Kathmandu. Chairman of Nepal Insurance Authority Sharad Ojha has said that it is very important to make the activities of insurers transparent for the development of the insurance sector.
Chairman Ojha said this at a program organized on the occasion of the 57th anniversary of insurance authority today. “It is being said that the credibility of insurance would have increased if the insurance companies had made the claim payment easier,” he said. In the case of claim payment, perhaps we have not been able to do effective underwriting, so we have to continue to improve the problems that are coming in the claim in the end. ’
Chairman Ojha said that the NRA would make the regulation effective in time for the development of the insurance sector. “We will implement the modern surveillance system by connecting it with technology,” he said.
Stating that supervisory surveillance will be increased among high-risk insurers, Ojha said risk-based supervision is important for low-risk insurers to make the best use of supervisory resources so that they are more focused only on the target areas.
Chairman Ojha said that risk-based supervision has already been adopted by the Insurance Authority. “With its effective implementation, the financial health of the insurer is becoming stronger,” he said, adding, “Now the insurer has the potential to provide effective service facilities within the mandate given to the insured.” ’
Ojha said that a strong legal base has been created with the implementation of the Insurance Act, 2079 and The Insurance Rules, 2081 by removing the long-standing legal ambiguity in the insurance sector. “The NRA has issued various bye-laws, directives, standards, procedures and directives to implement the provisions of the Insurance Act and Regulations,” he said. Therefore, we are in the process of issuing integrated directives in the insurance sector by integrating the scattered guidelines and directives. ’
Chairman Ojha said that the integrated directive is expected to help the insurance sector to follow the rules more effectively. “We are probably working to bring a unified directive to implement it from mid-July of the next fiscal year,” he said, adding, “We are in the process of bringing a unified directive so that the first draft of the work with which our team is working will be completed by mid-May and if there is a need for further amendment, it will be re-assessed in July and implemented from Mid-July.” ’
Chairman Ojha said that the integrated directive is expected to play a very effective role in the regulation and policy implementation of the insurance sector.
