Shubhangi Soman Appointed Independent Director at LIC Nepal
4th November 2025, Kathmandu
Life Insurance Corporation (Nepal) Limited (LIC Nepal) has announced a significant change to its governance structure with the appointment of Shubhangi Soman as an Independent Director on its Board of Directors.
Director of LIC Nepal
This move ensures the continued compliance and strategic oversight required of a prominent joint-venture insurance company in Nepal.
Filling a Key Board Vacancy
The appointment of Ms. Soman became necessary to fill the vacancy created by the expiration of the term of the previous Independent Director, Pravin Kumar Molari.
Effective Date and Governance
Effective Date: Ms. Soman’s appointment officially took effect from Kartik 12, 2082.
Source: This information was confirmed by the Company Secretary, Sudarshan Giri.
The Role of an Independent Director
The role of an Independent Director is crucial in corporate governance, particularly for publicly traded and regulated entities like LIC Nepal. Independent directors are defined by their lack of any material or pecuniary relationship with the company, its promoters, or its management, apart from their director’s remuneration. Their primary responsibilities include:
Impartial Oversight: Bringing an objective, independent perspective to the board’s deliberations and decision-making processes.
Protecting Minority Interests: Safeguarding the interests of minority shareholders and policyholders who may not have representation among the promoter-nominated directors.
Enhancing Governance: Contributing to the maintenance of the highest standards of financial transparency and ethical conduct.
The appointment of Ms. Soman, following regulatory approval, ensures that the board of LIC Nepal maintains the necessary balance and independent counsel required by Nepal’s Insurance Authority (Nepal Beema Pradhikaran) regulations.
LIC Nepal: A Joint-Venture Pioneer
LIC Nepal holds a unique position in the Nepali insurance market as a joint venture between the state-owned Life Insurance Corporation of India (LIC) and local Nepali investors.
Strategic Importance
LIC Nepal is one of the largest and most well-capitalized life insurance companies in Nepal, leveraging the global expertise and financial strength of its Indian parent company. This ensures that the appointment of key board members, particularly those with a mandate for independent oversight, is a matter of strategic importance for both its local operations and its international compliance.
The Role of Independent Directors in Insurance
For an insurance company, an independent director is critical for supervising the long-term management of its policyholders’ funds and ensuring that investment decisions are prudent and meet the strict solvency and capital requirements set by the Insurance Authority. Ms. Soman is now tasked with providing this oversight and strategic guidance to a company that manages billions in policyholder funds.
The swift and timely replacement of the outgoing director demonstrates the company’s commitment to robust governance and regulatory compliance, which ultimately benefits its policyholders and shareholders.
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