Nepal Insurance Authority Engages Non-Life Insurance Leaders in Dialogue on Sector Reforms
Kathmandu – The Nepal Insurance Authority (NIA) organized a high-level interaction program on Tuesday in Kathmandu with chairpersons and board members of non-life insurance companies to address pressing issues in the insurance sector and chart a path toward institutional reform and stronger governance.
The event brought together representatives from non-life insurance companies, microinsurance providers, and reinsurance firms, with the primary objective of gathering insights on challenges such as claim settlement delays, digitisation, investment practices, financial reporting, insurance education, and the overall service delivery framework.
In his address, NIA Chairman Sharad Ojha called on the board leadership of non-life insurers to take a proactive and responsible role in strengthening their companies financially, ensuring profitability, and safeguarding the interests of policyholders.
He also emphasized the need to decentralize claim settlement authority to provincial offices of insurance companies and address rising complaints about delayed payments. He also added that timely claim settlement is essential to restoring public trust in the insurance system.
Upon highlighting the Authority’s dual role, Ojha noted that the NIA has acted both as a facilitator and regulator in expanding Nepal’s insurance sector. He reiterated the Authority’s commitment to supporting companies in broadening insurance access, especially among target groups, while upholding regulatory compliance and consumer protection.
Sushildev Subedi, Executive Director of the NIA, echoed the sentiment, stating that the Authority remains committed to systematic sectoral development while addressing industry challenges and safeguarding the insured population.
The program also featured technical presentations from NIA officials. Deputy Director Hridayashwar Pandit spoke on the role of the board in fostering institutional good governance, while Deputy Director Birodh Wagle focused on the responsibilities of directors in ensuring