Rastriya Beema Company Limited (RBCL) (Words in Nepali: राष्ट्रिय बिमा कम्पनी लिमिटेड) was established in 2014 as s a government-owned public limited company formed under the decision of Government of Nepal, separate general insurance business of the Rastrya Beema Sansthan (RBS) by mobilizing internal resources of Nepal.
Consequently, as on this date, the company has been successfully providing returns as per set goals and objectives of the Nepal Government in this tenure till today's company is contributing revenue without inflicting any additional liability on government. The company has spread company manpower in the insurance sector & has identified itself as a credible insurance sector. The company is established with the following capital structure.
The inception of Business: The company was registered with the Company register on 11th June 2014 (28th Jestha 2071) and has obtained a certificate of Commencing general insurance business from the name of the company on 3rd August 2014(18th Shrawan 2071).
- To mobilize internal resources and capital for national development and to check the burden of expenses of foreign currency.
- To Minimize the risk of property damage through the insurance business
Major Functions and Duties of Rastriya Beema Company Limited:
- To run the business of Nonlife insurance
- To conduct and cause to conduct reinsurance
- To invest within the state in areas deemed by it to be appropriate and to take necessary steps of recovery and safety of such investment
- If demanded to be appropriate to control any property kept by it as mortgage and manage such property by itself till the required period of time
- To provide a loan in the guarantee of movable or immovable property
- To raise loan by mortgaging its property deemed to be appropriate for such propose
- To rent out any of its property, to sell or dispose of it in any other manner
- To assist issuance of shares and debentures of other agencies, to provide a guarantee for such, to underwrite and to run agency business
- To invest abroad if deemed to be appropriate
- To invest in the share capital of other corporate entities
- To appoint agents and provide for their commission
- To provide guarantee
- To purchased share, bond, debenture, letter of credit, movable and immovable property to give and take discount and commission to conduct brokerage services
- To run any types of business benefits for the corporation
- To work for the direct and indirect benefit and welfare of any national charity, public welfare associations or corporations or to provide surety for such
- To manage the fund for the gratuity, provident fund, pension, and other benefits for its permanent personal
- To issue debentures and preference shares