Kathmandu: For the first time, the Government of Nepal (GoN) has issued the National Insurance Policy 2023 to bolster the access to insurance and insurance penetration in Nepal. The meeting of the Council of Ministers held on Friday approved the National Insurance Policy.
In the policy and program of the current financial year, the federal government announced to issue National Insurance Policy to guide the insurance industry. As per the Section 5 of the Insurance Act 2079, Nepal Insurance Authority, had prepared a draft of the Policy and submitted to its line ministry, Ministry of Finance.
Rajuraman Paudel, the executive director and spokesperson of Nepal Insurance Authority, conformed that the National Insurance Policy has been approved by the Cabinet Meeting on Friday. The Policy is effective from the same day.
The main objective of the Policy is to expand the scope of insurance to the common Nepalese and to provide access to insurance in an accessible manner. The Ministry of Finance will supervise the implementation of the policy and the Insurance Authority will ensure the implementation. Issues such as expanding access to insurance, subsidizing insurance, long-term objectives of insurance, use of insurance in poverty alleviation are included in the Policy. Long term goals, main objectives and specific objectives are defined. Also, the strategy to be adopted for achieving the specified objectives is also included in the Policy. The Policy includes the required institutional structure for its implementation.
Main objectives included in the policy are:
Reaching to the marginalized community
Adopting modern technology
Practice international standards
Technology friendly insurance industry
Raise awareness for insurance