KATHMANDU, Feb 1: Nepal Insurance Authority (NIA) on Wednesday gave an ultimatum of next one week to Nepal Insurance, IME General Insurance and Prudential Insurance to conclude their merger plan.
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According to the NIA, the authority called on these three insurers and mediated to settle their issues within the deadline. The regulator has been asking these private non-life insurers to solve the matter of cross-holding, which these companies have failed to conclude yet.
Chandra Dhakal and IME Group are the main investors of IME and Nepal Insurance. Similarly, Vishal Group is one of the promoters of Nepal Insurance and Prudential Insurance. In addition to this, these companies could not reach an agreement regarding the swap ratio of three entities for merger.
