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Governance, Risk and Compliance – The Nepalese Insurance Industry

Governance, Risk and Compliance – The Nepalese Insurance Industry

Synopsis

Timetric’s 'Governance, Risk and Compliance – The Nepalese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Nepal.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Nepal, including:

  • An overview of the insurance regulatory framework in Nepal.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Nepal.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Scope
  • The report covers details of the insurance regulatory framework in Nepal.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons To Buy
  • Gain insights into the insurance regulatory framework in Nepal.
  • Track the latest regulatory changes, and expected changes impacting the Nepalese insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Key Highlights
  • The Nepalese insurance industry is governed and regulated by the Beema Samiti.
  • Non-admitted insurance is prohibited by the law. However, unauthorized reinsurers may underwrite reinsurance business for risks originating in Nepal on a cross-border basis only.
  • Insurance for accident at work and motor vehicle and transport management insurance are compulsory.
  • Insurance premium tax is not imposed on insurance products and services.
  • Composite insurance is not permitted.


  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
  • Governance, Risk and Compliance
    • Table Nepal – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
      • Table Nepal – Liability Limits, Premium Rate and Commission Rate for Microinsurance Products
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Nepal – Life Insurance Regulatory Framework
      • Property insurance
        • Table Nepal – Property Insurance Regulatory Framework
      • Motor insurance
        • Table Nepal– Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Nepal – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Insurance for accident at work
      • Motor vehicle and transport management insurance
        • Table Nepal– Motor Insurance Premiums Charged for Motorcycles, Personal Cars and Commercial Vehicles Based on Their Life
        • Table Nepal – Motor Insurance: Premium Rates for Policies with a Term Period of Less than One Year
        • Table Nepal – Premium Rates for Motorcycle
        • Table Nepal – Premium Rates for Government Motorcycle
        • Table Nepal – Premium Rates for Personal Vehicles
        • Table Nepal – Premium Rates for Government Personal Vehicles
        • Table Nepal – Premium Rates for Solar Electric Vehicles
        • Table Nepal – Premium Rates for Private Transport Vehicle
        • Table Nepal – Premium Rates for Government Transport Vehicle
        • Table Nepal – Premium Rates for Tankers
        • Table Nepal – Premium Rates for Government Tankers
        • Table Nepal – Premium Rates for Commercial Vehicles used for Travelling Purposes
        • Table Nepal – Premium Rates for Insurance of Government Commercial Vehicles used for Travelling Purposes
        • Table Nepal – Premium Rates for Taxis
        • Table Nepal – Premium Rates for Insurance of Tempos used for Rental Purposes
        • Table Nepal – Premium Rates for Insurance of Government Tempos
        • Table Nepal – Premium Rates for Insurance of Vehicles used for Agriculture and Forestry
        • Table Nepal – Premium Rates for Insurance of Government Vehicles used for Agriculture and Forestry
        • Table Nepal – Premium Rates for Insurance of Tractor and Power Trailers
        • Table Nepal – Premium Rates for Insurance of Government Tractor and Power Trailers
        • Table Nepal – Premium Rates for Insurance of Construction Equipment Vehicles
        • Table Nepal – Premium Rates for Insurance of Government Tractor and Power Trailers
        • Table Nepal – Motor Insurance: Mandatory Deductible, Voluntary Deductible and Discounts
        • Table Nepal – No-Claims Discount Rates
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Beema Samiti
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
        • Table Nepal – Factors Considered for Calculation of Required Solvency Margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Nepal – Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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