How Many Companies Received License To Conduct Micro-Insurance Business So Far?

Nepal Insurance Authority published a notice on Bhadra 10, 2079, inviting applications from companies interested in applying for a license to operate a micro-insurance company in Nepal.

Likewise, the following companies have been selected from the proposals that were submitted to the authorities within the deadline:

Selected offers for micro life insurance business:

• Guardian Micro Life Insurance
• Crest Micro Life Insurance Ltd
• Liberty Micro Life Insurance Ltd.

Selected offers towards the micro non-life insurance business:

• Trust Micro Insurance Co. Ltd.
• Nepal Micro Insurance Co. Ltd.
• Star Micro Insurance Company Ltd
• Protective Micro Insurance Ltd Nepal

As of now, four companies have met the capital requirements and have received licenses to conduct micro insurance business in Nepal. Such companies should target the underprivileged, low-income groups, people who live in underdeveloped areas, and marginalized populations, according to the rules.

Last Wednesday, the president of four microinsurance companies took an oath before Surya Prasad Silwal, president of the Nepal Insurance Authority, to undertake insurance business in a fair manner and to focus on the impoverished, low-income groups community. 

According to the authority, Protective Micro Insurance Ltd Nepal, Crest Micro Life Insurance Ltd, Guardian Micro Life Insurance, and Nepal Micro Insurance Co. Ltd have been granted licenses. 

Star Micro Insurance Company Ltd, Trust Micro Insurance Co. Ltd, and Liberty Micro Life Insurance Ltd. were unable to raise capital within the time frame given by the authority. As a result, the authority has extended the time for these firms to raise capital by 45 days.