Kathmandu. Joint Secretary at the Ministry of Finance, Madan Dahal, who accidentally came to take over as the chairman of Nepal Insurance Authority for a short time, published a list of works done during his tenure through a press release with signatures. Among the achievements of the works included in the two-page statement issued by him, he has also mentioned the working procedure related to the operation of the Insurance Protection Fund as provided in the Insurance Act, 2079, the Procedure related to the establishment and operation of the Insurance Development Fund, 2081, and the preparation of the draft.
Even after almost five months of Dahal’s exit from the responsibility, the progress of the remaining work of establishing these two funds has not progressed. Section 150 of the Insurance Act provides for the establishment and operation of the Insured Protection Fund under the AUTHORITY for the protection of the insured and section 151 provides for an insurance development fund in the AUTHORITY to protect the interests of the citizens through insurance by extending the reach of insurance to the citizens of the economically weaker sections.
Although the working procedure related to the operation of the Insurance Interest Protection Fund, 2081 and the working procedure related to the establishment and operation of the Insurance Development Fund, 2081 have been prepared during the tenure of Acting Chairman Dahal of the NRA, the draft has been brought for discussion and suggestions in the public notice so far. Not.
बीमित संरक्षण कोष स्थापनाका लागि दोस्रो पटकको म्याद पनि गुजार्यो प्राधिकरणले
The first and second five-year strategic plans of the NRA have priority covered the issue, the establishment of the Insured Protection Fund. For the first time, nea’s board of directors had set a target of establishing the fund in 2019.
The fund could not be established within the deadline set by the first strategic plan. In the second strategic plan, the NRA had set a deadline to set up the fund by 2024. The AUTHORITY has already passed the deadline for the second time.
Similarly, in the second strategic plan, nea has set up an insurance development fund by 2024-2025. However, even after the end of 2024 and the end of 9 months of 2025, this fund has not been established.
The NRA has not been able to set up the fund as per the strategy of establishing the fund and also the provisions in the Insurance Act even after the expiry of 10 years instead of five years. Sub-section (d) of Section 5 of the Act mentions the functions, duties and powers of the AUTHORITY to operate and carry out other necessary works and functions of the Insurance Interest Protection Fund.
In its first strategic plan, nea had set a strategic target to set a fund by 2019 (five years ago). The AUTHORITY had prepared the first strategic plan for the year 2014 to 2019. Then in 2020, the second strategic plan was released for 2020 to 2025.
