KATHMANDU, Jan 31: A total of 17 companies have applied at the Insurance Board to receive operating licenses of insurers.
According to an IB source, these companies have sought to receive the license to sell policies related to life insurance, non-life insurance and microinsurance. Despite the IB not going into calls for new licenses, these companies have been pressing the regulator for the same.
Of the new proposed insurers, seven companies have looked to operate non-life insurance businesses. These include Muktinath Insurance, Mahalaxmi General Insurance, Annapurna General Insurance, Reliable Insurance, Manakamana General Insurance, Abhiyan General Insurance and Upakar General Insurance.
Four companies have applied for a license of microinsurance. These include Abhiyan Non-life Micro Insurance, Machhapuchchhre Micro Insurance, Hub Micro Insurance and Unnati Micro Insurance. Likewise, Uni Life Insurance, Standard Life Insurance, Upakar Life Insurance, Pioneer Life Insurance and Bionet Life Insurance are among the life insurers.
Last time, the IB granted licenses to 10 new insurance companies in May 2017. Currently, there are 41 companies operating in the segment. Of them, 20 are non-life insurers, 19 are life-insurers and two are reinsurance companies.