Kathmandu. Chairman of Nepal Insurance Authority Sharad Ojha has directed the reinsurance companies to cooperate with a clear action plan to increase the capacity of the insurance market in the country. Addressing a discussion and interaction programme on reinsurance organized by the Nepal Insurance Authority (NEA) with insurers, reinsurers and reinsurance brokers in Kathmandu today, Chairman Ojha directed them to prepare an action plan based on international good practices to enhance the initial, medium and high level capacity for the development of the insurance market.
Chairman Ojha said, “The ambiguity in the reinsurance sector should be gradually corrected, reinsurance companies must be competitive, we will give stability to the policy, integrated guidelines are in the process of being made in the authority, we will try to address the suggestions of the insurers in the unified guidelines.” ”
Stating that the team is ready to facilitate the implementation of the Insurance Act, Rules, Guidelines and Procedures, Chairman Ojha said, “The AUTHORITY is more stringent in the implementation of the Insurance Act, Rules, Guidelines and Procedures, wrong practices should be controlled, many complaints related to insurance claims are received on a daily basis, this is a serious problem of the insurance sector, the insured should get the claim payment after insurance, the insurer should proceed in parallel with the premium collection and claim payment. । ”
Chairman Ojha said that the government, NEA, insurers, micro insurers and reinsurers should work together to take the insurance sector forward by making it mature.
Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that nea is committed to promote the insurance sector by addressing the problems of the insurance sector.
In his welcome address on the occasion, Director of Nepal Insurance Authority Shambha Raj Lamichhane said that the program was organized with the objective of discussing the entire issue related to reinsurance and taking suggestions.
On the occasion, Deputy Director of Nepal Insurance Authority Ram Koju made separate presentations on the legal provisions related to reinsurance, Chief Executive Officer of Nepal Reinsurance Company Surendra Thapa and Chief Executive Officer of Himalayan Reinsurance Company Upasana Poudel on the problems and solutions of the Nepali insurance market and the practices and challenges of the reinsurance sector by Birendra Baidwar, President of Nepal Insurance Association.
Directors and employees of Nepal Insurance Authority, CHIEF Executive Officers of insurance companies, microinsurance companies and reinsurance companies, heads of reinsurance departments and reinsurance brokers were present on the occasion.
