Insurance Board of Nepal (IB) and the German Development Cooperation (GDC) have partnered to enhance micro-insurance in the country with the support of government agencies and financial service institutions.
IB and GIZ RFPI Asia, a German government funded regional program, have signed a memorandum of agreement (MoU) to promote micro-insurance.
IB chairman Fatta Bahadur said that micro-insurance is still in the early stages in the country.
"We need to promote its development as part of our national poverty alleviation strategy," Bahadur added.
Under the partnership, new regulations will be framed to remove the barrier between public and private companies that deliver insurance products and services.
Meanwhile, IB has developed the 2013 micro-insurance regulation that will make mandatory for all insurance firms in the country to offer micro-insurance. The regulation needs approval of Nepal finance ministry.