Raju Raman Poudel, Executive Director of IB informed that three life and four non-life insurance companies have applied for the license of microinsurance companies.
Swadeshi Micro Life Insurance, Janaki Life Insurance and Garden Micro Life Insurance have applied for micro life insurance companies, whereas, Neco Light Micro (General) Insurance Company, Nepal Micro Insurance, Karnali Micro Insurance and Everest Micro Insurance has applied for non-life micro insurance company.
The board expect the number of companies might increase as the deadline has not ended.
The license seeker companies are required to have minimum paid-up capital of Rs 750 million. Similarly, the promoters of the company should not be engaged in the same nature of companies.
As per the board, the license is being distributed to carry out micro insurance business specifically in rural areas.
