nabs two auditors

In recent months, the auditors have been in news for all the wrong reasons, as they have been partners in financial crimes. Central Investigation Bureau (CIB) arrested two auditors, who have been involved in auditing Everest Insurance accounts. The CIB

Proposed reinsurance company will help strengthen relationships with Indian reinsurers: Roy

Insurance Board is planning to open the reinsurance company in the country to retain the foreign exchange that the insurance companies have been paying to the foreign reinsurance companies. “It is a very welcome move that the Nepal market has

CIB nabs Shrestha

Central Investigation Bureau (CIB) under Nepal Police today arrested former chief executive of Everest Insurance Kebal Krishna Shrestha for his alleged involvement in embezzlement in funds of the company. “Shrestha has been accused of spending the company’s Rs 25.08 million