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 — Directors of Himalayan Re, including former chair Shekhar Golchha, have issued what is being described as a “silence response” to a clarification sought by the Nepal Insurance Authority. About a week ago, the regulator had asked for...

Kathmandu — Nepal’s insurance industry is increasingly positioning itself as a strong source of employment. In recent years, the sector has attracted a growing workforce, with more than 12,000 people now directly employed across life, non-life, and micro-insurance companies....

Kathmandu — Nepal Insurance Authority, the regulatory body of the insurance sector, has been prioritizing the resolution of insurance-related complaints and dispute petitions. Despite delays in leadership appointments, the authority has recently stepped up efforts to address pending and...

Kathmandu — Neco Insurance Company Limited has come under scrutiny for allegedly offering benefits outside approved policy terms to lure clients away from competing insurers. The Nepal Insurance Authority has sought clarification from the company following reports of irregular...

The move follows recent developments linked to an investigation into activities associated with the Hilton Hotel case, carried out in line with directives from the Commission for the Investigation of Abuse of Authority. After the Authority submitted its report,...

Kathmandu – The Nepal Insurance Authority has fined eight insurance companies for non-compliance with regulatory provisions. The regulator imposed a penalty of two lakh rupees on each company for failing to operate in line with the Insurance Act. According...

Kathmandu — Insurance companies are fuming after Nepal Reinsurance Company Limited made the abrupt decision to cut the commission it offers for riot and terrorism insurance. Surendra Thapa, the CEO of Nepal Reinsurance Company Limited, sent out a letter...

Kathmandu – There is intense competition in investment expansion between the two reinsurance companies operating in Nepal—government-owned Nepal Reinsurance Company and private sector–run Himalayan Reinsurance Company. Both companies are actively expanding their investments across various sectors, including fixed deposits...

Kathmandu – Nepal Reinsurance Company has been unable to publish its fourth-quarter financial statement for fiscal year 2080/81 after inconsistencies were reportedly found across several accounting records. The delay has drawn the attention of the Insurance Authority, which has...