Insurance Board calls Chairpersons of Life Insurers to discuss on concurrent issues

Kathmandu:The Insurance Board is going to discuss on current issues with the Chairperson of BODs of all life insurance companies today.  The board will organize a program at Hotel Radisson at 4:30 pm.  The board has been holding discussions with various aspects of insurance companies lately.

There are currently 19 life insurance companies in Nepal. The board is trying to resolve the distortions seen in this sector along with running the business.

The board, which used be remain silent on every crucial issues, has been active now under the leadership of Chairman Surya Prasad Silwal.  The Insurance Board is in the process of identifying the distortions and problems in the insurance sector and taking necessary steps to solve them.

With the action of the board, the practice of selling insurance policies on credit has come to an end.  The practice of selling single premium policy to meet the target is also somehow under control.Similarly, due to the revision of surrender value and surrender period, the tendency of surrendering policies frequently has been brought under control.

The Insurance Board will hold discussions with the chairpersons today for immediate solution of some financial issues in the market. In today’s discussion, the chairpersons will be inform about the problems seen in the insurance sector.  The board is in favor of collecting the opinions and suggestions of the chairpersons and issuing policy directives, if necessary.

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