Kathmandu. #सुशीलदेव Subedi is the Executive Director inline_tags_PLACEHOLDER_1 of Nepal Insurance Authority (INLINE_TAGS_PLACEHOLDER_0) inline_tags_PLACEHOLDER_2 inline_tags_PLACEHOLDER_3#. He has recently been promoted to the post of Executive Director of NEA. Prior to that, he was the director of the AUTHORITY. He is also the spokesperson of the AUTHORITY. Subedi is also the chairman of the Board of Directors of Insurance Institute of Nepal (IIN). Subedi, who completed his master’s degree in management from Shankardev Campus, joined the insurance committee in 2063 BS from the officer level. Prior to that, he was involved in the teaching profession. Summary of the conversation with Subedi, who has been working in the regulatory body of the insurance sector for almost two decades, ##inline_tags_PLACEHOLDER_0 इन्स्योरेन्स talk#inline_tags_PLACEHOLDER_3##मा:
##inline_tags_PLACEHOLDER_0 ####inline_tags_PLACEHOLDER_1#what should be done to expand the insurance business of #नेपालमा? In particular, there is talk of increasing the scope of tax. Now the government is preparing for the budget. In this situation, how much should be done and what should be done? What is your request?###
It is our old saying that the tax exemption limit of life insurance citizens should be increased to Rs 1 00,000. This time too, we have requested the government to do so. I think we can convince the government this time.
#inline_tags_PLACEHOLDER_1#What’s in #निर्जीवन insurance?##inline_tags_PLACEHOLDER_8##
There are many other problems than the provision of tax exemption towards non-life insurance. For example, there is a difference in taxes of agricultural insurance, micro insurance, life insurance company and non-life insurance company. We have raised many of these issues more. Therefore, we are in the process of selecting and sending what issues should be said to the government regarding how this sector can be raised.
#inline_tags_PLACEHOLDER_1##सुझाव and haven’t collected and sent them?#
We have sent it after discussion. But now we will send points after another discussion.
#inline_tags_PLACEHOLDER_1##फाइनल is yet to be sent that’s so mandatory?#
Yes.
तपाइँले, added micro-insurance, agricultural insurance. Let’s add health insurance to this. Health insurance is a separate company abroad. In agriculture too, the concept of a company working only in agriculture is the same. Isn’t it time for us to do the same?#inline_tags_PLACEHOLDER_3###
It is called a single business company. Whether the company does only one business or does a lot of business, whether it is government or private, it has to serve the people. The insured should get the service at the time of his request. The insured should also get an insurance policy when needed and should also get payment when the claim is made.
In India too, there is a separate agricultural insurance company. Opening a company separately or giving a new license for a particular subject will not solve the problem. If necessary, we are open to that as well. But our concern should be whether the people got the right service or not. We don’t mind if time feels the need in the days to come. However, it is not possible to do homework on it now. Our thinking is why not take work from the companies that are currently running.
बीचमा less business was done towards microinsurance, big companies did not go down and down. It was also decided to go this way and make so much business mandatory. However, that work was not effective. Then he introduced the concept of microinsurance. How is micro insurance business now?#
At that time, there was a problem of big companies not reaching villages just above the market. That’s why we introduced the concept of micro insurance. We also gave licenses to seven companies. At present, the business of all the seven micro insurance companies is doing well. Call it a coincidence or think that this situation has been created because of our good policy, however, trade is growing. Works are also being carried out in designated areas. Having said that, it cannot be said that there are no problems. The problem is many. It seems that it needs to be resolved. However, the purpose and intent with which we gave licenses to the companies, it is a pleasure to fulfill it.
#inline_tags_PLACEHOLDER_1##लघु Insurance aims fulfilled?
The purpose and intent with which we gave licenses to the companies. They are being fulfilled to some extent. It can be divided into two parts. If big business and small business are separated, then the scope of micro insurance is different.
There were two technologies in the insurance sector. There is a tendency to divide a large area of a business. No matter how many characters or companies grew, there was a tendency to break it up and say that I would eat a part and compete there.
The trend of looking for another new business. With the introduction of new microinsurance, there are two trends. We may think that we have shared it from the business that is going on. There is also a few percent taken from the ongoing business. The rest of the small insurance companies have also reached the areas where big companies did not want to go or could not go before. Some are trying to go. Therefore, we must evaluate the recent hard work you have put in to find a new entrepreneur. It should also be promoted.
गाउँमा business and set up a central office in the province, you sent it down according to the spirit of federalism, but have you started doing the general assembly at the center? Have the big bosses started staying here by keeping the office in Kathmandu in the name of contact office?inline_tags_PLACEHOLDER_3#
It has been almost 10 years since we started practicing federalism. However, the federal government is still working on the Rs 50,000 khudre project. At present, the government is planning not to do small projects. This means it will take time. Yesterday, we asked the micro-insurance company to go to the state. They said they could not go for practical reasons. We gave them the condition to stay and work in Kathmandu. Gradually, the infrastructure will increase, the need will increase and we will also send them down and down. At that time they also go. We need to keep in mind that no change is possible overnight.
#inline_tags_PLACEHOLDER_1##तर, registered office, wherever it is, does it seem that the authority has not been spared if the general assembly is held at the center? #inline_tags_PLACEHOLDER_2###
It should not be taken as such. This may have come in the form of various difficulties that arise while doing business. There are many stakeholders in the company. There is a need to make them happy and increase the business. This situation may have been created by paying attention to that as well. This has not affected our compliance much. It does not mean that it has harmed the customer by holding a general meeting anywhere. I want to assure you that over time, we will gradually create an environment for the company to go there.
##inline_tags_PLACEHOLDER_0 ##तपाइँहरुले has fixed a paid-up capital of Rs 750 million for micro insurance companies. Some have yet to deliver. One or two issued IPOs and raised their paid-up capital. They have also said that we will go for a merger. Is this a proof of failure?#inline_tags_PLACEHOLDER_8##
This is currently a matter of discussion in the AUTHORITY. We have received information about this and are discussing it. Since we are discussing why this issue was raised, it is difficult for me to give our definite opinion until the matter is finalized.
सँग-along with the issue of right shares also came up. Can you talk about it now?#
We got to know about it. Then when we understood, the right thing came true. We also asked the company what was the reason for this. After getting a response from the company, we will finally move forward on it.
पुरानो is also a precedent, you have not done business in such a way that you can do justice to the paid-up capital of the then Ajod Insurance instead of bringing right shares in the ratio of 2: 1, you have not even done business in such a way that you have not earned and distributed dividends to the investors in this period of operation of the company. In such a situation, you have said that we cannot give permission.
I have asked the company before. After the answer comes, it is finally decided which course we will move forward to.
#inline_tags_PLACEHOLDER_1##तर, AGM is near?##inline_tags_PLACEHOLDER_8##
It’s time for an answer.
Has inline_tags_PLACEHOLDER_0 the coordination between inline_tags_PLACEHOLDER_1 #नेपाल Rastra Bank, Nepal Insurance Authority and Securities Board of Nepal’s inter-regulatory bodies decreased slightly? Can’t coordination be emphasized by creating a separate mechanism?#inline_tags_PLACEHOLDER_3###
We have increased coordination and cooperation in the meantime. The regulatory areas of the three bodies are also different and the nature of the institution is also different, so the mechanism to share information immediately has not been formed. However, the coordination between us is getting better today than yesterday. We have a plan to coordinate by creating a permanent mechanism. Talks are also going on about it. We had a lot of conversations about this with the newly retired snake. He talked about moving forward. Now there will be a new leadership in the Rastra Bank. We also meet with the securities leadership. After that, we plan to take this issue forward.
After the arrival of the new leadership in the Insurance Authority, our chairman also wants to move forward in coordination, which will tell both our cost and time. Keeping that in mind, we will move forward.
##inline_tags_PLACEHOLDER_0 तपाइँहरुले had said some time ago that after hearing the complaints of the insured, we will form a bench to adjudicate the justice. Has anything progressed?##inline_tags_PLACEHOLDER_8##
Yes, the work is going on. We announced the formation of a bench. According to this, our bench needs the procedure first. That procedure was prepared for us. Proceed according to the procedure. When it comes to IT, there is already space on our website, where notice or information like in court can be viewed there. We’ll make it public from there. The physical structure should be set up like the court, which is currently under construction as the Building Department is making it. We are preparing for what can be done to make it like a court within the same under-construction structure. Whatever judicial settlement we have to do now, which our respective divisions have set aside to be taken to the bench. We take it to the bench.
