Kathmandu. The situation is critical due to the poor financial performance of the state-owned insurance companies.
The data presented by the Nepal Insurance Authority in the discussion with the Finance Committee showed this. Currently, there are government-owned National Life Insurance Company, Rastriya Insurance Company and Nepal Reinsurance Company.
State of National Life Insurance Company
- Fiscal Year 2080. 81 to 2081. 82 Profit Decline
- Investment of about Rs 53 billion so far
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TAG_OPEN_li_61 So far, there are about 6 lakh active insured members.
State of National Insurance Company
- Investments worth more than Rs 8 billion so far
{{TAG_OPEN_li_59}Fiscal Year 2080. 81 to 2081. 82 Itself Profit Decline
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Nepal Reinsurance Company
- Net profit declines in the second quarter of the current financial year
- Total insurance premium collection continues to decline
- More investment of Rs 18 billion.
Net worth of over TAG_OPEN_li_56 Rs 20 billion reduced to Rs 12.50 billion
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Efforts to improve the performance of the Insurance Authority
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- Instructions to Deliver Specified Capital
- Directive to hold an immediate general meeting
- Instructions to complete the audit on time, to submit the details of all accounts and progress report to the Authority every 15 days
- Continuous meetings and discussions with the top management level employees of the insurer regarding timely audit
- National Life Insurance Company for the fiscal year 2076. 77 to 2078. The actuarial valuation report of the risk-based capital of 3 years up to 79 years has been concessioned for 3 years in a lump sum of 3 years
- Directive to the National Insurance Company to establish a regular structure from July 28, 2082 and submit the progress report to the finance chief every 15 days
- The CEO and Finance Chief of the National Insurance Company should be informed to the Executive Director on a monthly basis and the top management including the chairman should be instructed to submit a progress report in 2-2 months
- Regular discussions, correspondence and alerts have been held to get the actuarial evaluation report approved on time by strengthening the RAFSAF and other internal control system of Nepal Reinsurance Company
- As a result, the financial year 2080 of Nepal Reinsurance Company. The actuarial valuation report of the risk-based capital of 81 is approved and the financial statement is in the process of being approved.
Tripartite discussion with the Ministry of Finance, Insurance Authority and concerned insurers on different dates to improve the financial condition
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