Kathmandu. Lima Adhikari raised the issue of what the Insurance Authority of Nepal was doing to prevent recurrence of financial crimes in the insurance sector. <\/p>\n
In today’s meeting of the Finance Committee, MP Adhikari raised this question before the chairperson of the Insurance Authority, Chandrakala Poudel. “There is a huge amount of cash flow and premium collection in the insurance sector. Recently many cases of financial misappropriation, financial crimes and money laundering have come to light that many people associated with insurance companies have been involved. The leadership of the authority should check the financial governance and underwriting of the insurance companies. Why was there a weakness in the on-site inspection of the authority? The general public has questioned what steps the NRA will take to prevent such incidents from happening in the future. \u2019<\/p>\n
The official said that the license was distributed to open an insurance company without considering the need and capacity of the market. “Shortly after the license was distributed, the authority put pressure on the merger to increase the capital. “The general public is saying that there has been a lot of financial irregularities in this,” she said, “There is a general perception that there is a lot of financial irregularities due to the contradictory policy of granting licenses and going for merger immediately.” \u2019<\/p>\n
Lawmaker Adhikari has also questioned the regulatory capacity of the Insurance Authority. “Changing the rules and regulations in such a hurry raises questions about the regulatory capacity of the NRA. This has put the general public at risk due to policy instability due to lack of easy insurance. This also raises questions about the regulatory capacity of the authority. Has the NEA itself become weak due to the influence of the board of directors of the insurance companies and politics?” <\/p>\n
Lawmaker Adhikari said that there is a common complaint about the hassle of getting insurance. “The general public has been complaining that the claim payment is not received on time, there are many such complaints,” she said, adding, “This also raises the question of the weak regulatory capacity of the NRA.” \u2019<\/p>\n
Stating that there are 37 insurance companies at present, Adhikari expressed surprise that 44 percent of the population, including those who have gone for foreign employment, have access to insurance. “Still 56 per cent of the population does not have access to insurance,” she said, adding, “It is difficult to access insurance to people living in remote areas due to geographical complexity, lack of insurance literacy.” The question is where the money of the Insurance Literacy Fund contributed by the Insurance Authority and the companies to increase insurance literacy is spent. \u2019<\/p>\n
The official said that there is also a plan to provide insurance through digital to the people living in remote areas. “What’s going on with that?” she asked. <\/p>\n
Adhikari said that the authority should also clarify how many experts and risk editors have been hired so far to enhance the capacity of insurance companies.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Lima Adhikari raised the issue of what the Insurance Authority of Nepal was doing to prevent recurrence of financial crimes in the insurance sector. In today’s meeting of the Finance Committee, MP Adhikari raised this question before the chairperson of the Insurance Authority, Chandrakala Poudel. “There is a huge amount of cash flow and […]<\/p>\n","protected":false},"author":16,"featured_media":306914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45099],"tags":[71860,56076],"class_list":["post-306917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-regulatory-en","tag-nepalinsuranceauthority-en","tag-nia-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306917","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=306917"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306917\/revisions"}],"predecessor-version":[{"id":306918,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306917\/revisions\/306918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/306914"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=306917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=306917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=306917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}