Kathmandu, June 30:
Nepal Re-insurance Company Limited (Nepal Re) has decided to increase its
authorized capital and issued capital both to Rs. 15 billion from current Rs. 5
billion and Rs. 3 billion respectively.
The Company’s first
Annual General Meeting on Tuesday made decision to make the capital increment.
Addressing the AGM,
Finance State Minister Damodar Bhandari said that the government had taken the
insurance business seriously.
“Therefore, the budget
of the Fiscal Year 2016/17 plans to implement health insurance, doubling the
facilities of Foreign Employment Term Insurance and issue financial instrument
to with special focus to this sector,” said the State Minister.
According to Bhandari,
the government had directed the reinsurance company to establish an Insurance
Pool following the decision of increasing the compensation money in terms of
third party insurance and travelers insurance.
Chairman of Beema Samiti
Prof. Dr. Fatta Bahadur KC stressed on the need to make the reinsurance
company’s capacity building in order to make it more competitive in the
international market.
Chief executive officer
of Nepal Re Chirayu Bhandari informed that the company was getting reinsurance
business from the SAARC countries and reinsurance was available in all insurance
products in the country.
Likewise, chairman of
the company Mahesh Kumar Guragain stated that the company had started
initiatives for capacity building of its employees, listing the company in the
stock market after including the public investment and rating the company to
enhance its credibility in the international market.
Established as a
public-private-partnership model with equity participation of the government,
life and non-live insurance companies as well as the public limited companies
operating in Nepal in December 2014, the sole reinsurance company in the
country writes all form of reinsurance business in both life and non-life
sector.
The company is the
successor to the Insurance Pool which was set up in 2003.
ciated with agriculture,
education, health, unemployment and poverty.
The study recommended that the
government should identify social enterprise as a separate entity like public
or private enterprises with the support of banks and financial institutions
coming in.
“Special training packages needed to be
developed for the impact based Lean Canvas Business Model and business plan
preparation,” read the report.
No comments:
Post a Comment