CORPORATE GOVARENCE-PRIME LIFE NEPAL

PRIME LIFE INSURANCE COMPANY NEPAL LIMITED.

GOOD PERSONNAL RELATIONSHIP

IMPROVING TECHNOLOGY

Corporate Governance

"At PrimeLife, we are committed to the highest standards of corporate governance and ethical conduct. To ensure our commitment, we have developed a framework within which we operate that enables us to be governed by laid down policies and procedures.

In order to monitor critical areas of business, following committees have been formed:

AUDIT COMMITEE

This committee consists of three Board of Directors, which continuously monitors governance of laid down policies. It also ensures compliance of the comments made by independent Internal Auditor in the day-to-day affairs of the company.

Investment Committee

This is a functional committee, consisting of 2 Board of Directors, 1 Advisor to the Board and CEO. The role of investment committee is to ensure right balance between returns and safety of the company’s investments.

Executive Committee

Executive Committee, which consists of CEO, GM, Head of Businesses, Head of Underwriting, Head of Finance, Head of IT, Head of Admin & HR,ensures effective management of the company.

Risk Management Committee

This committee is chaired by CEO. GM, Head of Underwriting, Head of Finance and Head of IT are the other members of the committee. It works within the purview of Audit Committee and ensures zero gaps between the laid down policies and activities of the company.

PrimeLife Technology

PrimeLife is powered by an international software called ‘SohamLife’, which is a central database system and can be accessed by all the branches at the same time for policy issuance and updates. With the help of this software, PrimeLife is able to deliver service to its customers efficiently.

SMS Service

The company has introduced an SMS system, through which all the policyholders receive notification for payment of policies. This system helps the policyholders to continuously receive life insurance benefits.

Re-Insurer

Re-insurer of PrimeLife is ScorGlobal Life, which is a top 5 Global Life Re-insurer based in Paris with an Assets value of USD 6.9 billion.

POST BY BIJAY THAPA.