Corporate News

Kathmandu, January 9 - Non-life insurance firms will be required to clarify their business status along with the balance sheet that they submit to the Insurance Board (IB) – the insurance sector regulator of the country – from the current trimester of this fiscal year.

As per the guidelines set by the IB, the non-life insurance companies are required to submit their balance sheet showing the annual growth of business, net increment on insurance premium and the investment of the insurance firm in the sectors that they are allowed to invest in.

All insurance firms are allowed to invest in government bonds, primary shares of public companies and purchase equity of infrastructure companies.

From now on, the non-life insurance firms would have to submit the details of the investment ratio – whether it increased or decreased when compared to the same period of last fiscal year.

Similarly, non-life firms would have to present the details of the ratio of capital and net assets to the regulator. Paid-up capital and reserve fund can be counted as capital, while long-term and short-term assets can be calculated as the assets of the company.

Santosh Karki, chief of the financial analysis division of the IB, informed that the regulator initiated the new form of reporting for risk-based supervision of the insurance firms. “It will help us in conducting sector-wise analysis of the company, and this type of supervision will show the real position of the company,” Karki said.

Likewise, insurance firms have to show the ratio between total investment in shares of a public company and total assets of the company. Moreover, they have to show the ratio of total amount which is to be received from the reinsurance companies and total reinsured amount of the current fiscal.

The total expenditure of the insurance firms and their liability for claim settlement also needs to be presented separately. Likewise, the non-life insurance firms will have to show the ratio of total promotional expenditure and collection of premium within the trimester.

The move is in line with the earlier announcement of IB that it would begin the risk-based supervision of insurance firms. To implement its earlier decision, the regulator has started new type of reporting system for the non-life firms. “The risk-based supervision will be started for the life insurance companies in the near future,” Karki said.

Source: The Himalayan Times

Corporate News

Civil Bank holds AGM

KATHMANDU, May 11: The Annual General Meeting (AGM) of Civil Bank Ltd has approved 14.30 percent dividend – 10.25 percent stock and 4.05 percent cash – to its shareholders. The event was held at Amritbhog in Kathmandu.

Read more ...

Banks race to issue debentures to reduce reliance on deposits

KATHMANDU, March 28: Many banks are opting for debenture as an instrument to collect funds as part of their efforts to address the shortage of lendable fund.

Read more ...

Country’s forex reserves slump to 32-month low

Kathmandu, December 24- Nepal’s foreign exchange reserves have slumped to a 32-month low despite robust growth in remittance income and downward revision in foreign exchange facility for Nepalis visiting overseas, raising the spectre of the country facing a balance of payments crisis if the problem continues to grow.

Read more ...

Doha Bank opens representative office in Nepal

Kathmandu, December 19 - Doha Bank, one of the largest commercial banks in Qatar, has opened its liaison office in Nepal as per the permission granted by the central bank about six months ago.

Read more ...
Symbol % Change Last Price Turnover
GILB 9.9920 1,376.0 6,830,179.0
NMBMF 8.5821 1,164.0 8,237,239.0
UIC 3.4197 998.0 14,834,991.0
HURJA 3.0769 134.0 6,782,720.0
MHNL 3.0303 102.0 574,920.0
Symbol % Change Last Price Turnover
CMF1 -10.0000 9.0 46,590.0
NICGF -10.0000 9.0 55,262.0
SEF -10.0000 9.0 236,320.0
SAEF -10.0000 9.0 163,527.0
JOSHI -9.7561 111.0 23,570.0
Symbol % Change Last Price Turnover
NBL -1.1765 336.0 48,562,568.0
SHIVM 2.3766 560.0 47,573,271.0
UPPER -4.1812 275.0 37,436,217.0
HDL -7.9049 1,666.0 25,425,245.0
ADBL -1.3921 425.0 21,534,332.0