KATHMANDU: The Nepal Insurance Authority has directed foreign reinsurance brokers to establish offices in Nepal within three months, as per the Insurance Reinsurance Directive, 2023.
The directive mandates that foreign reinsurance brokers listed with the Authority and holding a listing number must set up a joint venture company, branch, or liaison office in the country within six months.
The recent notice issued on Sunday instructs brokers who have not yet complied to expedite the process within three months.
The move aims to ensure a local presence of foreign reinsurance brokers to enhance regulation, accountability, and coordination with Nepal’s insurance market.
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