NIA for protecting policyholders’ interest

By A Staff Reporter 

Kathmandu, May 17: Chairperson of the Nepal Insurance Authority (NIA) Chandrakala Paudel said that policy reforms related to insurance, along with the protection of policyholders’ interests, timely settlement of claims, and the delivery of quality services, should be prioritised to promote development and to expand the reach of insurance.

Speaking at the 58th anniversary of the NIA held in Lalitpur on Friday, she said that in the days ahead, the Authority would move forward sustainably by addressing shortcomings at the policy level while prioritising the protection of policyholders’ interests.

Institutional strengthening of insurers, risk-based supervision, the promotion of good governance, and digital transformation will also be the priority. 

Paudel further noted that policy and institutional cooperation with policyholders, insurers and other concerned agencies and organisations had played a significant role in the development of the insurance sector. 

“The NIA will move ahead in a new manner based on suggestions from all stakeholders,” she said. 

Executive Director of the NIA, Sushil Dev Subedi, said that the insurance sector regulator remained committed to making the insurance sector more inclusive, digital, risk-aware and a partner in economic development.

According to him, the Authority had made regulation and inspection more effective to strengthen governance and discipline within the insurance sector. Subedi also said that the NIA had made significant progress this year in the areas of internal governance, institutional strengthening and capacity enhancement.