Kathmandu. Nepal Insurance Authority (NEA) Chairman Sharad Ojha has directed the chairmen and members of the board of directors of life insurance companies to play a strong role to make the management responsible in the implementation of the Insurance Act and the policy directives issued by the AUTHORITY.
Addressing a discussion and interaction programme organized by The Nepal Insurance Authority (NEA) with the chairmen and members of the Board of Directors of life insurance companies in Kathmandu today, Chairman Ojha directed to bring new insurance policies targeting the general public for the expansion of the insurance business.
Chairman Ojha said, “The insurance market cannot expand until it is out of the scope of compulsory insurance, rather than focusing on savings-based insurance, it should go to term insurance and new risk-bearing insurance. ’’
Stating that nea is ready to open more areas for diversification of insurance company’s investment, Chairman Ojha said, “The investment made by the insurance company is people’s money, it should be done responsibly while investing, the investment should be based on safe and sustainable profits, the board of directors should see whether the investment is suitable, the investment branch of the insurer should be made more responsible.” ’’
Stating that the NRA was committed to facilitate the development and expansion of the insurance business as per the law and to provide services without complaints, Chairman Ojha drew the attention of the office-bearers of the board of directors of the insurers to avoid unhealthy competition, to intervene in small matters, to submit financial statements within the stipulated time and to operate the insurance market as per the law.
Chairman Ojha said that necessary facilitation would be made to implement Nepal Financial Report Value-17 (NFRS) in the insurance sector so that the cost would not increase and it would be easier.
In his welcome address on the occasion, Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that nea has been playing the role of facilitator along with regulatory role for the promotion of insurance business and protecting the interests of the insured.
On the occasion, Deputy Director of Nepal Insurance Authority Hridayeshwar Pandit made separate presentations on the role of the Board of Directors in maintaining institutional good governance in the insurer and Deputy Director Virodh Wagle made separate presentations on the financial statements of the insurer, financial status and the role of the Board of Directors regarding investment diversification.
Deputy Director of Nepal Insurance Authority Purna Bahadur Thapa conducted the program.
Directors of Nepal Insurance Authority and chairman and members of the board of directors of life insurance companies and small life insurance companies were present on the occasion.
