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International

Insurance regulator increases capital requirement four-fold

May 11, 2017 Reprints

Nepal's insurance regulator, Beema Samiti, has issued new directives for the licensing and operation of insurers in the country, Asia Insurance Review reported. According to the directives, the minimum capital requirement for a nonlife insurer has been raised to 1 billion Nepalese rupees ($9.7 million) from NPR 250 million. Existing insurers have to meet the new capital requirements by July 15, 2018, or be instructed to merge with another insurer. Additionally, foreign insurers interested in establishing a joint venture in the country can take a stake of up to 80% in the venture.

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Insurance regulator increases capital requirement four-fold

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