Delay in Appointment of Insurance Authority Chairman Sparks Concerns

Kathmandu – The Government of Nepal has begun the process of appointing a new chairman for the Insurance Authority, but procedural and logistical delays have stalled progress. The chairman selection committee, formed by the Council of Ministers, has yet to initiate formal work.

The committee, formed by the Council of Ministers includes National Planning Commission Vice Chairman Prof. Dr. Shiva Raj Adhikari, Finance Secretary Ram Prasad Ghimire, and Jyoti Chandra Ojha. Progress was delayed as Ojha, a key member, was outside the valley. With Ojha now in Kathmandu and actively assuming his responsibilities, the committee’s priority is to establish the procedure for selection.

According to sources, the committee will soon decide whether to publicly invite applications for the position or directly shortlist candidates for recommendation. The finalized process will dictate the subsequent steps, with three candidates eventually being submitted to the government for consideration.

However, concerns about potential favoritism have surfaced. Reports suggest that Finance Minister Bishnu Poudel may be working to appoint a chairman closely aligned with Rajesh Babu Shrestha, owner of Manakamana Cable Car. Shrestha has previously faced allegations of corruption, including accepting bribes to issue insurance company licenses during his tenure as chairman.

The Ministry of Finance has yet to make a final decision on the selection procedure. The outcome  of this process will be pivotal in shaping the future of Nepal’s insurance sector.