Citizen Life Became The First Company to Approve Actuarial Assessment for the Fiscal year 2022 A.D
Kathmandu: Citizen Life has succeeded in getting the actuarial evaluation report of the life insurance fund based on the Fiscal Year 2079/80 B.S 2022 A.D financial statement approved by the regulator Nepal Insurance Authority within four and a half months. Probably, in the history of Nepalese insurance industry, Citizen Life Insurance has become the first life insurance company to approve the actuarial assessment in the fifth month after the end of the fiscal year.
Citizen Life has given a challenge to all insurance companies operating in Nepal by passing the first actuary valuation rather than non-life insurance companies. Actuarial evaluation of the life insurance fund of life insurance companies should be done, while liability education test (LET) of non-life insurance companies should be done by an actuary.Actuarial valuation of non-life insurance companies used to be faster than that of life insurance companies. But this time, Citizen Life has succeeded in surprising the entire insurance sector by surpassing even non-life insurance companies.
Citizen Life has succeeded in passing the actuarial evaluation within four and a half months, now other life insurance companies will also be pressured to pass the actuarial evaluation on time.Citizen Life Insurance Company’s efficient management, institutional governance and management’s decision to make the actuarial assessment more flexible, due to the full support of the board of directors, has succeeded in breaking the traditional belief that the actuarial assessment of life insurance takes more than one year or even more.
Regarding the fact that the actuarial evaluation of some life insurance companies for the year 2021 A.D is yet to be approved whereas, Citizen Life challenged the companies that delayed the actuarial evaluation and succeeded in getting it approved by the regulator Nepal Insurance Authority in four months and 15 days after the end of the year 2022 A.D.
Nepal Insurance Authority had approved the actuarial evaluation of Citizen Life’s life insurance fund on 1st of December.Deep Bahadur B.C, head of accounting at Citizen Life, said that it was possible to get today’s results by working on time, prioritizing work, and addressing the actuary’s situation at the right time. He also said that actuarial evaluation work is not a big problem and informed “Beemapost” that if there is proper coordination with the board of the life insurance company, regulatory bodies etc., the actuarial evaluation can be passed on time.
The CEO of Citizen Life Insurance Company, Poshak Raj Paudel is also the chairman of Nepal Life Insurance Association. “Today’s results are possible due to the policy of the board of Citizen Life Insurance Company, which does not compromise for the sustainable development of insurance and the tight accounting system”, said Citizen Life’s CEO Poshak Raj Paudel. He also said to Beemapost, “This is not a work done by anyone alone, we were able to achieve this success through the collective efforts of the board, accounting department, actuaries in Nepal, actuaries in India and the regulator Nepal Insurance Authority”CEO Paudel said that behind the successful preparation of the actuarial evaluation within four and a half months of the end of the fiscal year, there is a planned work and collective effort.
He said ,”We developed the capacity of the local actuary, empowered them, planned and prioritized them on time. We also worked in coordination with the actuary in India by sharing what the regulator of Nepal said. It became possible because all the team worked honestly in the plan. I would like to give special thanks to the Insurance Authority, they verified our actuary valuation with utmost priority.”