Three Major Insurance Companies Currently Operating Without CEOs

Kathmandu – Three insurance companies in Nepal are currently operating without a Chief Executive Officer (CEO), highlighting ongoing leadership challenges in the sector.

Among them, IME Life has initiated the process to appoint a CEO and has submitted its candidate to the Nepal Insurance Authority for approval. United Ajod Insurance is also seeking a new CEO following the sudden demise of its former leader, Shrawan Kumar Rawal.

Meanwhile, Rastriya Beema Company, a government-owned entity, has been without a CEO for over a year. Deputy General Manager Mahesh Rimal has been serving as acting CEO. Despite inviting applications on October 2, the selection committee recently announced that no candidate met the required 60% qualification threshold. A fresh call for applications was issued on November 21.

As per the Insurance Institutions’ Corporate Governance Guidelines 2080, insurance companies must appoint a CEO within three months of the position becoming vacant.