Two major insurers in the Nepalese market, the Himalayan General Insurance Company (HGI) and Everest Insurance Company (EIC), have decided to merge. The two companies recently signed a memorandum of understanding on the proposed merger.
Insurance companies in Nepal will have to spend at least 1% of their net profit for corporate social responsibility (CSR) activities annually.
The Insurance Board (IB) has barred board members of insurance companies from assuming the position for more than two terms.
The Insurance Board of Nepal (IB), the Nepalese insurance regulator, has more than doubled the minimum paid-up capital requirement of life and non-life insurance companies in the Himalayan nation.
As a start-up reinsurer, Himalayan Reinsurance's operating performance is exposed to potential volatility arising from elevated operational risk and business execution risk, says AM Best pointing out that the company's operating performance is adequate.
The Insurance Board (IB) is planning to establish a risk-based capital (RBC) system by 2024.
Premier Insurance Co (Nepal) has signed an agreement with Nepal Clearing House (NCHL) to automate its various payments-related processes, including disbursements and collections, through NCHL payment systems.
The Insurance Board, Nepal's insurance regulator, in a recent circular has mandated all life and non-life insurance companies to seek 100% reinsurance support from domestic reinsurance companies only.
The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has objected to the Insurance Board's decision to fix insurance premium rates on the grounds that the practice is against the open market policy.
Finance Minister Janardan Sharma has started discussions on settling COVID-19 insurance claims yet to be paid to policyholders or their beneficaries.