Kathmandu. KATHMANDU: Reinsurance brokers registered in Nepal have removed the legal hurdle in the payment of reinsurance fees in foreign currency to foreign reinsurance companies.
Nepal Rastra Bank’s Foreign Exchange Management Department has issued an amendment to the Integrated Circular 2081 paving the way for the payment of reinsurance premium in foreign currency for reinsurance broker companies registered in Nepal.
The revised circular states that the insurance companies and reinsurance brokers duly registered in Nepal and the reinsurance broker companies who are duly registered in Nepal may provide the exchange facility of the reinsurance premium to the reinsurance companies in foreign currency as per the following arrangements. Previously, this was only available to insurance companies.
