Insurance Authority Grants License to Two Additional Micro-Insurance Companies
Wed, Apr 12, 2023 1:50 PM on Latest,
Nepal Insurance Authority has granted licenses to two additional microinsurance companies.
The authority's board of directors decided to provide licenses to two more micro insurance companies at its meeting on Tuesday. Protective Micro Insurance Ltd Nepal and Crest Micro Life Insurance Ltd. have been granted licenses by the authorities.
Four microinsurance companies have received licenses so far. Two other microinsurance companies - Guardian Micro Life Insurance and Nepal Micro Insurance Co. Ltd were granted license by Insurance Authority on Sunday.
Similarly, the authority claims that 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.
On Bhadra 10, 2079, the Insurance Authority published a 35-day notice soliciting applications from businesses interested in applying for a license to run a microinsurance company in Nepal.
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