Insurance Authority's decision to issue rights to companies that have not been able to raise capital

Thu, Aug 17, 2023 08:36

The Board of Directors of Nepal Insurance Authority on Wednesday decided to give approval to half a dozen insurance companies that failed to raise the minimum capital of Rs 5 billion for life insurance companies and Rs 2.50 billion for non-life insurance companies, to proceed with the rights-related process.

It has been decided to allow 3-3 life insurance and non-life insurance companies, whose capital is not enough even after merging in the first phase, to issue rightful shares. Now life insurance companies Prabhu Mahalakshmi Life, Surya Jyoti, Sanima Reliance and non-life insurance companies Himalayan Everest, Azod United Insurance and Sanima GIC have opened the way to proceed with the process of issue of rightful shares.

Prabhu Mahalakshmi Life Insurance 21.95 percent, Suryjyoti 10 percent, Sanima Reliance 19.50 percent, Himalayan Everest 11.61 percent, United Azod 23.26 percent and Sanima GIC Insurance 25 percent have to bring the capital specified by the authority.

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