Kathmandu, March 23: Chairman of the Nepal Insurance Authority (NIA), Mr Sharad Ojha, has emphasized the need to strengthen internal regulation and good governance within insurance institutions rather than relying solely on regulatory intervention.
Speaking at an interaction program titled “Insurance Sector Now”, organized by the Economic Media Association Nepal (EMAN) to felicitate his appointment, Ojha stated that regulatory measures will be implemented based on stakeholder suggestions and an analysis of the insurance sector’s contributions.
“Insurance companies should focus on internal governance and self-regulation to address underwriting issues, rather than relying only on regulatory intervention. Necessary regulatory measures will be introduced while considering the sector’s role in nation-building,” Ojha said.
He pledged to uphold past good practices while making reform efforts more systematic and refined. He also noted that ongoing discussions are being held with stakeholders, including insurers, intermediaries, and surveyors’ associations, to enhance the sector’s effectiveness.
Ojha stressed the importance of collective efforts to strengthen the financial stability of insurance companies. He also mentioned that previous directives issued by the Nepal Insurance Authority (NIA) are being consolidated into an integrated framework.
Insurance expert Dr. Rabindra Ghimire highlighted the need to maximize the use of information technology and develop skilled manpower in the sector. He called for collaboration with educational institutions, training centers, and research organizations to cultivate qualified professionals.
Ghimire further pointed out issues related to unhealthy competition among insurance companies, where firms insure beyond their capacity. He also emphasized the need for stricter scrutiny of potential money laundering activities within the industry. #nepal #insurance
