Discussion Held on Establishment of Insurance Information Center
Kathmandu — A discussion program on the establishment and operation of the Insurance Information Center was held on Tuesday at the central office of the Nepal Insurance Authority (NIA) in Kupandol. The meeting brought together CEOs of life, non-life, microinsurance, and reinsurance companies to share their views on the Center’s formation and functioning as envisioned in the Insurance Act, 2079 BS.
Speaking at the program, NIA Chairman Janak Raj Sharma emphasized that the creation of the Center is essential for consolidating scattered insurance-related data and curbing irregularities in the sector. He noted that with the growing expansion of Nepal’s insurance industry, a centralized information system would enhance transparency, reliability, and overall efficiency.
Chairman Sharma also stressed that the establishment of the Insurance Information Center would benefit all stakeholders — insurers, insured parties, and regulators alike. He assured that the Center would be set up in accordance with the law and refined based on collective suggestions to make the sector more secure and trustworthy.
Presenting the preliminary draft for the Center’s establishment, operation, and management, former Chief Secretary Dr. Baikuntha Aryal underlined the necessity of a robust mechanism for accurate data collection, analysis, and dissemination to strengthen the insurance ecosystem.
Meanwhile, Nepal Insurance Association President Birendra Baidwar and Nepal Life Insurance Association President Prabin Raman Parajuli expressed their full commitment to support the Authority in realizing the initiative.
The participants agreed to move forward with establishing the Insurance Information Center after incorporating feedback from the discussion into the preliminary draft.
The program concluded with remarks from Deputy Director Pushpa Kunwar, who conducted the session. Senior directors of the NIA and executives from various insurance and reinsurance companies were in attendance.