Stories Tagged 'Insurance board'
The Insurance Board (IB), in a bid to attract more house owners to purchase insurance policies for their assets, is working to revise threshold and premium rates on household insurance.
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Only four out of the 38 insurance companies in Nepal have increased their paid-up capital as ordered by the Insurance Board (IB), and the rest look like missing an extended deadline with only two and a half months remaining before it expires.
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The Insurance Board (IB) has moved to conduct regular onsite inspections of insurance companies, targeting to streamline the working processes of insurers more effectively.
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Policyholders are the fourth group of creditors to be paid in case an insurance company goes into liquidation as per the Insurance Bill currently being discussed in Parliament. Insurance Board (IB) officials said the provision could discourage people from buying insurance policies.
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Insurance stocks took off on Sunday following the disclosure by the Insurance Board that insurance companies would have to increase their paid-up capital.
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People eligible for grant of Rs300,000 to rebuild houses devastated by earthquakes of April and May 2015 may soon have to purchase household insurance policies, as the Insurance Board (IB), the insurance sector regulator, has started laying the groundwork in this regard.
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