Kathmandu. Now, the foreign reinsurance broker has to set up an office in Nepal within 1 year of receiving the listing number.
Nepal Insurance Authority (NEA) has made the fourth amendment to the Insurance Reinsurance Directive, 2080 BS. As per the amended provision, a foreign reinsurance broker has to establish a branch or liaison office or joint venture office within 1 year of obtaining the listing number from the Authority.
Prior to this, foreign reinsurance brokers used to carry out business only by deputing representatives. The authority has set a deadline of 1 year to break this anomaly.
Likewise, the NRA has also made arrangements for insurance transactions with domestic reinsurer, domestic reinsurance brokers and foreign reinsurers and reinsurance brokers who have the listing number.
