No plan for issuing license to new insurers:Beema Samiti

Kathmandu:Beema Samiti has clarified that no new license for insurers is being issued. A press release issued by the regulatory authority today states that the news on media abt the preparation for issuing license to add news life insurance, non-life insurance and microfinance is false.
Beema Samiti has been under pressure for the past few days after news started coming in various media claiming that it is going to issue license for life insurance, non-life insurance and micro-insurance.

As soon as the news about the preparation for issuing license for province level micro insurance companies published, the state Chief Ministers have started inquiring with Samiti about the license.

Chairman Surya Prasad Silwal, informed that Beema Samiti has started a feasibility study for micro insurance but has not taken forward any licensing work.

Silwal said that all the reports written by the media claiming that they have started giving licenses to life and non-life insurance companies were misleading.  He clarified that if the license had to be issued, there would be a separate legal process and Samiti would proceed accordingly.

He said the study has to be done by an independent body before licensing. If the study report suggests to issue a license, then Beema Samiti will issue a public notice for the necessary procedures. ‘

Some business groups and life insurance companies are preparing to register with Beema Samiti saying they will set up a new company. As there will be no evaluation of such registrations, the committee has requested not to disseminate news on that basis.

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