Insurance Authority to Issue Unified Directives for Insurers

Kathmandu — The Insurance Authority of Nepal is preparing to issue unified directives to strengthen the financial health of insurance companies and address challenges faced by policyholders. Chairman Sharad Ojha made this announcement while addressing an interaction program on insurance organized by the Economic Media Association Nepal (IMAN) today.

Ojha emphasized the need for a robust financial foundation among insurers to resolve ongoing issues in the sector. “We are continuously discussing and coordinating with all three insurers. For their advice and the convenience of the insurers, preparations are in the final stages to issue unified directives,” he stated.

Addressing the issue of underwriting remains a key focus of the new directives. Ojha noted that resolving underwriting problems would help reduce issues related to insurance claim payments and misselling.

The Insurance Authority has already initiated preliminary steps to enhance regulatory practices. “Our main objective is to improve business practices by making the insurance market systematic. This requires the cooperation of stakeholders,” he added.

The upcoming unified directives are expected to streamline regulatory processes, address operational challenges, and support the sustainable growth of Nepal’s insurance industry.