Kathmandu. The leadership of the regulatory body of the insurance sector is directly related to the financial stability of the country, risk management and the welfare of the insured. Therefore, many countries in the world have ensured not only high qualifications for the head of insurance regulator but also attractive service facilities. <\/p>\n
Looking at the practice of India, China, Japan, Bangladesh and Malaysia, Nepal seems to be far behind. In India, the chairman of the regulatory body of the insurance sector is appointed by the central government. The monthly salary of the chairman has been fixed at Rs 5,62,000. If you look at it annually, it is about 67 lakh 50 thousand rupees. Its Nepali currency is Rs 1.08 crore. <\/p>\n
Insurance regulation in China is currently under the China Banking and Insurance Regulatory Commission. The head of the regulator is a senior official wholly connected to the state administrative system. Various international administrative studies have shown that on an annual basis, about 200,000 to 300,000 Chinese yuan (about 45 to 65 lakh rupees) worth of direct and indirect benefits are available. These include government housing, very low personal expenses, free healthcare, transportation facilities, and a lifetime state security system. <\/p>\n
In Japan, insurance is regulated by the Financial Services Agency. The average annual salary of Japan’s top executives is 26 million Japanese yen. This is equivalent to Rs 2.36 crore in Nepali rupees. <\/p>\n
According to the government salary structure in Bangladesh, the monthly salary of an insurance chief is around Tk 2,00,000 to Tk 250,000. Based on this amount, it is equivalent to 24 to 30 lakh rupees annually i.e. about 30 lakh to 38 lakh rupees. This includes government housing or housing allowances, transport facilities, health care and retirement benefits. <\/p>\n
The Insurance Regulatory Bank of Malaysia is part of Negara Malaysia. The annual salary of senior officials of the financial regulator in Malaysia is estimated to be between 14 million and 1.5 million Malaysian ringgit. This amount is around Rs 5.27 crore in Nepali rupees. These include performance-based bonuses, health insurance, international training facilities and contribution-based pension plans. <\/p>\n
In comparison, the facilities of the chairman and directors of the Nepal Insurance Authority (NEA) seem to be very limited. The chairman of the Insurance Authority is estimated to have around Rs 2.21 lakh. In an annual manner, it is only about Rs 26 lakh. Although some meeting allowances, transport facilities or fuel allowances have been added, the total service is much lower than that of Asian countries. Housing, health insurance, and international training are often limited. <\/p>\n
According to experts in the administrative sector, such poor pay and perks structure have made it difficult to attract Nepalese nationals with expertise in insurance, risk management and financial regulation of international standards to lead the Insurance Authority in Nepal. <\/p>\n
How wide are the eyes of the employees of the NEA when they see the salary details of the employees of the insurance company in the quarterly progress report? Moreover, how weak is the morale of the employees of the NEA when they compare their salaries and remember the unequal salary or the very low salary? <\/p>\n
In order to attract competent and competent leadership to the post of Chairman of Nepal Insurance Authority, at least the salary and perks of the Chief Executive Officer of the leading insurance company should be ensured. The salary and perks of the employees of other levels should also be maintained in such a way that it is at least equal to the average service of the insurance company. Only then will policy reform be possible. Otherwise, it is not possible for the chairman as well as other employees to stop the distortion of fulfilling family and social needs on the basis of the additional benefits they receive from the service recipient.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The leadership of the regulatory body of the insurance sector is directly related to the financial stability of the country, risk management and the welfare of the insured. Therefore, many countries in the world have ensured not only high qualifications for the head of insurance regulator but also attractive service facilities. Looking at the […]<\/p>\n","protected":false},"author":5,"featured_media":283598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45067,45159,45099],"tags":[],"class_list":["post-283660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-important-en","category-news-en","category-regulatory-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/283660","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=283660"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/283660\/revisions"}],"predecessor-version":[{"id":283661,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/283660\/revisions\/283661"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/283598"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=283660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=283660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=283660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}