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International

Insurers in Nepal urged not to raise rates

May 21, 2015 Reprints

The Insurance Board of Nepal has issued a circular warning the country's nonlife insurers not to increase their premiums, reported E Kantipur.

The IB has also prohibited them from setting new conditions and extending the apprehension period.

"We came up with the step after receiving a number of complaints that insurance companies had increased their premiums by as much as two-fold," said an official of the board. Insurers have defended the premium hike saying that reinsurers were likely to revise their own rates.

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Insurers in Nepal urged not to raise rates

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