Stories Tagged 'Insurance companies'
The Insurance Board unveiled an array of incentives to encourage mergers among insurance companies after several failed attempts to get them to increase their paid-up capital.
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The Insurance Board issued a new investment directive on Wednesday allowing insurance companies to invest in real estate and stocks. Insurers can put up to 5 percent of their technical reserves in land and buildings.
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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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Insurance companies that fail to increase their paid-up capital by the stipulated mid-July deadline will be forced to merge, the Insurance Board (IB) said.
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Insurance companies have been scrambling to obtain approval from the Securities Board of Nepal (Sebon) to issue rights and bonus shares to meet the capital requirement laid down by the Insurance Board (IB).
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Insurance companies have been accused of taking their time to process claims for damage caused by the recent tremors and aftershocks.
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