Kathmandu. Nepal Insurance Authority (INSURANCE) has issued ‘Ethics Policy of Insurers 2079’ to make every work of the insurance sector dignified. There is a provision in this policy that the insurer should prepare and implement the ethics policy. Two years after the policy was issued, most of the insurers have not complied with its provisions.
According to the policy, every insurer should have an authority to look after ethics for the implementation of the ethics system in his organization. Most insurers did not take this matter seriously or did not consider it necessary, it has not been implemented.
There is a provision in the policy to develop a system of educating and informing all concerned about the rules of virtue through the ethics officer.
According to the policy, the officer looking after the ethics should regularly submit a report to the CHIEF Executive Officer of the insurer regarding the status of implementation of the ethics policy. Not only this, reports related to ethics policy should also be made public through the insurer’s website for the information of the general public. There is a provision to submit it to the Insurance Authority on a regular basis.
Although the insurer has made a general mention in the annual report about the provisions of the Institutional Good Governance Guidelines 2080, it has not done the work of making periodic reports public through the website regarding the implementation of ethics policies and policies.
Role of authority
According to the policy, the NRA will review the status of implementation of the policy annually. The NRA will amend this policy from time to time in line with the national ethics policy. The AUTHORITY has also been found to be ineffective in the review work.
It has been decided to make arrangements for monitoring regulation and evaluation for the implementation of the ethics system of the insurance sector and to make necessary suggestions after studying the reports and suggestions made by the insurers regarding the implementation.
