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The insurance authority has instructed the non-life insurance company to play a responsible and strong role to make the insurance company financially strong, ensure profits and protect the interests of the insured. Chairman of Nepal Insurance Authority Sharad Ojha gave the instructions in a meeting with the Chairman and members of the Board of Directors of Nirjeevan Bima Company on Wednesday.
The program has been organized with the aim of obtaining opinion by discussing with the chairman and members of the board of directors of insurance on the current situation of the insurance industry, claims payment, investment areas, digitization, institutional governance, financial statements, insurance education and service delivery.
A discussion and interaction program on current issues related to insurance with the chairman and members of the board of directors of Nirjeevan Insurance Company was completed in Kathmandu today under the organization of Nepal Insurance Authority.
Chairman of Nepal Insurance Authority Ojha directed the Chairman and members of the Board of Directors of Nirjeevan Insurance Company to play a responsible and strong role to make the insurance company financially strong, ensure profits and protect the interests of the insured.
"In order to be strong, insurance companies must get out of the scope of compulsory insurance, follow insurance laws and regulations responsibly, and the board of directors must be aware of the company's policy and long-term issues," he said, "the authority does not want to be mismanaged, the board of directors must make the management responsible and control it to prevent a situation of mismanagement." He said that since the payment complaints are increasing, it is necessary to increase the trust towards insurance by paying claims on time.
Chairman Ojha said that the authority is performing the role of facilitator and regulator in parallel for the development and expansion of the insurance sector. He said that the authority is ready to cooperate by providing projected services for the development of the insurance industry, protecting the interests of the insured, expanding the scope of insurance and making insurance accessible to the target group.
Executive Director of Nepal Insurance Authority Sushiledev Subedi said that in order to advance the insurance industry in an orderly manner, to protect the interests of the insured and to solve the problems seen in the insurance sector, the authority has been playing the role of a helper along with the regulatory role.
