Page 36 - Insurance Times January 2024

Furthermore, we remain open to evaluating and potentially thereby implementing progressive regulations to realize a
introducing other innovative distribution networks that align resilient, customer-centric, and innovative insurance sector
with the industry's growth and evolving consumer needs. Our in Nepal.
goal is to create a robust and inclusive framework that not
only meets regulatory standards but also fosters healthy Q. Is there any message or insight/ new initiative of the
competition and customer-centric practices within the Authority, you would like to share with the readers of
insurance sector. “The Insurance Times”?
A: Certainly, and I appreciate the opportunity to share some
Q. What is your vision for the future of the insurance insights with the readers of “The Insurance Times.” At the Nepal
sector in Nepal and how do you see the role of the Nepal Insurance Authority, we are committed to driving positive
Insurance Authority in achieving that vision? change and fostering innovation within the insurance sector.
A: Our vision for the future of Nepal's insurance sector One notable initiative involves overseeing mergers among
revolves around creating a dynamic, inclusive, and
insurers to ensure a healthy market structure. Moreover, we
technologically advanced industry that meets evolving are focused on strengthening consumer protection
societal needs.
mechanisms, exploring microinsurance opportunities for
In the pursuit of this vision, we are currently overseeing underserved communities, and ensuring fair industry practices
mergers among insurers to maintain a healthy market as well as adopting international best practices such as Risk
structure. Beyond increasing companies' overall net worth, Based Capital (RBS) and Risk Based Supervision (RBS).
this initiative enhances their risk-bearing capacity. Insurers Embracing technology is at the forefront of our efforts.
are actively working towards meeting the increased paid- In addition, I am pleased to share that the Nepal Insurance
up capital requirements, set at Rs. 5 billion for life insurers Authority hosted the 'Asian Insurance Meet 2023,' a three-
and Rs. 2.5 billion for non-life insurers. This initiative is day conference held in cooperation with IAIS, ADB, and A2ii
pivotal in establishing a stronger capital base, fostering a from 8th to 10th June, 2023, in Kathmandu, Nepal. The
more robust industry, and enabling a smoother transition conference centered around the theme 'Building Resilience
to risk-based approaches of capital and supervision. At of Insurance towards Emerging Risks.'
present, the number of life insurers has been streamlined
to 14 from the previous 19, while the number of non-life Looking ahead, in October 2024, the Authority is set to host
insurers has undergone a similar consolidation, reducing to the International Conference on Inclusive Insurance in
14 from the earlier 20. Additionally, the sector includes 2 cooperation with Munich Re Foundation and the
reinsurers and 7 microinsurers. Microinsurance Network. These conferences provide
valuable platforms for collaboration, knowledge exchange,
Integral to our vision is the strengthening of consumer and shaping the future of insurance on a global scale.
protection, exploration of microinsurance for underserved
communities, and the promotion of fair industry practices. In essence, the Nepal Insurance Authority is dedicated to
In essence, the Nepal Insurance Authority is persistent in steering the industry toward resilience, innovation and
driving positive change, collaborating with stakeholders, and customer-centric practices. We invite readers to stay tuned
leveraging technology through a comprehensive full-scale for updates on these initiatives through our official website
digital transformation, exemplified by the ongoing and participate in the ongoing transformation of Nepal's
implementation of IRMIS, ensuring operational efficiency, insurance landscape.

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The Insurance Times January 2024 33