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Governance, Risk and Compliance - The Nepalese Insurance Industry

Published: Feb-2016 | Format: PDF | Timetric | Number of pages: 34 | Code: MRS - 25085

"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.    

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.

• 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.    

• 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.

• 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."

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Insurance for accident at work
2.4.2 Motor vehicle and transport management insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Beema Samiti
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer"


Table 1: Insurance Industry Definitions
Table 2: Nepal – Insurance Regulatory Framework Key Features
Table 3: Nepal – Life Insurance Regulatory Framework
Table 4: Nepal – Property Insurance Regulatory Framework
Table 5: Nepal – Motor Insurance Regulatory Framework
Table 6: Nepal – Liability Insurance Regulatory Framework
Table 7: Nepal – Factors Considered for Calculation of Required Solvency Margin
Table 8: Nepal – Corporate Tax Rate for the Financial Year 2015


Figure 1: Nepal – Insurance Supervision and Control at Various Levels
Figure 2: Nepal – Insurance Regulatory Frameworks for Company Registration and Operation

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