Information in Brief
• The objectives of the company are: To mobilize internal resources and capital for national development and to check burden of expenses of foreign currency.
• Minimize risk of property damage through insurance business.
Inception of Business
Inception of Business: The company was register with Company register on 11th June 2014 (28th Jestha 2071) and has obtained certificate of Commencing general insurance business from the name of company on 3rd August 2014(18th Shrawan 2071).
Composition of Board of Directors
Clause 27 of Articles of association of RBCL prescribes following composition of BOD:-
1. Two members including one chairman of BOD to be appointed by Nepal government
2. One member as representative of Employees provident fund.
3. One member as representative of Nepal Bank Limited.
4. One independent director appointed by BOD.
5. Two members from public share holding.
Major Functions and Duties
- To run the business of Non life insurance
- To conduct and cause to conduct reinsurance
- To invest within the state in areas deemed by it to be appropriate and to take necessary steps of recovery and safety of such investment
- If demanded to be appropriate to control any property kept by it as mortgage and manage such property by itself till the required period of time
- To provide loan in the guarantee of movable or immovable property
- To raise loan by mortgaging its property deemed to be appropriate for such propose
- To rent out any of its property, to sell or dispose of it in any other manner
- To assist issuance of shares and debentures of other agencies, to provide guarantee for such, to underwrite and to run agency business
- To invest abroad if deemed to be appropriate
- To invest to the share capital of other corporate entities
- To appoint agents and provide for their commission
- To provide guarantee
- To purchased share, bond, debenture, letter of credit, movable and immovable property to give and take discount and commission to conduct brokerage services
- To run any types of business beneficial for the corporation
- To work for the direct and indirect benefit and welfare of any national charity, public welfare associations or corporations or to provide surety for such
- To manage the fund for the gratuity, provident fund, pension, and other benefits for its permanent personal
- To issue debentures and preference shares