Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has organized a discussion and interaction program with Nepal Rastra Bank (NRB) on recommending foreign currency exchange for actuary and re-insurance at the central office of NEA, Kupandole today.
The program has been organized with the objective of enhancing cooperation and policy coordination among the bodies concerned to make the reinsurance, international transactions related to insurance and payment in foreign currency more systematic, effective and easy along with the expansion of the insurance business.
On the occasion, Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that the bilateral cooperation would be further strengthened based on the conclusion of the discussion with Nepal Rastra Bank to address the technical issues seen in the foreign currency exchange related to the insurance business.
Executive Director Subedi said that the insurance regulations have paved the way for addressing some problems related to foreign currency related to insurance and these issues would be addressed through the directive.
Executive Director of the Department of Foreign Exchange Management, Nepal Rastra Bank, Dr. Dilliram Pokhrel pledged to move ahead in collaboration and coordination with the Insurance Authority to make the foreign currency transactions in the insurance business easy, transparent, safe and acceptable in the international arena.
Executive Director Dr. Stating that suggestions would be taken from the Insurance Authority regarding the immediate resolution of the problems seen in the foreign currency exchange related to the insurance business, Pokharel said that he would collaborate with the Authority to maintain policy harmony in this regard.
According to Nepal Insurance Authority (NEA) Director Kamal Prasad Regmi, the program has been organized to discuss the practical problems seen in the foreign currency exchange related to the insurance business.
Buddha Raj Sharma, Director of Nepal Rastra Bank, said that the partnership between Nepal Rastra Bank and Insurance Authority will play an important role in minimizing the risks that arise with the expansion of insurance business.
On the occasion, Deputy Director of Nepal Insurance Authority Ram Koju presented the existing provisions related to foreign currency exchange recommendation for insurers and re-insurers and Yagya Shrestha, Deputy Director of Foreign Exchange Management Department of Nepal Rastra Bank, presented the existing provisions related to foreign currency exchange for insurance business.
The participants of the program expressed the view that the provision related to foreign currency exchange should be revised as per the time with the expansion of the insurance business.
The program was attended by officials of Nepal Rastra Bank, Department of Foreign Exchange Management, Nepal Insurance Association and Non-Life Insurance Association, representatives of various commercial banks, heads of reinsurance departments of insurance companies and reinsurance brokers of Nepal.
