Kathmandu: Beema Samiti,the regulator of insurers, has received application from five different entity for the license of re-insurance company. The applications were submitted three days prior to the 21 days time limit given by Beema Samiti.
Prudential Re,Genuine Re,Annapurna Re,Kathmandu Re and Himalayan Re Insurance companies have submitted application to the regulator’s office.
The top level management had already announced that they will issue license for only one new reinsurer. Nepal Reinsurance Company, a government joint venture company is already in existence in Nepal. Till date it is the only reinsurer in Nepal.
Raju Raman Paudel, executive director of Beema Samiti says that based on the proposal submitted,the most eligible one will get the license.
Earlier there was expectation from the private sector that at least 2 new companies will be given license to operate reinsurance company. But based on the report submitted by the special committee formed by the regulator, only one new insurer will get license.
The paid up capital is Rupees 10 billion for new reinsurance company. Beema Samiti has already made it clear that the proposal received from the group of promoters with stake in the NepalRe will not be entertained.