Kathmandu. The Nepal Insurance Authority (NIA) has highlighted the policy-level problems seen in the insurance sector.
Today, the Finance Committee had called the Insurance Authority for discussion. Chairman Chandra Kala Poudel and Executive Director Sushil Dev Subedi had also reached the committee.
During the discussion, the Insurance Authority informed about the policy problems in the insurance sector.
Here are the policy problems
- Conflict with other Acts contrary to the Insurance Act, acting by other bodies contrary to the Insurance Act
- Some provisions in the Insurance Act and Regulations are impractical
- Schemes and laws not made according to the National Insurance Policy
- Lack of a clear legal provision for a permanent mechanism for coordinating the financial sector
- Other laws cannot be amended to be updated with insurance laws
- Nepal does not have its own risk-free rate (in respect of insurance)
- Insurance not mandatory
- Nepal does not have its own national risk rating and its own risk modeling
- The Insurance Act shall be amended every 5 years
TAG_CLOSE_li_19.
}
}
}
}
