NLIC CEO Prasain Resigns within nine months of his appointment

Kathmandu: Chief Executive Officer of Nepal Life Insurance Santosh Prasai has resigned within just nine months of his tenure.He was appointed as the Chief Executive Officer for four years by the Board of Directors on February 9,2021.

His resignation has emerged as a result of conflict with the Board of Directors. The members of BODs were dissatisfied with his performance. Just after few months of his tenure as CEO, the agency union launched agitation against the new business target. The BODs alleged that Prasain was behind the agitation against the decision of BODs.
Prasai, a chartered accountant, left his job with the Insurance Board and worked in Nepal Life for four years and three months
Prior to appointment of Prasain, Vivek Jha had served for two tenures as CEO in the company.

Due to stiff competition among life insurance companies, the market share of Nepal Life is decreasing gradually these days. The conflict between CEO and BODs resulted deteriorating working environment in the company.

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