Nepal Insurance Industry – Governance, Risk and Compliance
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The Nepal insurance industry report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
What are the market dynamics in Nepal insurance industry?
The Beema Samiti, established in Nepal as an autonomous body under Insurance Act 1992, supervises and regulates the insurance business in Nepal. As the country’s regulatory body, its main objective is to create and maintain a professional, healthy, and developed insurance market. Section 8 of the Insurance Act, 1992, stipulates the main responsibilities of the board are formulating necessary policy for systematizing, regularizing, developing, and regulating the insurance business among others.
Which are the key associations in the Nepal insurance industry?
The key association in Nepal insurance industry is International Association of Insurance Supervisors (IAIS). The IAIS formulates and issues various global insurance principles, standards, and guidance provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation. The primary objectives of IAIS are to contribute to global financial stability and promote effective and globally consistent supervision of the insurance industry and to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders.
Which are the key licenses issued in the Nepal insurance industry?
The key licenses issued in Nepal insurance industry include licenses for life insurance, licenses for non-life insurance, licenses for composite insurance, licenses for reinsurance, and license for intermediaries.
Licenses for life insurance
An insurer that underwrites and sells long-term insurance contracts, including whole life insurance, endowment life insurance, and term life insurance, should apply for a license from the Beema Samiti, after fulfilling all the necessary criteria as defined in the Insurance Act 1992.
Licenses for non-life insurance
An insurer with a non-life insurance license can sell fire insurance, motor insurance, marine insurance, engineering, and contractors risk insurance, aviation insurance, and miscellaneous insurance. A license through the Beema Samiti is required for general insurers to operate in the Nepalese insurance industry.
Licenses for composite insurance
Composite insurance is not permitted in the country. According to Section 12 (a1) of the Insurance Act 1992, an insurer intending to operate in both life and non-life insurance business cannot be licensed or registered. However, holding companies with separate licenses to operate life and non-life insurance business are permitted.
Licenses for reinsurance
The Beema Samiti grants licenses to reinsurance organizations to conduct reinsurance business in the Nepalese insurance industry.
License for intermediaries
Chapter 5 of the Insurance Act 1992 regulates the licensing of insurance intermediaries. Insurance agents, surveyors, and insurance brokers are permitted to practice insurance in Nepal, provided they are registered with the Beema Samiti.
Market report scope
Key associations | International Association of Insurance Supervisors (IAIS) |
Key licenses | Life Insurance, Licenses for Non-Life Insurance, Licenses for Composite Insurance, Licenses for Reinsurance, and License for Intermediaries |
Scope
- The report covers details of the insurance regulatory framework in Nepal.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Nepal.
- Track the latest regulatory changes, and expected changes impacting the Nepalese insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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Which are the key associations in the Nepal insurance industry?
International Association of Insurance Supervisors (IAIS) is the key associations in the Nepalese insurance industry.
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Which are the key licenses issued in the Nepal insurance industry?
Life insurance, licenses for non-life insurance, licenses for composite insurance, licenses for reinsurance, and license for intermediaries are the key licenses issued in the Nepalese insurance industry.
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