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(MoneyNewsWire.Net, November 02, 2018 ) GlobalData’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 GlobalData’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.
Key Highlights:
- Beema Samiti governs and regulates the Nepalese insurance industry.
- The law prohibits non-admitted insurance. 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.
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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.
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Key Points from TOC:
1 INTRODUCTION 6
1.1 What is this Report About? 6
1.2 Definitions 6
2 GOVERNANCE, RISK AND COMPLIANCE 8
2.1 Legislation Overview and Historical Evolution 9
2.2 Latest Changes in Regulation 10
2.3 Legislation and Market Practice by Type of Insurance 15
2.3.1 Life insurance 18
2.3.2 Property insurance 19
2.3.3 Motor insurance 20
2.3.4 Liability insurance 21
2.3.5 Marine, aviation and transit insurance 21
2.3.6 Personal accident and health insurance 21
2.4 Compulsory Insurance 22
2.4.1 Insurance for accident at work 22
2.4.2 Motor vehicle and transport management insurance 23
2.4.3 Insurance for overseas migrant workers 36
2.5 Supervision and Control 38
2.5.1 International Association of Insurance Supervisors (IAIS) 38
2.5.2 Beema Samiti 39
2.6 Non-Admitted Insurance Regulations 40
2.6.1 Overview 40
2.6.2 Intermediaries 40
2.6.3 Market practices 40
2.6.4 Fines and Penalties 41
2.7 Company Registration and Operations 42
2.7.1 Type of insurance organization 43
2.7.2 Establishing a local company 43
2.7.3 Foreign ownership 45
2.7.4 Types of license 45
2.7.5 Capital requirements 46
2.7.6 Solvency margin 46
2.7.7 Reserve requirements 47
2.7.8 Investment regulations 47
2.7.9 Statutory return requirements 48
2.7.10 Fee structure 49
2.8 Taxation 50
2.8.1 Insurance premium or policy taxation 50
2.8.2 Withholding taxes on premium paid overseas 50
2.8.3 Corporate tax 50
2.8.4 VAT 51
2.8.5 Captives 51
2.9 Legal System 52
2.9.1 Introduction 52
2.9.2 Access to court 52
2.9.3 Alternative dispute resolution 53
3 APPENDIX 54
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