Kathmandu. Nepal Insurance Authority (INSURANCEA) has not been able to release the draft of ‘Insurance Literacy Framework 2081’ with the aim of guiding insurance literacy for insurance inclusion.
The NRA had made public the draft of the outline through its website on February 31, 2081, for collecting comments and suggestions from the stakeholders. The AUTHORITY had set a deadline of October 15 for collecting suggestions.
NeA has not been able to release the insurance literacy framework even after seven months and 22 days of the expiry of the deadline set for collecting suggestions. NeA has not even published any public notice regarding the issuance of the outline or the draft amendment process.
The draft of ‘Insurance Literacy Framework 2081’ was prepared in 2081, but now even if the AUTHORITY issues it, its name should be amended and maintained ‘Insurance Literacy Framework 2082’.
The insurer for insurance literacy was offered the responsibility as mentioned:
1) Preparation of general to specialized knowledge material related to insurance
2) Reporting to the authority of the actions he or she has carried out regarding insurance literacy,
3. The insurer shall assign the responsibility of insurance literacy unit or any unit to the central office for the effective implementation of the insurance literacy program.
4. While formulating plans and action plans related to insurance literacy, the Insurance Literacy Framework 2081 issued by the Authority should be followed on the basis.
5. While conducting insurance literacy programs, low priority should be given to places where insurance access is low.
6. Necessary training and capacity building programs can be conducted for the employees of the insurer by preparing a policy for insurance literacy related programs.
7. Study material related to insurance literacy should be disseminated regularly.
8. The insurer, while preparing a periodic action plan on insurance literacy, must incorporate theoretical and practical aspects for financial knowledge, skills, attitudes and behavior change of the target group.
9. Necessary mechanisms should be developed so that the general public can easily understand and get information.
10. Insurance literacy programs should be driven by a sense of social responsibility rather than business expansion and business intentions.
11. Insurance literacy programs should not be focused only on a particular geography or a particular class, but should be conducted in a fair manner in all places within the scope of the organization and in all target groups.
12. To improve the quality of insurance services in accordance with international standards.
