Kathmandu. Preparations are underway to set up four more reinsurance companies in Nepal. The concerned planners have intensified the preparations for the establishment of the company after the Insurance Committee started the study on the issue of setting up the company in additional reinsurance.

Currently, there is a government-owned Nepal Reinsurance Company in Nepal. However, the Insurance Committee has formed a committee to study the company's need for new reinsurance in the third week of last February. After that, the process of setting up reinsurance companies in the market under the names of Annapurna Ri, Kathmandu Ri, Prudential Ri and Genuine Ri has been taken forward.

Preparations for the proposed Annapurna Reinsurance were started about a year ago. Apart from this, the process of opening companies in the proposed reinsurance has been taken forward recently.

Earlier, former finance minister Dr. Yuvaraj Khatiwada had been emphasizing on the need to establish a new reinsurance. Some planners then proceeded with the reinsurance company establishment process.

The necessary process of the proposed Annapurna Reinsurance has been taken forward by Sakar Law Firm. The law firm has already sent a draft of the company's management letter, rules and regulations to the concerned investors. He said that the issue will be clarified in detail after it is approved by the investors.

The process of setting up a company called Prudential Reinsurance has also been taken forward. Sources said that IME and Vishal Group will invest in it.

Similarly, Devendra Pratap Shah, former chairman of the Insurance Committee, Mahesh Guragain, former chairman and chartered accountant of Nepal Reinsurance, Ramesh Kumar Bhattarai, CEO of Mahalakshmi Life Insurance and Srichandra Bhatt, CEO of Jyoti Vikas Bank are the chief planners for Kathmandu Reinsurance.