Kathmandu. The post of president of Life Insurance Association of Nepal has been vacant for the past one and a half months. The post of president of the association, Praveen Raman Parajuli, has been vacant after completing his first term as the Chief Executive Officer (CEO) of Nepal Life Insurance.
After completing the first four-year term at Nepal Life Insurance on July 17, Parajuli and Nepal Life Insurance formally divorced. According to the written information given by the company to the Nepal Stock Exchange on July 17, the post of CEO was vacant from July 18, 2083. Since Parajuli did not hold the post of CEO during this period, he was automatically relieved of the post of president of the association from July 19.
Earlier, poet Phuyal had lost his status as an office-bearer or member of the association after he resigned from the post of CEO of IME Life Insurance.
Since the post of president has become vacant after the expiry of Parajuli’s first term, the working committee meeting of the association can appoint any of the other office-bearers of the working committee as the acting chairman until the next annual general meeting.
According to the Statute of the Life Insurance Association, the membership of the association is vested in the concerned life insurer and only the incumbent CEO of the life insurance company {{TAG_OPEN_strong_12 TAG_CLOSE_strong_12}} can participate in the association.
Parajuli has taken over as the CEO of Nepal Life Insurance Company for the second term from August 12. Although he got the membership of the association again after assuming office, he lost the post of chairman as he had to be elected from the general assembly. Parajuli was elected as the chairman of the sixth general meeting held on September 12, 2082 at a hotel in Thamel.
According to the statute of the association, the term of the executive committee elected by the general assembly is 2 years. The person elected as the president of the association cannot be re-elected as the president for the second time.
