News of Insurance – Chairman of the Nepal Insurance Authority, Sharad Ojha, has emphasized the need to strengthen internal regulation and governance within insurance institutions rather than relying solely on regulatory interventions. Speaking at an interactive session titled “The Future of the Insurance Sector”, organized by the Economic Media Association Nepal (IMAN) to honor his appointment, Ojha highlighted the importance of analyzing the sector’s contributions and taking regulatory measures based on feedback from stakeholders.

“The resolution of underwriting issues in the insurance sector cannot be achieved through regulatory intervention alone. Insurance companies must also uphold internal governance and self-regulation. We will implement necessary regulatory interventions with a focus on the sector’s potential contribution to nation-building,” said Chairman Ojha. He reaffirmed his commitment to continuing and refining past best practices for further improvement.

Ojha also mentioned that continuous discussions and consultations are being held with insurance institutions, intermediaries, surveyor associations, and other stakeholders to enhance the sector. He stressed the need for collective efforts to strengthen the financial stability of insurance companies.

Additionally, he noted that previous directives issued by the authority are being consolidated into a unified regulatory framework. “To ensure ease of implementation and systematic regulation, scattered directives are being integrated into a single guideline. Some provisions from existing regulations will also be incorporated. An internal committee has already begun this work, and we aim to complete it within the next one to two months,” he added.