Former Acting Chairman of Nepal Insurance Authority Janak Raj Sharma Under CIAA Investigation
Kathmandu — A third former head of the Nepal Insurance Authority has become embroiled in a corruption case. Janak Raj Sharma, a joint secretary who served as acting chairman after the government dismissed then-chairman Sharad Ojha, is now under investigation by the Commission for the Investigation of Abuse of Authority (CIAA).
Sharma, who had maintained a clean record throughout his civil service career, is believed to have been implicated after being set up by certain employees within the Authority. Sources also indicate that several other staff members are currently under CIAA surveillance.
According to those familiar with the matter, the CIAA launched its investigation after Sharma allegedly attempted to push through improper decisions related to the business of Nepal Reinsurance Company. However, as the alleged misconduct was not fully carried out, it remains unclear whether the case will lead to prosecution or dismissal.
The investigation is reportedly focused on directives concerning reinsurance for riot and terrorism risks, as well as associated liabilities. Officials are also said to be closely monitoring employees within the Authority who may have failed to fulfill their duties or engaged in questionable practices.
Sharma resigned from his position as acting chairman after sensing potential legal trouble. The incident dates back to the tenure of then Finance Minister Rameshwar Khanal, who had appointed Sharma to the Authority, considering him a capable and trustworthy official. It is believed that Sharma was misled and trapped by individuals within the organization who were allegedly working on behalf of Surya Silwal.
The Insurance Authority has long been viewed as vulnerable to policy-level corruption, with multiple unresolved cases raising concerns that current and former officials, including past chairpersons, could face legal consequences.
A lack of institutional capacity and persistent political interference have contributed to ongoing challenges within the Authority. At present, it continues to operate without a permanent chairman.