Kathmandu. The Nepal Insurance Authority has issued the ‘Guideline Related to Actuarial Appointment for Insurers-2024 Guideline’ with the aim of ensuring that insurers have their own manpower for actuarial services. This guideline has a mandatory provision to appoint at least one actuarial analyst for each life insurer. The guideline issued on 4th Baisakh 2081 also stipulated a time period for life insurers and reinsurance companies to appoint an actuarial analyst immediately and non-life insurers within 6 months of the issuance of the guideline.
The guideline has made it mandatory to appoint a full-time ‘in-house’ actuarial analyst for life insurers, non-life insurers, micro-insurance and reinsurance, and has also opened up employment opportunities for students studying actuarial science. As per the provisions of the directive, a total of 37 insurance professionals, including 14 in life insurance, 14 in non-life insurance, 7 in micro insurance and 2 in reinsurance, have been created to get employment.
The directive has paved the way for producing skilled manpower for insurance services within the country and providing them with employment opportunities. It may take at least another decade for its results to be visible. However, its introduction in the insurance sector of Nepal, which has a history of 70 decades, albeit late, is a positive aspect. In Nepal, the School of Mathematical Sciences (Mathematical Sciences College) under Tribhuvan University is currently teaching this subject.
After the authority issued this directive, the Actuarial Society of Nepal has already welcomed the authority’s step, calling it a milestone. The objective of the Authority is to create an environment for the production of skilled actuarial manpower in the country by appointing actuaries in the initial phase and training them through appointed actuaries.
The qualifications for appointment as an insurance analyst are: a bachelor’s degree, three papers of any three insurance professional examinations, at least three months of work experience in the Nepali insurance sector, and preparation for obtaining an associate’s degree from an internationally recognized institution.
The main four qualifications of an insurance analyst are: Responsibilities
a) Present insurance work to individuals who are knowledgeable about insurance but are non-technical in nature,
b) Analyze stakeholder needs while developing insurance solutions,
c) Demonstrate knowledge of professional and ethical standards in insurance work,
d) Work with awareness of the role of peer review in professional work To do.
The Insurance Authority is responsible for ensuring that the provisions of the Directive are fully implemented. The Authority should ensure that all insurers appoint trainee actuaries in accordance with the Directive. The Authority should provide regular training and coaching opportunities for aspiring students to make the insurance profession a means of their career development in collaboration with the Nepal Insurance Association, the Life Insurance Association of Nepal Social Responsibility Fund and the Actuarial Society of Nepal and the Insurance Institute of Nepal from the funds of the Employee Skill Development and Social Responsibility Fund of the Insurance Company.
According to the Authority, 14 life insurance companies, 3 small life insurance companies and 2 reinsurance companies have already appointed actuarial analysts. “We have sent letters today to 14 non-life insurers and 4 small non-life insurers demanding details of the appointment of actuarial analysts,” the source said. “Details regarding the appointment of actuarial analysts will be received from all non-life insurers in 1-2 days.”
