Kathmandu. KATHMANDU: Citizen Life Insurance Company Limited has taken strategic initiatives to ensure the implementation of NFRS 17 (Insurance Contracts) issued by the Auditor Board of Nepal (CAB) through the Institute of Chartered Accountants of Nepal (CAAN) in an effective, systematic manner and in accordance with international standards.
In this context, after approval from Nepal Insurance Authority, the company has appointed KPMG Assurance & Consulting Services LLP, a globally reputed consultancy firm, as the NFRS 17 Implementation Partner.
KPMG is one of the world’s leading “Big Four” professional services providers, providing high-level expertise in insurance, consulting, tax and risk advisory services. With its strong international network, experienced workforce, high ethical standards and work ethic based on the latest international practices, KPMG has been recognized as a trusted and established partner for banks, insurance companies and large institutions around the world.
KPMG’s international experience and technical expertise are extremely important, especially in the implementation of complex financial reporting standards such as IFRS 17/NFRS 17. Its strong presence in the South Asia region, especially in India, and its deep understanding of the local market have established high trust and acceptance of its consultancy services even in developing markets such as Nepal.
With this appointment, Citizen Life Insurance will have an opportunity to gain international-level expertise in NFRS-17 implementation as well as enhance its internal capacity through knowledge transfer.
The contract will be for a period of 3.5 years and will include initial implementation phase followed by three years of post-implementation support services. This will ensure the long-term sustainability of the system, continuous technical support, and sustainable development of institutional efficiency.
