Kathmandu: The Board meeting of the Insurance Board of Nepal could not be held as there was no agreement between the Ministry of Finance and the Insurance Board regarding the licenses of the new insurance companies.
The last board meeting of the IB was held on November 21,2021. Representative of the Ministry of Finance, Joint Secretary Narayan Prasad Sapkota left the meeting without reaching to a conclusion. Due to which the meeting of that day could not take any decision for the license distribution.
Since then, the IB has repeatedly made attempts to hold board meetings but has not been able to do so. Due to the absence of the representative of the Ministry of Finance, only meetings related to other laws have been held. However, the necessary process for licensing without a representative of the Ministry of Finance cannot proceed. That is why the IB is trying to persuade the ministry.
Experts say that there is a disagreement between the ministry and the IB regarding the micro insurance company. The IB is in the view of issuing a limited number of license with the increased paid up capital cap. But the ministry is not supporting the IB’s strategy.
