Insurance sectors Providing 17% Economic Contribution to the Country

Interview :

Distinguished his role of position in insurance authority, He is leading insurance authority. He was past ministry of finance secretary, Industry secretary, home secretary or Communication secretary.

He has collective experiences, since his two year in insurance regulation body, he have done memorable deed in insurance sector.

Since 2077 last february ministry’s Cabinet meeting he was appointed insurance authority board committee as a chairman. After his arrived this sector long time awaiting insurance act he was able to issues as a new insurance act 2079.  Insurance authority he had able to change in a new form to insurance sector. Later he is dedicating insurance extension plan. Surya prasad silwal is chairman of Insurance authority.

Interview with Suryaprasad Silwal, Chairman, Insurance Authority, Interview by Rina Khatri  for the Beemapost, English Edition in brief.

 Later, appearing the insurance sector’s issues what will be tomorrow’s destination and next plan’s, are focus following the subject insurers security ? In the insurance sector you have spent half of two year. In this time what do you think over above the subject ?

On my deed i can’t evaluation myself. My deed evaluation will does by insurance sector. I am not came in this sector by making the plan. Insurance subject is own hard subject. In the two year period i am learning and working. In two year period not make me expert of as forms of insurance sector. I am as a administrator i am trying to be a success and able to stand. i am satisfy with my work.

Last time appearing the some good positive subjects in the insurance market. As a whole of the subject than feeling the different sector for me. Till to Today whole of the insurance sector reforms, i am following to long lasting sustainable strategy in the insurance sector. Some subject i am learning and some object of step forwarding. Those of in favor of subject should be cleverness. In this time i am able to change government concept about the insurance policy.

 You are distinguished government sector’s important role, your experience is an old is gold model of experience to work insurance sector how do you feeling ?

I have working experience Nepal government different sector. Those of my experience help me to receive positive energy. Each sector have on importance. I am now insurance’s as a guardian and i am actor of regulator body in Nepal Insurance authority.

In my view in tiny form for the insurance sector is a major part. It take to look the hues of forms financial sector and from own side. But, insurance sector have a back bone of economics. Each of touching the insurance issues massively face to face received service from the people.

To say the concerning my career i was long time worked in local development sector. I was work in local government of Kathmandu municipality’s executive chief. Also how to join the insurance sector i had no knowledge about insurance sector at past day. But, there to come here i got knowledge. How to join in the insurance that thing was my challenges. The government also starting to understand to insurance.

How does do you perform from you government perspective concept ? About the insurance governance policy still yet how to make insurance friendly for peoples ?

About the insurance concept before was not more prioritize in this sector. Now government have high prioritizing. Along with awareness came in the government. All of the risk took over not to say. Gradually these consciousness have been gone in the provincial government. Because of our interaction program forwarding provincial and municipality level about the expand insurance policy. Now we able to success to reached in the remote village level.
About the insurance policy one types common understand. Theory of insurance do the thing. Its help hand over the risks. All of thing may doesn’t a part to say.

To see the new act those of thing said, Insurance authority is a suggestion and policy maker body. Insurance authority is a one part of government. Its provide rule and regulation in the insurance sector, suggest to follow the government policy and plans implement in the stakeholder.

To distinguish the responsible complete to own self, gradually through the media of insurance hand over the risk and whole of insurance sector make secure.

 Insurance claim process is long and tangible, have raising the voice of complain in the countrywide from the insurer, How do does address in these issues ?

Insurance authority, insurance sector’s about claimed process we are thinking how make it easy, Years long proposal had forwarded from those insurance claimed process, mostly having the progress might seems past data and latest Insurance authority as a follower of zero tolerance policy provider. we are working from last time insurance claimed payment process to make the similar.

What was past, i don’t speak. Now moving the campaign to completed process of claimed document to make the similar payment systems. In time not receive claimed process from the insurance company, insurer may apply application. Such a over the claim application will decide to district level bench court.

It create to justice claimed payment ordinary situation. Claimed payment issues are not big as a before. It is may be merely circumstance not completed document policy having problems may postponed. But, whole of insurance claimed process managing similarly generalize quick process mechanism. Authority direction provide the claimed process policy. Who will not provide the process in time those of insurance companies will forward legal action.

To the Insurers, insurance company creating problems to insurer, they complained that, those side of problems from regulation, what do see you from you ?

Claimed process is a matter of high prioritized from insurance authority. They will not claimed, who those doesn’t want to increased confidence insurance in the profession. we starting campaign to make the easy from the last year.

Only last year we were following the insurance company. those of time 41 billion amount claimed payment was paid.

We says, if don’t follow the rule of action. we ere looking Insurance claimed of process by two angle, first administrative where claimed process not to forwarding, any amount of premium last past year system was one thousand, One lakhs, or one crore possible to receive only through central office. Now those of system will solve office of province insurance authority office.

claimed process known such of problems provided to right to branch and province office.

Second process complete the legal process within the 7-35 day. Clearly was sent  direction. We understood its problem should be root out. But, it may be some problems to implementation.

Insurer document have collection is a some problems. But, ultimately problems already solutions in our vision.

Authority those of right provide for small claimed process payment, specially agriculture insurance are small. If we might be success those of action may increase attraction in insurance sector. Other way insurance claimed are hearing problems. we are providing the authority to province level of insurance branch office.

Regarding to Regulator’s the direction to insurance company’s to merger process are forwarded, any one company’s are in merger process, those of subject what do you want to say ?

Insurance authority’s main vision are insurance capital increased, billion, million capital’s are in pitiable condition. They are near the risk, so we had provide direction to increase the capital to the insurance company. For these of time follow to increase the capital or gradually forward process to merge. This is happy situation for the insurance market. Merger process extremely create healthy environment, being fair competitive or also may access able play role where/ever.

Cause of merger policy 40 insurance company now around one dozen.

At lastly, capital should full up, as though company own self went to merger process. Those of merger insurance company they are making their strengthening.

 Under the possession of government laying two company not binding in regulations saying what do you say about it ?
We are providing company regulation equal to other insurance company also under laying government insurance company. If will not stay under the regulation we will forward legal action. Regulation any types of insurance company, either to under  government insurance company neither to others don’t discrimination from regulator body all are equal.

Two company lastly from long time due to submit financial statement. Financial statement and other management system, Over the two company, authority made little loose in regulation. We want to bring in onedoor system. Those of system will include this issue to end the irregularity. The government insurance company not now problems, later. That are since 15-20 years old problems, still yet being a subject of headache.

But, insurance act not known which is private and government ? which have limited capital should be reach in time. Provided time capital should be increase. Neither to not, if cannot be able to reach capital, No discount to stay. Regulator body will not sit in quite.

17 july 2023 capital will not complete in deadline, will think regulator body say it against authority’s direction. Those of insurance companay’s there transaction will decrease, Portfolio also will block, Portfolio will be make limited. After that action automatically will go to constraint in merger process. Limitation of capital will not complete, authority will go corrective action. National insurance company limited and National insurance corporation we hope that will be implement direction.

 If tot going to further to increase the capital ownself, Company regulator body will forward process of legal action ?
Nepal Insurance Authority near the paid capital, alternative not for the company’s those of company bringing some packages of program. Not merger to alternative way and last time have the problems for the company’s planning to give the special facility.

Life Insurance Corporation of (LIC) India, Main promoter share holder accordance with demanding to share expulsion. Authority LIC right share already given allotment acceptance. Also alternative way aren’t company will guide from the regulator body.

 Under the agriculture, livestock insurance subsidy payment not received insurance company, hearing. Why to lingering to pay the subsidy amount ?

Agriculture and livestock insurance is not accused cent\percent in subsidies amount. Insurance company’s base of necessary claim document process should be provide. Government provide the subsidy according to law process. Regulation also bind us in boundary so, having the little delay.

Subsidy amount have been given by ministry of agriculture. We are watching the solutions paths. Authority going to make integrated software. To come bind in combination to make transparency and responsibility through the software monitoring system. Agriculture, livestock insurance policy after the entry in software system, we forward to the ministry of finance, then we will join in link of each other with provided data authority. After the software data will not be delay to subsidy in time.

Present some company provide the wrong data so, being late. To the ministry of agriculture are under blame dealing with barrow insurance, more than two years are paid insurance amount is not justice. After the software conduction this matter will kindly solve the problem.

 Policy surrender sequence more increased, what a plan its to decrease ?

New insurance policy’s along with add, policy surrender will increase self, Along with angle of the regulation side, numbers of insurance agents we are adding to make qualitative. Next day we are seeing policy surrender will low, policy surrender not providing provision to manage the policy surrender. But, until the remaining policy surrender.

Doesn’t performs own ability over insurance premium payment process surrender policy. Next plan will be surrender. Before ritual was cut out back date amount system will avoid it.

Thus, we have providing rigid underwriting process. Only openly income sources amount of insurance circle of limitation. approach of 50% insurance, might possible ?

In the mass of the publics, day yesterday than today increasing awareness in insurance sector. Insurance market and its sector also increasing. Insurance authority providing interaction with province and local level. We are extending insurance awareness to reach the remote area. It makes surely some different.

Last time increasing online insurance practice in Nepal. One year policy, five year policy, only will purchase health insurance, publicly that policy should be necessary to understand.
We are working for insurance company and company also should be extend about the insurance policy conscious. Other thing, after claimed the insurance, company should be paid in time. Insurance company with their liability ensure the environment to receive payment own self to be a winner of confidence.

 Authority provide limitation to enhancing broadly, in this situation insurance sector are now golden opportunity. Insurance company only limitation in collective fix deposit, what you say about this subject ?

As a other sector insurance company own, own self an interesting sector, may not investment. Beside the fixed deposit to investment in others sector along with should be study, avoid some tangible point of obstruction in insurance.

In the insurance sector bank and financial institution investment in out of their sector. Its are new practices. In this subject insurance company practicing and leading own self. Insurance company out of limitation to extend the investment modality. Now insurance company can investment oneself,

Insurance act 2079 previously passed and regulation 2080 process where reach out ?

From the insurance authority regulation draft 2080 going to meet to the reaching point now in tabulation in the ministry of finance. Legal correction factor have working process. Insurance authority’s drafting process have finished now, due to process of submit it house of representative meeting by the ministry of finance.

 Financial crisis impact seeming the insurance sector.  In this situation how to secure insurance, have you thinking some to do ?
Financial crisis impact seeming is reality not only the country. Economically insurance sector’s crisis is not reality. As other sector’s according to financial indication in insurance sector not declining. We are doing minor supervision, along with financial impact in insurance sector. Insurance sector contributed to the country through the economically. Insurance company is a strong factor in economically. Economically still yet billion of fund running insurance sectors.

What are you saying about the selling insurance policy in the insurance market ?
Nepal’s insurance market should be move new methodically and renewable innovation base of insurance planning policy.

If also, still yet moving the very old traditional selling plan insurance policy. and its limitation will not able to increase their market. Later insurance real access is 17%  both of (Life and Nonlife).  Due to urge compulsory pulling the new insurance plan for the insurance market, although, additionally necessary to level up insurance company and consideration conditions.

Now insurers education is expansion own self between traditional way in insurance. Context of long Nepalese insurance policy, Long term than short term policy making more attraction.

Our country geographically diversity, its air, water and soil are different. Regulator body want to facilitate to insurance company. Shouldn’t any kind of compromise peoples received insurance service. It is not only insurance profession, whole of Peoples daily touching life issue. So, insurance company, Lead to perspective of insurance’s possession our mind, should be abandon for personal interest, Still yet On occasion of 55th annual anniversary day. I want to give congratulations in the great campaign, who involves in insurance sector to make the effective.