Life Insurance Association Nepal (JEBISAN) Invites Proposal for NFRS 17 Implementation

Kathmandu – The Life Insurance Association Nepal (JEBISAN) has officially issued an invitation for proposals from qualified institutions to assist in the implementation of the Nepal Financial Reporting Standard 17 (NFRS 17) for its 14 member companies.

The scope of the work outlined by JEBISAN includes conducting a thorough gap analysis and impact assessment to understand the current situation and how it aligns with the NFRS 17 standards. Furthermore, the selected institution will be tasked with designing an implementation framework tailored to the specific needs of the member companies. This will also involve creating policies, processes, and a governance structure to ensure that the implementation is smooth and effective.

Another critical aspect of the proposal is the full implementation of NFRS 17, which will include the required disclosures during the first-time adoption phase. To ensure that all members are well-prepared for this transition, the institution will also be responsible for providing training and knowledge transfer.

Additionally, the appointed institution will play a key role in liaising with regulators and other relevant stakeholders to ensure compliance with the regulatory framework. Once the implementation is completed, the institution will also provide post-implementation support and hand over the proposed solutions and models to JEBISAN.

JEBISAN retains the right to amend, modify, or annul the notice if necessary. Interested parties can find further details and the full request for proposal on the official JEBISAN website. The deadline for submitting proposals is set for 15 days from  the publication date (April 25 to May 10).