Kathmandu: The newly appointed chairman of Nepal Insurance Authority(NIA), Sharad Ojha, promised to serve the interest of the policyholders. He said, good practices will be implemented to protect the interest of policyholders.
In the press conference at his office on Tuesday, newly appointed chairman Ojha, insisted on good practices in the insurance industry. He said, ‘We should create an environment for longevity of the industry in the coming days by creating models of good practices.’ He emphasized that good practices are necessary to protect the interests of insurers and insured.
He took the charge of the office on Tuesday. 33 years old Ojha is the youngest ever chairman of the insurance regulatory authority. On Monday, the meeting of the council of ministers appointed Ojha as the Chairman of the NIA.
Prior to joining his office, he had taken the oath of office and secrecy in a ceremony held at held at the Ministry of Finance. Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel administered the oath.
In the press conference, he mentioned, ‘Our main mandate is to make the insurance industry transparent and competitive,’ he said, ‘We should follow international practices.’
Since some issues are being raised regarding the insurance regulations, they should also be addressed, Ojha said. ‘From a regulatory perspective, we should follow the standards set by law to organize the insurance industry,’ he said, ‘We also have the responsibility to create a favorable environment in this sector.’
Chairman Ojha said that mere action by the regulator will not reap fruit. ‘The regulator should play a role in strengthening the insurance sector,’ he said.
