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Member, Beacon International Group, Ltd.
Chiranjibi Chapagain, chairman of Nepal's Insurance Board, said that the regulator could force insurers to merge their operations if they fail to comply with capital requirements before mid-July, The Himalayan Times reported. Mr. Chapagain said that only three out of 20 nonlife insurers have increased their paid-up capital to the required level. Nonlife insurers need to increase their paid-up capital to 1 billion Nepalese rupees ($9 million) from the earlier requirement of NPR 250 million. The regulator has barred insurers from obtaining loans to meet the capital requirement.