Kathmandu. The Nepal Insurance Authority has formed a technical committee under the leadership of the Life Insurance Association to introduce good practices that are prevalent globally in the life insurance sector to Nepal.
At the request of the authority, the Life Insurance Association of Nepal has formed a five-member technical committee under the coordination of Deep Bahadur BC, Deputy Chief Executive Officer of Citizen Life Insurance. The committee members include Dinesh Bahadur Amatya, Deputy Chief Executive Officer of IME Life, Rajiv Guruwacharya, Deputy Chief Executive Officer of Suryajyoti Life, Satya Parajuli of the Actuarial Department of Nepal Life, and Surya B Rai, Director of Product Development and Management of Met Life.
The committee has been mandated to submit suggestions on the improvements and modifications to be made in the technical aspects of the life insurance business in the direction of meeting customers’ reasonable expectations and treating customers fairly. The committee will submit suggestions to the Authority on behalf of the association to address the revision of insurance products, terms and conditions of insurance policies, surrender of insurance policies, and technical inconsistencies in insurance policies based on global best practices.
