{"id":277792,"date":"2025-11-27T20:29:31","date_gmt":"2025-11-27T14:44:31","guid":{"rendered":"https:\/\/insurancekhabar.com\/what-is-the-basic-principle-of-insurance-included-in-the-annual-policy-and-program-of-the-authority-2\/"},"modified":"2025-11-27T20:29:31","modified_gmt":"2025-11-27T14:44:31","slug":"what-is-the-basic-principle-of-insurance-included-in-the-annual-policy-and-program-of-the-authority-2","status":"publish","type":"post","link":"https:\/\/english.insurancekhabar.com\/what-is-the-basic-principle-of-insurance-included-in-the-annual-policy-and-program-of-the-authority-2\/","title":{"rendered":"What is the basic principle of insurance included in the annual policy and program of the authority?"},"content":{"rendered":"<p>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). <\/p>\n<p>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&#8217;s annual report. At present, the authority is proactively incapable of monitoring and controlling the weak institutional governance within the insurance companies. <\/p>\n<p>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. <\/p>\n<p>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. <\/p>\n<p>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 <\/p><\/div>\n<\/p>\n<p><h4 class=\"otQkpb\" role=\"heading\" aria-level=\"3\" data-processed=\"true\" data-complete=\"true\">{{TAG_OPEN_span_19}Why are these principles necessary? <\/span><\/h4>\n<\/p>\n<p>In the context of Nepal, insurance coverage has reached almost half of the population, based on the number of insurance policies sold and the proportion of population.TAG_OPEN_div_26 However, delays in claim payment or procedural hassles have deprived many of them from this service. These principles of the Union contribute to bridging this gap. <\/p><\/div>\n<\/p>\n<ul class=\"KsbFXc U6u95\" data-processed=\"true\" data-complete=\"true\">\n<li data-hveid=\"CAEIBhAA\" data-complete=\"true\" data-sae=\"\"><span class=\"T286Pc\" data-sfc-cp=\"\" data-complete=\"true\"><span style=\"color: #0000ff;\"><strong class=\"Yjhzub\" data-complete=\"true\">Guarantee of Economic Security (ICP 16: Capital Adequacy and Solvency):<\/strong> <\/span> The principles oblige insurance companies to maintain adequate capital and financial soundness. <\/span><span class=\"T286Pc\" data-sfc-cp=\"\" data-complete=\"true\"> simply means that the insured increases the certainty that their claim will be paid in any eventual manner. <\/span><\/li>\n<li data-hveid=\"CAEIBhAB\" data-sae=\"\" data-complete=\"true\"><span class=\"T286Pc\" data-sfc-cp=\"\" data-complete=\"true\"><span style=\"color: #0000ff;\"><strong class=\"Yjhzub\" data-complete=\"true\">Transparency and Good Governance (ICP 8: Corporate Governance, ICP 14: Disclosure and Transparency):<\/strong> <\/span>Emphasis is placed on the internal management, risk management, and transparency of the company. This prevents companies from making arbitrary and arbitrary decisions and encourages the insured to have every information readily available. <\/span><\/li>\n<li data-hveid=\"CAEIBhAC\" data-complete=\"true\" data-processed=\"true\" data-sae=\"\"><span class=\"T286Pc\" data-sfc-cp=\"\" data-complete=\"true\"><span style=\"color: #0000ff;\">{{TAG_OPEN_strong_21}Respect for Human Side (Market Conduct &#8211; ICP 25)<\/strong> <strong class=\"Yjhzub\" data-complete=\"true\">: <\/strong><\/span> Special priority has been given to the protection of the interests of the insured. This ensures fair and humane treatment to the customer whether it is selling the insurance policy or paying the claim. It helps establish insurance as a social safety net and not just a business. <\/span><\/li>\n<\/ul>\n<p>Any insured gets hassle-free and easy claim payment within the stipulated time, only then the trust of the general public in the insurance increases.TAG_OPEN_div_25 These principles of the association empower regulatory bodies (such as the Nepal Insurance Authority) to strictly monitor the activities of the companies. Full adherence to these principles will make Nepal&#8217;s insurance sector strong and reliable at an international level. This will give the insured peace of mind that their investment and future are secure. <\/p><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":267517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45067,45152,45159],"tags":[],"class_list":["post-277792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-important-en","category-life-insurance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/277792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=277792"}],"version-history":[{"count":0,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/277792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/267517"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=277792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=277792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=277792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}