” To Reduce Poverty, the Government Should Keep the Title of Insurance in the Annual Budget ”- Chairman Silwal

Kathmandu : Chairman of Nepal Insurance Authority Surya Prasad Silwal has said that if the government wants to reduce poverty, then it should create an annual budget with a separate title for the insurance sector. Addressing the greetings exchange program organized by the Nepal Insurance Authority at the Federal Office of the Authority, Kupondol on the occasion of Vijaya Dashami, Diwali and Chhath, Chairman Silwal said that the government should also be informed about insurance and should take the initiative to allocate a conditional budget under the title of insurance in the annual budget.

He opined that only then would the low-income group get insurance and help in reducing poverty. He said that the insurance market should be reformed and progressed. He said, “As the authorities and insurers are complementary to each other, activities should be carried forward accordingly, insurers should remove the mistrust in the market, powers should be delegated to the provinces and branch offices, and the provisions of insurance articles should be normalized based on the international recognition of insurance.”

He also added that positive changes will come in the insurance market only if we can find a way to make profits legitimately. Rajuraman Paudel, Executive Director of Nepal Insurance Authority, stressed that the entire insurance business should be carried forward in a clean and dignified manner while solving the problems seen in the insurance sector.

In the program, Directors of Nepal Insurance Authority, officials of Life Insurance Association of Nepal and Nepal Insurance Association and chief executive officers of life insurance companies, non-life insurance companies, small insurance companies and reinsurance companies had shown their participation.