Kathmandu: Life Insurance Corporation Nepal Limited (LICN) has completed 21 years of its establishment today. LIC Nepal was established on September 1, 2001 as an Indian joint venture company.
On the occasion of the 21st anniversary, the Chief Executive Officer of Insurance Institute of Nepal, Mr. Bhojraj Sharma, the first business providing agenct Mr. Purna Bahadur Khadka were honored in an occasion held at corporate office. Chief Executive Officer and Director of the company, Mr. LP Das shared with pride that LICN has succeeded in winning the trust of the people by minimizing the risks to people’s lives through insurance. He expressed his sincere gratitude to the regulatory body, board of directors, shareholders and employees for bringing the company to this level of success.
Das announced that current year has been declared as the claim payment year to give high priority to early claim settlement. The major promoter shareholders of the company are Life Insurance Corporation of India with 55 percent, Vishal Group Nepal with 25 percent and general public with 20 percent stake.
Following the instruction given by the Insurance Board, the Life Insurance Corporation of India, has decided to invest additional 806.7 million Indian rupees, i.e. 1.29 billion NPR for right shares. At present, the paid up capital of LIC Nepal is Rs. 2.65 billion. As per the new provision the paid up capital of a life insurer must be at least Rs. 5 billion. The company has a life insurance fund of Rs. 93.63 billion.