Chairman Pokharel Calls for Professional Reform in Nepal’s Insurance Sector

Kathmandu — Newly appointed Chairman of the Nepal Insurance Authority, Sebantak Pokharel, has directed the Authority’s staff to ensure that the insurance sector is regulated with professionalism, transparency, and institutional integrity. Speaking during his oath-taking ceremony in Kathmandu, Pokharel emphasized the urgent need to reform operational practices and strengthen regulatory oversight.

In his address, Chairman Pokharel called on all employees to remain focused and committed, regardless of leadership transitions. “Employees should not fear leadership changes,” he said, adding that it is the dedication of staff that determines the transparency and strength of the insurance industry. “I will fulfill the responsibilities entrusted to me and the Ministry of Finance. You must do the same for the sector to thrive.”

Upon highlighting the progress made by the private sector, Pokharel urged the Authority to rise to the challenge. “The private sector has advanced far. We must be equally competent. Present yourselves as a firm and capable regulatory body,” he stated. He also stressed the importance of internal cooperation among employees and warned against factionalism.

Pokharel underscored the Authority’s responsibility to make the insurance sector transparent, simple, and accessible. He committed to the full implementation of the insurance regulations and pledged to enhance monitoring practices across all 37 insurance companies operating in Nepal. Citing the example of Nepal Rastra Bank’s effective oversight, he affirmed that strengthening supervision is central to his reform agenda.

The Chairman also expressed his intention to digitalize operations, stating that a suitable structure would be introduced to facilitate the online execution of insurance-related work. “We are also introducing employee regulations inspired by public service norms, which include training opportunities and better service conditions to build staff capacity,” he said.

Acknowledging the government’s trust in the youth, Pokharel affirmed that the Authority has consistently played a regulatory role through the enforcement of the Insurance Act, procedures, and standards. He further stressed the importance of institutional reform, promising fairness for employees and a strict stance against internal injustices.