Government Introduces Regular Monitoring System for Insurance Authority Employees

Kathmandu – The government has introduced a new provision in the insurance regulations to ensure regular monitoring of employees working within the Insurance Authority through an internal control system.

Under the new regulation, the chairman of the Insurance Authority is required to assign a separate employee to oversee the activities of employees, including their efficiency, working environment, risk control measures, use of information technology, and overall operational discipline.

The newly designated official will be responsible for conducting regular monitoring and submitting a detailed report every three months to the central office and branch offices on a quarterly basis.

Additionally, the new regulation mandates the formation of an audit committee within the Insurance Authority. The committee will not only monitor internal expenses but will also have the authority to investigate, study, and review policy decisions made by the Insurance Authority, ensuring greater accountability and transparency in its operations.