Kathmandu — Insurance companies operating in Nepal will once again be required to place 20 percent of their total insured risk with the state-backed Nepal Reinsurance Company under a new budgetary provision announced by the government. Finance Minister Swarnim...

Kathmandu — Despite completing a valuation exercise that reportedly took nearly two years to finish instead of the usual one, Nepal Reinsurance Company has yet to hold its Annual General Meeting (AGM), with internal accounting issues said to be...

Kathmandu — The Nepal Insurance Authority has barred Himalayan Reinsurance from underwriting new reinsurance business for two months. The Authority stated that, except for reinsurance claim settlements and retrocession-related activities connected to existing reinsurance business, the company will not...

Kathmandu — The insurance sector has received only limited coverage in the government’s policy and program for the upcoming fiscal year. Under the policy framework, the government has pledged to strengthen and develop the capital market by making it...

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 — 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 — 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 — 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....