NB Insurance resumes services after IB permit

KATHMANDU:

NB Insurance resumed its services from Friday after the Insurance Board — the insurance sector regulator — allowed the company to recommence its operation after it was taken over by new board members.

The Insurance Board had suspended the firm’s operation since December 29, 2013, after it was revealed that millions collected as premium from the public had been embezzled by the company instead of transferring the funds to accounts of reinsurance firms.

Now a majority of the company’s stake is owned by the IME group. With NB Insurance coming into operation, the number of active non-life insurance companies in the country has reached 17.

Following the approval of the Insurance Board, the board meeting of the company decided to sell policies from Friday itself, said Yogeshwor Dhakal, one of the directors of the company.

Its Chief Executive Yugesh Bhakta Bade Shrestha has informed that the company has already set up

its office and hired required staff so that the company can start full-fledged operation from Sunday.

Source: THT