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Five reinsurers apply for Nepali licence
Only one reinsurer is currently operating in the country.
The Nepali Insurance Board (IB) has revealed that five reinsurers have applied for a reinsurance licence, according to media reports.
The five are Prudential Reinsurance, Kathmandu Reinsurance, Annapurna Reinsurance, Himalayan Reinsurance, and Genuine Reinsurance. Only one of these applicants will receive a licence.
Currently, only one reinsurer - Nepal Reinsurance Company - is operating in the country.
The new reinsurer should have a paid-up capital of $85.4m (NPR10b). Investors of Nepal Reinsurance Company are barred from investing in the proposed reinsurer.