Nepal Insurance Authority Holds Critical Discussions with Insurance CEOs

Kathmandu – The Nepal Insurance Authority convened a high-level meeting on Sunday, bringing together chief executive officers (CEOs) of both life and non-life insurance companies operating in the country. The discussions, led by the authority’s chairman Madan Dahal, focused on expediting claim payments and strengthening anti-money laundering (AML) practices within the insurance sector.

Chairman Dahal issued a stern warning to non-life insurers regarding delayed claim settlements. He expressed concern over the disbursement of only 1 billion claim from the pending 12 billion NPR flood and landslide claims, despite the authority providing multiple concessions to expedite the process. “Unjustified delays in claim payments will not be tolerated,” Dahal emphasized, urging the CEOs to ensure faster settlements. The insurers committed to addressing these delays and improving claim processing times.

Another key agenda of the meeting was the implementation of AML measures. The authority discussed a five-year work plan to bolster AML compliance, emphasizing the growing concerns about money laundering in the insurance sector.

Approximately 25 CEOs attended the program, with representatives from outside the Kathmandu Valley sending deputy CEOs to participate. The meeting was held to ensure the effective enforcement of laws to prevent illicit financial activities.