Kathmandu,
Jan 11: The Insurance Board (IB) organised a programme Wednesday to formally
welcome its new chairman Chiranjibi Chapagain.
The
newly appointed chair of the insurance sector regulator urged the insurers to
work so as to garner support and confidence of the people.
He
said that the IB was weak as a regulator and needed to be strong enough to lead
the insurance and regulate the market.
"Insurance
Board is weaker than the Nepal Rastra Bank, central bank, in various aspects. I
found that the institutional governance of the insurance companies weak,"
he said.
He
also stated that it required legal provisions to regulate the insurers but they
were also weak and said that he would work to create legal framework for the
same.
Member
of the Board of Directors Kapil Dev Oli stressed on the need to create policy
environment for the insurance industry.
"Bill
of new insurance Act has been stuck at the Ministry of Finance for years.
Without proper policies, there wouldn't be any reform in the insurance
sector," he said.
President
of the Nepal Insurers Association Bijaya Bahadur Shah expressed commitments of
the insurance companies that they were ready to support the IB in its
endeavours to develop and expand the market.
He
also urged Chapagain to forge better collaboration and coordination with the
stakeholders.
President
of Insurance Surveyors Association Surya Prasad Joshi, IB director Shreeman
Kaki and other personalities congratulated Chapagain.
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