ALIC starts operation

KATHMANDU: Devendra Pratap Shah, chairman of the regulatory body of insurance companies inaugurated Asian Life Insurance Company (ALIC) on Thursday. The company has authorised capital of Rs 500 million — the largest among the insurance companies — and paid up capital of Rs 360 milllion. It’s 68 promoters have 70 per cent shares and the rest of the 30 per cent shares will be floated to public within a year. — HNS

Kist to sell policies

KATHMANDU: Kist Merchant Banking & Finance Ltd has received licence from the Beema Samiti on March 19 to work as an international agent to sell life insurance policies of American Life Insurance company (ALICO). ALICO has a wide range products including traditional life insurance, variable universal life insurance, credit life insurance, supplemental medical and personal accidents products, health and hospitalisation insurance, group life, pensions and annuities, through network of some 35,000 agents, states a press release. — HNS

Malakar Delhi-bound

KATHMANDU: Surendra Bir Malakar, president of Nepal Chamber of Commerce (NCC) and vice-president of World Assembly For Small and Medium Enterprises (WASME) left for Delhi to take part in the 46th meeting of the governing council on Wednesday. WASME has been working for the last two decades for development, support and network of the Small and Medium Enterprises (SMEs) for the countries like Nepal to alleviate the poverty and for sustainable development. The meeting is scheduled for April 3-6 where Malakar will be speaking on the strategy that SMEs in SAARC countries as well as the countries worldover, states a release. — HNS