Kathmandu. In the program organized by Nepal Insurance Authority (NEA) at the central office of NEA, Kupandole today, representatives of banks and financial institutions and insurance companies in the airmark system of APIs. A discussion and interaction program related to integration has been completed.
APIs in the Airmark system. The program has been organized with the objective of providing information on integration, collecting suggestions related to this and urging banks and financial institutions to join this system.
Addressing the program, Managing Director of Nepal Insurance Authority Sushil Dev Subedi said that the system has been brought into operation as per the provision of airmarking the amount invested by the insurer in the name of the authority as per the directive related to investment of the insurer, 2082 BS.
Executive Director Subedi said, “The Airmark system automatically accepts only the correct details of the insurer, rejects the erroneous details and automatically sends back the insurer through the Airmark platform, thereby fully automating the process of block and unblock of the fixed deposits from the bank.” ”
Executive Director Subedi said that APIs have been introduced in the Airmark system. He expressed the belief that the use of integration technology would make the process of airmark of investment in fixed deposits of insurers faster, faster and flawless, thereby contributing to making insurance regulation and inspection work more efficient and transparent.
Dhruba Timilsina, director of Nepal Insurance Authority, said that APIs will be installed in the Airmark system in the coming days. Stating that the integration system would be made more effective, he urged all the banks and financial institutions to join this system.
On the occasion, Deputy Director of Insurance Authority and Chief of Non-Site Section, Rajendra Maharjan, gave a presentation on the present status of the Airmark, the existing problems in the airmark system and the improvement efforts taken by the NTA to resolve it.
Similarly, Deputy Director of Nepal Insurance Authority (NEA) Rabindra Shrestha also inaugurated Airmark and API. He gave a presentation on the technical aspects of the integration and the software airmark system.
The program was moderated by Mr. Gokul Raj Dahal, Assistant Director of Nepal Insurance Authority and was attended by representatives of various banks and financial institutions and insurance companies.
APIs in the Airmark system. The implementation of the integration system is expected to further strengthen the credibility of the overall insurance sector by increasing transparency and efficiency in insurance regulation, monitoring and inspection.
