IME Life Insurance has started its operation from Thursday. IME has become the first company among the new 10 life insurance license holders companies to start the operation.
IME Life has been started with a paid-up capital of Rs 1.40 billion and authorized capital of Rs 3 billion. The company will issue general shares worth Rs 600 million in order to meet the minimum paid-up capital of Rs 2 billion as per the IB directive. According to the company, it will issue the shares after completing the necessary procedure.
After the issuance, the promoter and general share structure of the company will remain at 70:30 %.
IME Life Insurance is a joint venture of IME group, Hathaway group, Bhatbhateni and individuals associated with these groups and organization. “IME group and individuals, as well as institutions associated with the group, have above 40% ownership in the IME Life,” said Chandra Prasad Dhakal, a promoter of the company.
The company is chaired by Ram Hari Aryal where Ashwini Acharya, Ishwor Karki, Deepak Pokharel and Deep Regmi are the directors of the company. The head office of the company will be located at Lainchaur, Kathmandu.