Chairman Ojha Warns of Action Against Insurance Officials Neglecting Policyholders’ Interests

Kathmandu – Nepal Insurance Authority Chairman Sharad Ojha has issued a stern warning to provincial and branch heads of insurance companies, stating that strict action will be taken against those who fail to act in the interest of the insured and who neglect compliance with insurance laws.

Speaking at a discussion and interaction program organized by the Nepal Insurance Authority in Biratnagar today, Ojha emphasized the need for integrity, professionalism, and sustainability in the insurance sector. The program brought together officials from provincial and branch offices of insurance companies operating in Koshi Province.

Ojha urged insurers to clearly identify and promote the positive aspects of the insurance business while eliminating harmful practices. He directed insurance officials to strictly adhere to the Insurance Act, rules, and guidelines, and to carry out accurate risk assessments.

He also highlighted the need for transparency at the policy issuance stage, stating that if accurate information is provided upfront, there should be no issues in claim settlements. “Citizens must receive their insurance payments, and for that, we need both honesty and well-trained human resources,” he added.

Director of the Nepal Insurance Authority, Nirmal Adhikari, echoed these sentiments and cautioned against unfair rate-cutting practices that undermine good governance. He reminded companies to remain within regulatory bounds.

During the program, participants raised several key issues. They called for the delegation of greater authority to provincial offices, the allocation of a portion of collected premiums to be used locally under corporate social responsibility (CSR), employee training, standard-based branch expansion, and the inclusion of insurance education in school and university curricula.

Deputy Director Rajendra Maharjan delivered the welcome remarks, while Binod Pokharel, Chief of the Authority’s Koshi Province Office, coordinated the session.