Insurance Board hands over management to newly elected board of Everest Insurance

After Everest Insurance shareholders elected a new seven-member board of directors in the special general meeting today, the Insurance Board handed over the management to the elected body.

After takeover by the Insurance Board (IB) five months ago, the non-life insurance was managed by the Insurance Board team led by Santosh Prasain since October 10, 2013.

Sashi Agrawal, Rajan Kumar Poudel, Surendra Silwal, Niranjan Kumar Tibrewala, Pawan Kumar Shanghai, Arun Adhikari and Purusottam Raj Bhattarai were elected – out of the total 10 shareholders, who had filed their candidacy for the board members – by the shareholders.

The regulator of the insurance market took over the Everest Insurance after it stopped normal business activities. The regulator – in the first of such kind of move – had dissolved the board and suspended the chief executive officer before sending a three-member team headed by Prasain.

According to company, some 1,800 out of 3,404 claims have been cleared after the new management took charge of the company. The company also earned Rs 80 million profits within four months.