News of Insurance – Nepali insurance companies will no longer need prior approval from Nepal Rastra Bank (NRB) to make payments to individual professionals from India for services such as actuarial, survey, and valuation work.

This provision comes following an amendment made by the central bank in its Unified Directive on Foreign Exchange Management.

According to the revised directive, “Nepali insurance companies can obtain foreign exchange facilities for payments to individuals providing expert services such as actuarial, survey, and valuation, based on recommendations from the Insurance Board of Nepal, through commercial banks.”

The move is expected to streamline the process for availing specialized services from neighboring India and enhance operational flexibility for insurance companies.