The Draft to Increase Paid Up Capital of Insurance Company is now being Discussed In Ministry of Finance

The draft prepared by Beema Samiti (Insurance Committee) about to increase paid up capital of life and non life insurance is now being discussed in the financial management department of the Ministry of Finance, source said. If proposed draft is approved, life insurance company must raise their paid up capital from 500 million (50 Crore) to 4 billion (4 Arab) and non life insurance company must raise their paid up capital from 250 million (25 Crore) to 5 billion (5 Arab). Recently total paid up capital of insurance company in Nepal ranges from 120 million (12 crore) to 1.73 billion (1 Arab 73 Crore). According to draft, Insurance Company must raise their paid up capital within two years from the date of approval.