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AIG Enters Nepalese Life Market

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NU Online News Service, Aug. 3, 2:08 p.m. The Kathmandu Post, Kathmandu, Nepal, says the Nepal Insurance Board has given a subsidiary of American International Group Inc., New York, permission to enter the Nepalese life insurance market.

The subsidiary, American Life Insurance Company, will compete against one established domestic life insurance company and one domestic life insurance company that entered the market four months ago, the Post reports.

The Insurance Board took two years to approve the life insurance license application, in part because the Communist Party of Nepal-Unified Marxist-Leninist and Nepal Rastra Bank opposed the idea of allowing foreign competition in the local life insurance market, the Post reports.