Kathmandu: Beema Samiti, the regulatory authority of insurer, has started evaluation of the application of five applicant for the license of new reinsurance company.
Samiti will evaluate the proposal and do rating based on the Insurer and Insurance Business Operation Directives 2073. Samiti has admitted that company with highest rating will be recommended for the license. The recommendation will be submitted to the ministry of finance for the final approval. Till date there is only one reinsurance company in Nepal.The new license will add the number of reinsurance company.
Annapurna Re, Kathmandu Re, Prudential Re, Genuine Re and Himalayan Re have submitted sealed application to Beema Samiti to acquire the license.
The minimum paid up capital must be Rupees 10 billion.
Kathmandu Re has proposed highest paid up capital Rupees 15 billion.The promoter behind Kathmandu Re are Basant Chaudhary, Rajendra Khetan,Prabhu Group, Pawan Golyan Group, Shivam Cement Group, Mahalaxmi Life Insurance Group,Batas Group, NRN infrastructure development and other including more than 245 promoters.
The promoters behind Annapurna Re are Shiva Prasad Ghimire,the past president of LP gas industry, Sharada Group,NRN Birendra Mahato, Bhatbhateni group, Anjan Shrestha(Laxmi Group).
Himalayan Re has been proposed by Sekhar Golchha,Bhawani Rana,Pasupati Murarka,Satish More,Sahil Agrawal,Sulabh Agrawal, Bikash Dugad,MV Dugad,Lucky Group.
Along with other promoter IME group’s Chandra Dhakal is behind Prudential Reinsurance Company.Bishal Group and NRN infrastructure too are in this venture.
Genuine Reinsurance has been proposed by the retired senior executives of Beema Samiti and Insurance expert.