Governance, Risk and Compliance – The Nepalese Insurance Industry

Date: 2016-01

“• The Nepalese insurance industry is governed and regulated by the Beema Samiti.

• Non-admitted insurance is prohibited by the law. However, unauthorized reinsurers may underwrite reinsurance business for risks originating in Nepal on a cross-border basis only.

• Insurance for accident at work and motor vehicle and transport management insurance are compulsory.

• Insurance premium tax is not imposed on insurance products and services.

• Composite insurance is not permitted.”

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