Kathmandu. It has been more than a year since the Nepal Insurance Authority has not got an executive chairman. It is now in a state of stagnation as a result of the previous government manipulating the selection of the leadership of the Insurance Authority for certain interest groups. The so-called ‘superfast’ government, which is close to two-thirds of the time, is also confused in the appointment of the chairman of the Authority.<\/p>\n
The authority has been running under the leadership of an illegal chairman since Sharad Ojha was sacked from the post after the controversy. The government is running the board of directors of the authority on the basis of the joint secretary appointed representing the Ministry of Finance and the Ministry of Insurance Act 2079 in recent times. Contrary to the legislative intent of the Insurance Act 2079, the government has played a game by appointing a representative of the ministry as the chairman of its own accord.<\/p>\n
After widespread criticism that the appointment of the chairman of the Insurance Authority was not a priority of the government, the government formed a recommendation committee under the coordination of the vice-chairman of the National Planning Commission as per the provisions of the Insurance Act. The committee has not made any progress except to look at the applications received as the deadline for submitting the application was June 20. On the basis of the application, the recommendation committee should prepare a short list, take written and oral presentations and finally submit the names of three candidates including alternative candidates to the Council of Ministers.<\/p>\n
The Ministry of Finance has formed a three-member study and suggestion committee under the convenorship of retired civil servant Sushil Kumar Ojha to study the problems and suggestions of the insurance sector on August 3. This has further delayed the appointment process. A total of 18 days are left for the completion of the tenure of the 90-day committee and 10 days will be spent during the Dashain holidays.<\/p>\n
The financial year 2082 of life insurance companies. According to the unrevised financial statements of 83, the life insurance fund has Rs. 942.63 billion. This amount exceeds Rs. 10 trillion when combined with the capital investment and reserve funds made by the general public in non-life insurers, life insurers, reinsurance and micro-insurance companies. The government has been trapping the insurance sector, which is mobilizing such a huge capital collected from the public and contributing to the economy, for a long time in a leaderless state.<\/p>\n
There is speculation that the process of appointing the chairman will not move forward until the study committee submits its report. At present, the board of directors of the authority has not been able to hold regular meetings, said an official of the Nepal Insurance Authority. The government will probably take a decision on this matter before Tihar or after Tihar at the latest.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. It has been more than a year since the Nepal Insurance Authority has not got an executive chairman. It is now in a state of stagnation as a result of the previous government manipulating the selection of the leadership of the Insurance Authority for certain interest groups. The so-called ‘superfast’ government, which is close […]<\/p>\n","protected":false},"author":5,"featured_media":316712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45067,45159],"tags":[56050,82028,82030,56056,56088,82032,56060],"class_list":["post-320298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-important-en","category-news-en","tag-bima-en","tag-insuranceauthority-en","tag-insuranceregulations-en","tag-beema-en","tag-insurance-en","tag-insurancekhabar-en","tag-insurancenews-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320298","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=320298"}],"version-history":[{"count":2,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320298\/revisions"}],"predecessor-version":[{"id":320307,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320298\/revisions\/320307"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/316712"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=320298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=320298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=320298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}