$user = $this->Session->read('Auth.User');
//find the group of logged user
$groupId = $user['Group']['id'];
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://www.old.newbusinessage.com/app/webroot/img/news/20210520071206_20210315114314_20200630093335_Reinsurance.jpg'
$user = null
include - APP/View/Articles/view.ctp, line 115
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 115]
$user = $this->Session->read('Auth.User');
//find the group of logged user
$groupId = $user['Group']['id'];
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://www.old.newbusinessage.com/app/webroot/img/news/20210520071206_20210315114314_20200630093335_Reinsurance.jpg'
$user = null
include - APP/View/Articles/view.ctp, line 115
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 116]
//find the group of logged user
$groupId = $user['Group']['id'];
$user_id=$user["id"];
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://www.old.newbusinessage.com/app/webroot/img/news/20210520071206_20210315114314_20200630093335_Reinsurance.jpg'
$user = null
$groupId = null
include - APP/View/Articles/view.ctp, line 116
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://www.old.newbusinessage.com/app/webroot/img/news/20210520071206_20210315114314_20200630093335_Reinsurance.jpg'
$user = null
$groupId = null
$user_id = null
$date = '2021-05-20 19:11:26'
$dateFromDatabase = (int) 1621517186
$newDate = 'May 20, 2021'
$articleView = array(
'article_id' => '13422',
'hit' => '1033'
)
$word_count = (int) 613
$time_to_read = (float) 3.07
$time_to_read_min = (float) 3
$time_to_read_second = (float) 4
include - APP/View/Articles/view.ctp, line 241
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment.
The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive.
Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board.
Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.
Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.
Poudel said that the board received more applications that they were expecting.
"During the evaluation process, the company receiving the highest marks will get the license for operation," he added.
Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.
According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.
The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company.
FormHelper::create() - CORE/Cake/View/Helper/FormHelper.php, line 383
include - APP/View/Articles/view.ctp, line 273
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
file not found!
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '13422',
'article_category_id' => '1',
'title' => 'Five Companies Apply for License of Reinsurance Company',
'sub_title' => '',
'summary' => 'May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company.',
'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">May 20: Five new companies have submitted applications to the Insurance Board for establishing a new reinsurance company. The board had called for applications to establish a new reinsurance company with private investment. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The Insurance Board has received five applications until the last day for submission of applications on May 19. It had published a notice on April 29 seeking applications from the private sector. Applications were sought for opening a new reinsurance company to make the insurance market more competitive, effective and productive. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Companies namely Kathmandu Reinsurance Company, Annapurna Reinsurance Company, Prudential Reinsurance Company, Himalayan Reinsurance Company and Genuine Reinsurance Company have submitted applications to the board. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Raju Raman Poudel, executive director of the board, confirmed that applications have been received from five companies. The board will study the applications properly before taking any further steps.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Currently only one state-owned reinsurance company -- Nepal Reinsurance Company -- is in operation in the country.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Poudel said that the board received more applications that they were expecting.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">"During the evaluation process, the company receiving the highest marks will get the license for operation," he added. </span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">Former Finance Minister Yuba Raj Khatiwada had been stressing on the need of a new reinsurance company. Since then, the board had been studying this prospect by forming a committee. The study had recommended the need of an additional reinsurance company. Then the board started preparations to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">According to Poudel it is not possible to ask the companies that have submitted applications to collaborate and come together. It would have been possible if the number of applicants were few. He said that only one of the five applicants will receive a license to set up a new reinsurance company.</span></span></span></span></p>
<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:12.0pt"><span style="font-family:"Times New Roman"">The board has also set various criteria and conditions for the new reinsurance company. The companies will be evaluated on the basis of those criteria. The proposed company should have a paid-up capital of Rs 10 billion. Likewise, investors of Nepal Reinsurance Company, which is currently in operation, are not allowed to invest in the proposed company. </span></span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2021-05-20',
'modified' => '2021-05-20',
'keywords' => '',
'description' => '',
'sortorder' => '13167',
'image' => '20210520071206_20210315114314_20200630093335_Reinsurance.jpg',
'article_date' => '2021-05-20 19:11:26',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13422',
'hit' => '1033'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
