Kathmandu. The Nepal Financial Report Value Implementation Directive, 2083 BS issued by the Nepal Insurance Authority (NIA) is expected to further strengthen the protection of interest of the insured. <\/p>\n
The directive has made it mandatory for the insurance companies to make accurate assessment of insurance liabilities, transparent financial reporting, management of quality data and make public financial statements in accordance with international standards. <\/p>\n
According to the directive, the responsibilities of the company’s management, board of directors, appointed actuary, external auditor and Nepal Insurance Authority have been clearly divided. In addition, annual certification by the appointed actuary has been made mandatory for the insurance liability, as well as the accuracy of financial data, risk management, reliability of the information technology system and independent auditing. <\/p>\n
In addition, companies are required to form a separate project management team for the implementation of NFRS-17, prepare an implementation plan and submit a regular progress report to the Insurance Authority. A regulatory safeguard mechanism has also been incorporated with the objective of not affecting the interest of the insured by taking precautions in the distribution of profit. <\/p>\n
According to the experts of the insurance sector, these provisions will make the financial condition of the insurance companies more transparent, accountable and credible. As a result, the ability of the insurance companies to fulfill their obligations to the insured in a timely and complete manner will be strengthened, the interests of the insured will be protected and public confidence in the entire insurance sector will be enhanced.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The Nepal Financial Report Value Implementation Directive, 2083 BS issued by the Nepal Insurance Authority (NIA) is expected to further strengthen the protection of interest of the insured. The directive has made it mandatory for the insurance companies to make accurate assessment of insurance liabilities, transparent financial reporting, management of quality data and make […]<\/p>\n","protected":false},"author":5,"featured_media":245582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45099],"tags":[],"class_list":["post-308005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-regulatory-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/308005","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=308005"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/308005\/revisions"}],"predecessor-version":[{"id":308006,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/308005\/revisions\/308006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/245582"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=308005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=308005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=308005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}