12th October 2025, Kathmandu
In a significant move poised to strengthen the financial oversight and strategic governance of the nation’s sole reinsurer, Nepal Reinsurance Company Limited (Nepal Re), the Government of Nepal has appointed Mr. Amrit Lamsal as a Director on its Board of Directors.
Director of Nepal Reinsurance Company
Mr. Lamsal, who currently serves as the Deputy Director General at the Department of Customs, Tripureshwor, brings extensive experience in government administration and financial management to the key institution in Nepal’s insurance sector.
This high-profile appointment underscores the government’s commitment to ensuring robust and transparent management at Nepal Re, a public-private partnership entity critical to the stability of the country’s insurance market.
The Official Mandate: Strengthening Government Representation
The decision to appoint Mr. Lamsal was formalized by the Ministry of Finance at the Finance Minister level on September 22 (Ashwin 6). Following this decision, Mr. Lamsal officially assumed his position on the board on Ashwin 23, 2082 B.S. (October 9, 2025). The formal assumption of office was confirmed by Company Secretary Mr. Shekhar Poudel, marking a new phase of government engagement in the reinsurer’s strategic direction.
Mr. Lamsal has been designated as the Government of Nepal’s representative on the company’s Board of Directors. This nomination is a procedural move carried out in strict adherence to the company’s foundational documents, specifically under Sub-rule (2)(a) of Rule 27 of Nepal Reinsurance Company’s Articles of Association. This provision explicitly grants the government the authority to nominate a director to safeguard its interests and ensure the company’s operations align with broader national financial and regulatory objectives. The government holds a significant stake in Nepal Re, making its representation on the board essential for shareholder confidence and public accountability.
Amrit Lamsal’s Background: Expertise from Customs and Public Finance
The appointment of a seasoned bureaucrat like Mr. Amrit Lamsal is seen as a strategic advantage for Nepal Re. His current role as Deputy Director General at the Department of Customs, Tripureshwor, places him at the nexus of major economic and regulatory operations. His previous professional experience includes a tenure as the head of the Public Debt Management Office, highlighting his comprehensive understanding of public finance and macroeconomic management.
Key Expertise: Mr. Lamsal’s background in customs and public finance is crucial for a reinsurance company that plays an indispensable role in mitigating financial risks across all sectors of the economy. His administrative experience is expected to streamline internal processes and enhance the company’s operational efficiency.
Strengthening Governance: The expectation is that his inclusion will introduce higher levels of regulatory compliance and fiscal prudence to the board. This synergy between top-tier administrative experience and corporate governance is vital for a company of Nepal Re’s stature in the financial landscape.
Previous Roles: Prior to his current position at the Department of Customs, Mr. Lamsal was also associated with other pivotal government bodies, including serving as a Joint Secretary at the Office of the Investment Board Nepal (OIBN). This varied exposure provides him with a multi-sector perspective on national economic development and investment promotion, which will be invaluable to Nepal Re’s long-term strategy.
Nepal Re’s Role in the Nepali Economy
Nepal Reinsurance Company Limited, often referred to simply as Nepal Re, holds a unique and pivotal position in the country’s financial infrastructure. Established as the successor to the former Insurance Pool, the company was instrumental in institutionalizing the reinsurance market within Nepal.
The company was formally incorporated in 2014 as a public-private partnership (PPP) model, with the significant equity participation of the Government of Nepal. Its core mission is to minimize the outflow of insurance premium money to international reinsurers, thereby conserving national capital and strengthening the domestic insurance market’s capacity to absorb large risks. Nepal Re supports both life and non-life insurance companies operating in the Nepali market, providing the crucial backbone for risk management. The presence of government representatives like Mr. Lamsal ensures that this national objective remains at the forefront of the company’s operations. His experience in trade and revenue generation from the Customs Department is particularly relevant in linking the insurance sector’s stability to the broader goals of national economic prosperity and public finance management.
Impact and Forward Outlook
The appointment of Mr. Amrit Lamsal to the Nepal Re board signals a renewed focus from the Ministry of Finance on leveraging the expertise of high-ranking civil servants to guide critical public-private enterprises. His mandate will involve aligning the reinsurer’s strategies with national financial policy, particularly in the areas of risk management, capital adequacy, and overall financial stability. His contribution is anticipated to further fortify the governance framework and enhance the transparency of Nepal Reinsurance Company Limited, thereby building greater trust among its diverse stakeholders, including promoter insurance companies and the general public.
This move is timely, given the increasing complexity of risks faced by the nation, from natural disasters to evolving market dynamics. The technical knowledge and administrative rigor brought by Mr. Lamsal are expected to be instrumental in steering Nepal Re towards even greater stability and a more influential role in the South Asian reinsurance landscape.
For More: Director of Nepal Reinsurance Company