Kathmandu: The Insurance Board has approved the name of actuaries proposed by the life insurance companies. As per the Insurance Act 2049, a life insurer must get pre approval from the regulatory authority before appointing an actuary.
All the actuaries appointed by the life insurance company are foreigners. Most of the actuaries are Indian nationals. Nepal Life has appointed Mr. Sutim Patramlai. Similarly, National Life has appointed Mr. Gopal V Kumar, state-owned life insurer Rastriya Beema Sansthan has appointed Mr. GN Agrawal and LIC has appointed Mr. Sanjiv Kumar Pujari.
Nepali insurance companies have been paying Rs. 2 lakh to 10 lakh to actuaries for making actuarial reports.