National Life Insurance Company Seeks Permission for New License from Insurance Authority

Kathmandu: National Life Insurance Company has approached the Nepal Insurance Authority seeking permission for a new life insurance license. National Life Insurance Company was registered as a new company with a paid-up capital of 500 million Rupees of the Government of Nepal on 7th November, 2023 A.D (21st Kartik, 2080 B.S).

The company has approached the Nepal Insurance Authority for a new life insurance license. It has been working as a National Insurance Company since 1968 A.D(2025 B.S) and has been transformed into a National Life Insurance Company after the National Insurance Company Act was repealed by the Insurance Act 2022 A.D (2079 B.S) issued last year.

According to the new arrangement, the justification of the new license that the institute has been using by the National Insurance Company has expired, so the Nepal Insurance Authority has approached the Nepal Insurance Authority to get a new license.

The meeting of the board of directors of the authority will be responsible for the task of making a decision regarding the granting of new licenses. The company converted by the institute as a new company will get a new license soon.