Protective Micro Insurance License Under Scrutiny; Revocation Likely if Probe Confirms Irregularities
Kathmandu — Protective Micro Insurance Company is facing serious allegations of obtaining its operating license through fraudulent means, raising the possibility of cancellation if an official investigation substantiates the claims.
The company is accused of securing a microinsurance license by submitting forged and misleading documents, allegedly bypassing regulatory procedures through bribery and collusion. Under Nepal’s Insurance Act, any license acquired on the basis of false documentation is subject to revocation.
Sources indicate that the license may have been granted through improper dealings with Surya Prasad Silwal, the then Chairman of the Nepal Insurance Authority. It is further alleged that the approval process was expedited without proper due diligence.
On July 28, 2023, the company was granted permission to formally launch an insurance product in what appears to have been a hurried decision, reportedly aimed at avoiding public scrutiny over documentation concerns.
The company was inaugurated by Rajuraman Poudel, then Executive Director of the Insurance Authority. Protective Micro Insurance is headquartered in Dhangadhi, Sudurpashchim Province. Dinesh Sarahi serves as Chairman, while Naresh Kumar Rokaya is the Chief Executive Officer.
The company’s promoter base includes 24 individuals and institutions holding over 50,000 shares collectively. Metro Capital Pvt. Ltd. is the largest shareholder, with 1,114,500 shares, and its board includes director Mridula Saria.
Other major shareholders include Rudra Fincorp (1.1 million shares), Kumud Kumar Dugad of the KL Dugad Group (350,000 shares), KRS Investment (350,000 shares), Shraddha Agrawal (237,500 shares), and Sangeeta Devi More (208,500 shares).
Additional stakes are held by Anupam Rathi (175,000 shares), Kalyani Investment Pvt. Ltd. (168,000 shares), and Suman More and Bina More (152,000 shares each). Rajesh Hardware, Expert Housing, Shobhakar Neupane of the Ambe Group, and RMC Construction each hold 100,000 shares.
Equity Housing & Investment holds 62,500 shares, while Bishwanath Goel of Shivam Cement, Balaji Marble, Mahesh Kumar Agrawal, Ashish Kumar Goel, Green Earth Investment, Gaurav Goel, Minolta Investment, Vijay Singh Vaidya, and Jeevan Kumar Agrawal each hold 50,000 shares.