Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA), the regulatory body of the insurance sector, has announced to further strengthen its institutional capacity and regulatory role. <\/p>\n
Fiscal Year 2081. Through its 82nd Annual Report, NEA has acknowledged the need for radical improvement in its working style to address the increasing risks in the insurance sector, the use of latest technology and the challenges of climate change. <\/p>\n
NEA has said that capacity building of the regulator is essential as new technology and new policies have been introduced along with the expansion of the insurance business. <\/p>\n
The authority now aims to make the risk-based supervision and risk-based capital system fully effective by not only limiting the provisions related to compliance to compliance. <\/p>\n
The authority has announced to prepare, analyze and publish performance indicators to measure the performance of insurance companies and to make the financial statements of insurance companies ready on time, approved and made public. <\/p>\n
Sectoral anomalies and unnecessary expenses will be controlled by strictly enforcing the provisions of penalty, punishment and action as per the Insurance Act, 2079. <\/p>\n
To increase the public’s confidence in the insurance sector, the authority has prioritized making the claim payment process fast and simple. <\/p>\n
According to the authority, a separate help desk will be set up to listen to the complaints of the customers. In addition, the Authority has a plan to make proper use of the Insurance Development Fund and Insured Interest Protection Fund for the benefit of the insured to reach the poor people and to increase the use of technology from the insurance process to claim payment. <\/p>\n
There is a plan to integrate the complaint and complaint management fully into the digital system and develop a regulatory alertness system making the new software system more effective. <\/p>\n
The NRA has put forward a strategic plan to reduce the economic losses caused by increasing natural disasters and climate change. For the protection of life and property of the citizens, it is proposed to make the provision of compulsory insurance in certain areas and to make policy provisions for the protection of public property and risk transfer by insuring government property and public infrastructure. <\/p>\n
The NRA has announced to further expand micro-insurance and agriculture insurance to cover rural areas and low-income groups. <\/p>\n
The authority is going to build a knowledge management system to increase the efficiency of its employees. According to the report, investment will be increased in study and research to bring the best practices prevalent in the global market to the Nepali market by expanding international relations. <\/p>\n
It is expected that Nepal’s insurance market will become more transparent, credible and technology-friendly in the coming days as the NEA’s self-review-based reform framework materializes.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA), the regulatory body of the insurance sector, has announced to further strengthen its institutional capacity and regulatory role. Fiscal Year 2081. Through its 82nd Annual Report, NEA has acknowledged the need for radical improvement in its working style to address the increasing risks in the insurance sector, the use […]<\/p>\n","protected":false},"author":5,"featured_media":245582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45099],"tags":[],"class_list":["post-282315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-regulatory-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/282315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=282315"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/282315\/revisions"}],"predecessor-version":[{"id":282316,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/282315\/revisions\/282316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/245582"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=282315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=282315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=282315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}