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Nepal to split state-owned insurer's life and nonlife units

May 9, 2014 - 6:00am

The government of Nepal will split state-controlled insurer Rastriya Beema Sansthan's life and nonlife operations.

It has decided to set up a new public limited company, named Nepal Beema Co., to handle the nonlife operations. The government will own 41% of the new entity, while 30% of shares will be issued to the public. The government had previously failed to split the insurer's life and nonlife units after employee unions protested.

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