Increase in the minimum share capital of insurance companies in Nepal
Nepalese authorities have introduced a new legislation requiring an increase of the minimum share capital for local insurance companies, setting it at 1 billion NPR (9.3 million USD) for non life insurance companies and at 2 billion NPR (18.7 million USD) for life insurance companies. A deadline of July 15, 2018 has been set for Nepalese insurance companies to comply with the new requirements.
The other novelty consists in enabling foreign players to acquire up to 80% in shareholding in local insurance companies. For the record, it is noted that the Nepalese market currently accounts for 17 non life insurers, nine life insurers and one reinsurer.
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