Govt licenses seven micro insurance companies

KATHMANDU: Nepal License Authority (NLA) has provided license to seven new micro insurers.

NLA on Sunday permitted three companies to do life insurance business and four to do non-life insurance business.

According to NLA, Guardian Micro Life Insurance, Biratnagar; Crest Micro Life, Birendranagar; and Liberty Micro Life Insurance have received license of micro life insurance.

Similarly, Trust Micro Insurance, Butwal; Nepal Micro, Bharatpur; Star Micro, Janakpurdham; and Protective Micro Insurance, Dhangadhi have received non-life micro insurance license.

Micro insurance companies should have a paid-up capital of Rs 750 million. As per the authority, the corporate offices of these companies should be outside Kathmandu Valley. The selected companies will have to register at the Office of Company Registrar within three months.