Kathmandu — The Nepal Insurance Authority has taken action against two institutions, including a reinsurance brokerage company, imposing financial penalties for regulatory violations. The authority penalized Sagarmatha Lumbini Insurance Company Limited (SALICO) and Lord Buddha Reinsurance Broker Pvt. Ltd....

Kathmandu — Citizen Life Insurance Company Limited’s Bhairahawa branch has settled an insurance claim worth NPR 14.89 million in favor of Bhagwati Khatri, a resident of Ward No. 13, Siddharthanagar Municipality. The claim followed the tragic death of local...

Kathmandu — The Nepal Insurance Authority has instructed insurance companies to apply reinsurance rate structures to Professional Indemnity (PI) insurance policies. The move comes after insurers were found to have engaged in irregular practices in issuing such policies, prompting...

Kathmandu — IME Life Insurance Company Limited has published its financial results for the third quarter of the current fiscal year. The report shows improvements in most key indicators, including profit, compared to the same period last year. The...

Kathmandu — Public infrastructure will now be covered by insurance. The provision has been introduced through an amendment to the Insurance Act, included in a bill aimed at revising several Nepal laws. Until now, the absence of insurance for...

Kathmandu — The government is preparing to overhaul the structure of foreign employment term insurance, with plans to transfer the business from private insurers to state-owned companies. Officials from the Prime Minister’s Office and the Ministry of Finance are...

Kathmandu — Authorities have found that vehicle renewals are being processed without the legally required third-party insurance. For motorcycles, the insurance premium required for renewal is about NPR 1,800. For four-wheelers, the cost ranges from NPR 7,000 to 8,000....

Kathmandu — The Nepal Insurance Authority has decided not to take any action against Himalayan Reinsurance Company while investigations are ongoing. The company is currently under investigation by agencies including the Department of Money Laundering Investigation, the Commission for the...

Kathmandu — The government has amended two provisions of the Insurance Act, 2022 through an ordinance issued yesterday to revise several Nepal Acts. The amendment removes the previously fixed four-year tenure for members under Section 9 of the Act....

Kathmandu — Irregularities have been detected in the insurance arrangements for the Fast Track project being constructed to connect the capital with the Terai-Madhesh region. Following these findings, Nepal’s insurance regulator, the Nepal Insurance Authority, has initiated closer monitoring...