Kathmandu. The Insurance Authority of Nepal (NIA) has included in its annual policy and program the subject of review of the implementation of the main principles of insurance propounded by the International Association of Insurance Observers (IASIS).
The NRA brought the annual policy and program in its first practice, 2082. Out of the 12-month deadline set for the implementation of 83 projects, about five and a half months have already passed. In the meantime, information about how many steps NEA has been able to take to achieve the goals set by the authority will be revealed in the NRA’s annual report. At present, the authority is proactively incapable of monitoring and controlling the weak institutional governance within the insurance companies.
The 28 key principles recommended by the IAS, the global umbrella body of insurance regulators, are aimed at maintaining insurance credibility by ensuring consistent corporate practices in the insurance sector.
In order to make the insurance sector more transparent, safe and accessible to all, the International Association of Insurance Supervisors has put forward 28 Insurance Core Principles (ICPs 24). Initially, this principle is only 24, so it is still named ICPs 24 to retain its identity.
These principles are not limited to paper, but they have contributed to making the relationship between the insured and the insurance company stronger and more trustworthy.TAG_OPEN_div_27
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