Finance Committee of the HoR to Forward the Insurance Bill to National Assembly

Kathmandu. The Finance Committee has reached an agreement on the contentious issue by concluding the discussion on the bill made to amend and consolidate the Insurance Bill. Ignoring most of the contentious issues in the insurance bill, the Finance Committee also discussed some controversial issues including insurance fund, composition of the board of directors, type and type of insurance.

Chairman of the Finance Committee Krishna Prasad Dahal, members former Finance Minister Surendra Pandey, Minendra Rijal and other members were present in the discussion. Also present were Finance Minister Janardan Sharma, Finance Secretary Madhu Kumar Marasini, Revenue Secretary Krishna Hari Puskar, Insurance Board Chairman Surya Prasad Silwal, Executive Director Rajuraman Poudel, Directors Sushildev Subedi and Dinesh Lal Karna.

The meeting of the Finance Committee has decided to mention the disputed issues in the report and submit the report to the National Assembly. After that, the Insurance Bill will be discussed in the National Assembly. The Bill passed by the National Assembly will be forwarded to the Federal Assembly. Thus, the Insurance Bill will take shape only after it is passed by both the houses.

As the parliamentary session will be closed from mid July, it has been agreed to take initiative to pass it by both the house within this mid July. The Insurance Bill is the oldest bill registered in the parliament. Earlier, the then Finance Minister Dr. Yuvaraj Khatiwada had added in the Insurance Bill that the board of directors and the chairman of the Insurance Board would be changed as soon as the bill is passed.

In addition, most amendments were proposed in this Bill. After many issues were disputed, the parliament sent the Bill back to the Finance Committee for re-discussion.

According to the existing organizational structure and manpower of the Insurance Board will be changed to the Insurance Authority. The proposed bill is supposed the empower the insurance regulatory authority.

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