Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has issued the Nepal Financial Reporting Standard on Insurance Contracts Guidelines 2083 BS for the implementation of NFRS 17. This guideline has come into effect from July 28. <\/p>\n
According to the authority, this guideline is applicable to all types of licensed insurance. In order to improve the reliability, comparability and overall quality of insurers’ financial reports and disclosures, it is necessary to establish a uniform and transparent framework for the implementation of NFRS 17 in insurance agreements. “Therefore, this guideline has been issued in exercise of the powers conferred by the Insurance Act,” the authority said. <\/p>\n
The guidelines are aimed at establishing a robust regulatory framework to support the effective implementation of NFRS 17 in insurance contracts by insurance companies. The Authority believes that this guideline will promote transparency, reliability, uniformity and comparability in the identification, measurement, presentation and disclosure of insurance contracts in the insurance sector. <\/p>\n
This guideline will help clarify governance, accountability structure, and certification responsibilities related to the implementation of NFRS 17. This includes the relevant roles of management, board of directors, appointed actuaries, external auditors and other stakeholders. <\/p>\n
According to the authority, this guideline will provide practical guidance on data requirements, systems and controls, taking into account the size, nature and complexity of insurance companies. <\/p>\n
Similarly, the Authority believes that this Guideline will support a progressive and risk-based supervisory approach to implementing NFRS 17 while maintaining management accountability and allowing for sound business decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has issued the Nepal Financial Reporting Standard on Insurance Contracts Guidelines 2083 BS for the implementation of NFRS 17. This guideline has come into effect from July 28. According to the authority, this guideline is applicable to all types of licensed insurance. In order to improve the reliability, comparability […]<\/p>\n","protected":false},"author":16,"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-306743","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\/306743","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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=306743"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306743\/revisions"}],"predecessor-version":[{"id":306744,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306743\/revisions\/306744"}],"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=306743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=306743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=306743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}