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Nepal Insurance Authority has instructed foreign reinsurance brokers to set up offices in Nepal. Foreign reinsurance brokers who have not established an office so far have been instructed to establish an office within three months in accordance with the Reinsurance Guidelines of Bimak, 2080.
In Bimak's Reinsurance Directory, 2080, there is a provision that reinsurance brokers who are listed in the authority and have received a listing number must establish a joint venture company, branch or contact office in Nepal within 6 months.
Foreign reinsurance brokers in Nepal have directed the authority to compulsorily set up companies by targeting those who are only working without setting up an office.
