Kathmandu, May 11
IGI Prudential Insurance Company Limited, a company
created with the merger of two non-life companies - IME General Insurance and
Prudential Insurance – has started operation from Wednesday, May 10.
Chairman of the Nepal Insurance Authority (NIA), Surya
Prasad Silwal, launched the service by handing over the certificate of the new
company to the Chairman of the IGI Prudential, Hemraj Dhakal and CEO, Yugesh
Bhakta Bade Shrestha, at a programme organised in the Capital on Wednesday
evening.
Earlier, in the morning, Dhakal had taken the oath of
office and secrecy administered by Chairman Silwal at the Authority.
IGI and Prudential had signed a memorandum of
understanding (MoU) for merger on February 10 this year. They obtained the
merger approval from the NIA on April 9. The two companies have merged with the
share swap ratio of 1:1.
The IGI has a paid-up capital of Rs. 1.8 billion and
Prudential Rs. 1.22 billion.
According to the new rules of the insurance regulatory
authority, non-life insurance companies are required to have the paid-up
capital of Rs. 2.5 billion by the end of current fiscal year 2022/23.
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