Expanding insurance and regulation in Nepal
Himalayan News Services, 21 February 2010
The Insurance Board (IB), the insurance regulatory authority of Nepal, is including microinsurance as a key sector in the coming year and has included microinsurance in the proposed ‘Insurance Act-2009’ under clause 59 (C).
The draft act has been under discussion by stakeholders since January, and the board will be looking to develop microinsurance regulation after the promulgation of the Act.
Microinsurance is not a new concept for the Nepali insurance sector but it has not developed institutionally. Microfinance institutions, village-based cooperatives and non-governmental organizations have been practicing micro-insurance since 1995.
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