NIA Chairman Emphasizes Stakeholder Cooperation for Insurance Sector Reforms

Kathmandu — Chairman of the Nepal Insurance Authority (NIA), Sharad Ojha, has stressed the need for cooperation from employee unions, insurance associations, and all stakeholders to effectively implement the responsibilities outlined in the Insurance Act. Speaking at a special convention of the Nepal Insurance Authority Employee Union in Lalitpur, Chairman Ojha highlighted that organizing, strengthening, and enhancing the transparency of the insurance sector is a top priority.

Chairman Ojha stated that the successful implementation of the Insurance Act’s provisions is crucial for reinforcing the sector. “The cooperation of all parties is necessary for reforming the insurance sector. Problems exist in all sectors, and we should move forward by solving those problems,” said Chairman Ojha. He underscored the important role of the union, life insurers’ association, non-life insurance association, micro insurance association, and insurance agents in making the sector more organized and reliable.

He informed that the Insurance Authority has already initiated preliminary work to improve regulatory frameworks. “Our main objective is to organize the insurance market and improve business practices. For this, the cooperation of stakeholders is essential,” he added.

Ojha clarified that the regulatory body will maintain neutrality and work to protect the interests of all parties involved in the insurance sector. He also mentioned that new reforms would be implemented in line with the authority’s responsibilities assigned by the government.

Sushil Dev Subedi, Executive Director of the Nepal Insurance Authority, expressed the management’s readiness to collaborate with employee unions to protect the rights, interests, and privileges of employees. The program was chaired by Shambhu Prasad Mishra, President of the Nepal Insurance Authority Employees Union.

Speakers at the program emphasized the crucial role of regulatory bodies, insurance companies, agents, and stakeholders in implementing reforms and making the insurance sector more systematic. They affirmed the authority’s commitment to working towards these goals.