Ministry of Finance Prepares to Remove Nepal Reinsurance CEO Surendra Thapa

Kathmandu — The government is moving to remove Surendra Thapa, Chief Executive Officer of Nepal Reinsurance Company, following longstanding allegations of corruption and mismanagement at the state-owned firm. Former Finance Secretary Rameshwar Khanal had repeatedly pressed Thapa to address irregularities within the company, but those efforts were unsuccessful. Finance Minister Swarnim Wagle is also understood to have applied pressure on the CEO.

According to officials, the Ministry of Finance has concluded that Thapa’s decisions in handling reinsurance arrangements have negatively impacted the company. He is accused of compelling The Oriental Insurance Company, which had been paying reinsurance premiums to Himalayan Re, to channel its claims through Nepal Re instead. The ministry believes such practices have contributed to the company’s decline, prompting preparations for his removal.

The insurance regulator had earlier recommended action against Thapa for violating directives and had sought clarification from him. Sources say his response failed to satisfy authorities, leading to disciplinary steps. Thapa has also been linked to a recent dispute involving the Hilton, where he is believed to have proposed reducing commissions paid to insurance companies and recovering funds through that mechanism. He had previously taken extended leave amid controversy and allegations of misappropriation involving intermediaries. After returning, reportedly with the involvement of Nepal Police, he has been attempting to resolve the matter.

When the proposal was presented to the board, several directors resigned, leaving it without a quorum. Officials say Thapa has been more focused on foreign travel than on strengthening the company’s performance, while remaining entangled in corruption allegations. He is now expected to be removed from his position.