Insurance Authority Organizes Stakeholder Interaction in Birgunj, Stresses Credibility and Compliance

Kathmandu – The Nepal Insurance Authority’s Madhesh Province Office held a discussion and interaction program in Birgunj on Monday, bringing together provincial heads of both life and non-life insurance companies to deliberate on pressing issues in the insurance sector.

Chairman of the Nepal Insurance Authority, Sharad Ojha, addressed the gathering and emphasized the importance of responsible conduct by insurance company representatives to strengthen public trust in the industry. Stressing the role of accurate risk assessment in ensuring timely claim settlements, Ojha urged companies to strictly adhere to the Insurance Act and regulatory guidelines to maintain market discipline and avoid operational loopholes.

Chairman OJha stated that insurance companies must follow the regulatory framework to protect the interests of both the market and policyholders. He also encouraged provincial office heads to communicate directly with the Authority regarding any issues or complaints arising at the provincial or local levels.

During the program, insurance company representatives shared several operational challenges. They highlighted that provincial offices often lack adequate authority and manpower, which hampers their ability to effectively manage their responsibilities. Participants pointed out difficulties in obtaining recommendations for agricultural insurance, conducting loss inspections, and dealing with increasing instances of cashback manipulation and unhealthy competition in the market.

Furthermore, stakeholders expressed concern over the low level of public awareness about insurance and called for simplified procedures in claim processing to improve client satisfaction and efficiency.

The program was attended by representatives of various Birgunj-based life and non-life insurance companies, who welcomed the initiative by the Authority and emphasized the need for regular dialogue to resolve grassroots-level challenges in Nepal’s growing insurance sector.