Kathmandu: State-owned only life insurer, Rastriya Beema Corporation has been transformed into a public limited company following the provision of Insurance Act 2079. The acting CEO of Corporation, Mahes Rimal, has confirmed that the entity has been registered as limited company on 20 Kartik 2080 at the Office of the Company Registrar.
The Insurance Act 2079 has a provision that the Rastriya Beema Corporation must be transformed into a public limited company within a year of the execution of the Act. The act has been enforced since 22nd Kartik 2079. The share ownership structured has been remained the same. The company has been renamed as Rastriya Jiwan Beema Company Limited.
The meeting of the Cabinet of Ministries held on 16 Kartik 2080 had paved the way for the transformation of the Corporation into a public limited company. It has a authorized capital of NPR 500 mn and paid up capital of NPR 181 mn.