Formalities of Proposal Evaluation For Micro Insurance Companies Kicks Off

Kathmandu: The Insurance Board has started the evaluation of the 31 applications for the micro insurance company’s license. Sources have informed that the Board mulls to issue license prior to the Tihar vacation.

The Insurance Board, regulatory authority, has received applications with the details such as paid-up capital, authorized capital, details of shareholders, business plans, insurance fees, etc. The evaluation committee is scrutinizing the proposal.

Out of the 31 applicants, only 7 companies will get license. The Board has announce that it will issue license for four non-life micro insurance and three micro life insurance companies.

Sources also confirm that the Ministry of Finance has already made a deal with the applicants and decided to whom to distribute the license. So, the Board is just supposed to fulfill the formalities. It has been open secret that every Government issues license to new insurance companies prior to the election of House of Representatives. Such license is distributed with the vested interest to collect hefty sum of money for the election campaign.

Among the companies applying for micro insurance company license are Swadeshi Micro Life Insurance, Janaki Life Insurance, Guardian Micro Life Insurance, Unnati Micro Life Insurance, Lumbini Micro Life Insurance, Muktinath Micro Life Insurance, Garima Micro Life, CG Life Insurance, Protective Micro Life, Liberty Micro Life, Shri Shakti Laghubitta Life Insurance Company, Him Shikhar Life Insurance Company, Suraksha Life Insurance Company, Swargadwari Life Insurance Company.

For the license of general insurance company, Neo Light Micro (General) Insurance Company, Nepal Micro Insurance, Karnali Micro Insurance, Everest Micro Insurance, Express Micro Insurance, Trust Micro Insurance, Machhapuchhre Micro Insurance, Alpha Micro Insurance, Unnati Micro General, Muktinath General Micro Insurance, Garima Micro Insurance, CG Insurance Micro Insurance, Gandaki Micro Insurance, Star Micro Insurance, Care Micro General and Abhiyan Laghu Bima have applied.

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