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Nepal's government has stepped up the process of converting Insurance Pool Nepal into a reinsurer, which will serve local insurers.
The new reinsurer is expected to start operations by mid-July 2014, The Himalayan Times reported. Ramesh Lamsal, chief executive officer of Insurance Pool Nepal, said the reinsurer will start with a paid up capital of more than 2 billion Nepalese rupees ($20 million). Fatta Bahadur KC, chairman of Insurance Board, said they hope to make the reinsurer capable of catering to foreign insurers as well.