Authority’s Instructed Insurance Company to work Without any Blunder Understanding that Banks and Insurance are Different

Kathmandu : Chairman of Nepal Insurance Authority Surya Prasad Silwal has instructed the insurance companies to act in such a way that access to insurance in Madhesh province, will increase significantly as it is stable in 9% only .Addressing the interaction program organized by the Nepal Insurance Authority on Wednesday 18th of October 2023 A.D. at Janakpurdham in Dhanusha district of Madhesh province, with the heads of provincial, branch and sub-branch offices and stakeholders of insurance companies, Chairman Silwal instructed the insurers to conduct clean business in full compliance with the insurance act, regulations, guidelines and instructions. In order to increase the efficiency of the employees of the insurance company, the authority asked the Insurance Institute Nepal to conduct training.

Chairman Silwal also instructed the provincial, branch and sub-branch offices of the insurance company to request the central office to bring new insurance articles in accordance with the local needs, to explain to everyone that banks and insurance are different and to work in such a way that there are no errors. Chairman Silwal has instructed to work in coordination with the provincial offices of the Authority, not to do insurance business contrary to the principles of insurance and to ensure adequate analysis of the proposal so that there is no problem in payment of claims. Rajuraman Paudel, Executive Director of Nepal Insurance Authority, has directed the insurance companies to act in order to increase public confidence in insurance and to do business on the basis of fair competition.

Expressing his welcome speech at the event, Dinesh Kumar Lal, director of Nepal Insurance Authority, said that the provinces, branches and sub-branch offices of insurers should maintain good governance and work to avoid complaints. In the program, Chief Executive Officer of Sanima Reliance Life Insurance Company Shivnath Pandey and Chief Executive Officer of Nepal Insurance Company B.K. Maharjan answered the questions raised in the discussion.

The participants in the program discussed about different views like: how the training should be organized to increase the efficiency of insurance company employees, certain rights should be delegated by the central office, although there are many improvements in the property insurance guidelines recently issued by the authority, some issues should be clarified, payment of remaining claims of corona insurance should not be delayed, etc. The program was attended by the heads and representatives of provincial offices, branch offices and sub-branch offices of Madhesh province as well as stakeholders too.