Nepal and Bhutan Discuss Bilateral Cooperation in Insurance Sector

Kathmandu – Nepal Insurance Authority (NIA) and the Royal Monetary Authority (RMA) of Bhutan have agreed to strengthen bilateral cooperation and exchange of expertise in the insurance sector. The discussions took place during a meeting between Sharad Ojha, Chairman of NIA, and Ugen Choden, Deputy Governor of RMA, at the NIA’s central office in Kupandol, Lalitpur.

The meeting focused on the current state of the insurance sectors in Nepal and Bhutan, Nepal’s implementation of risk-based capital (RBC) and risk-based supervision (RBS), and experiences related to reinsurance. Both sides explored ways to enhance bilateral relations and share best practices to strengthen their respective insurance markets.

Chairman Ojha highlighted that Nepal has been practicing RBC and RBS to improve the efficiency and stability of the insurance sector. He expressed NIA’s willingness to provide technical support and share expertise with Bhutan in this area. Ojha also reaffirmed Nepal’s commitment to deepening cooperation with Bhutan’s regulatory body to elevate the insurance sector in both countries.

Deputy Governor Choden acknowledged the value of Nepal’s experience with RBC, RBS, and reinsurance, stating that such insights would benefit Bhutan’s insurance sector. She expressed RMA’s interest in furthering collaboration with NIA to drive the overall development of the insurance industry in Bhutan.

The meeting was attended by senior officials from both institutions, including Sushil Dev Subedi, Executive Director of NIA, and Pujan Dhungel, Director of NIA, along with high-ranking officials from RMA.