HIMALAYAN NEWS SERVICE
KATHMANDU: The government has prepared to convert existing Insurance Board into Insurance Authority.
The Insurance Board has proposed to convert it into the authority to expand its jurisdiction in the next amendment of the Insurance Act, spokesperson at the Insurance Board Shekhar Kumar Aryal said. According to him, the board has also included some international standards in the proposed amendment in the Act.
The propose of amendment has been forwarded to the Finance Ministry and the ministry is submitting it to the cabinet for approval soon.”It will build the board capacity to regulate increasing insurance market,” he said.
The board has incorporated insurance principles, standards and guidance papers developed by International Association of Insurance Supervisors (IAIS) in the proposed amendment of Insurance Act, he informed. The International Association of Insurance Supervisors is an international organisation that represents insurance regulators and supervisors of some 190 jurisdictions.
Insurance Board has also included the provision that the promoters of insurance company should not insure them in the company they have involved.
The proposed act will clarify different aspect related to insurance business including licensing criteria, company’s obligation, misuse and fraud control mechanism, safeguard the rights of insured and other relevant provisions, he said.
Similarly, the proposed amendment draft has also ensured the tight monitoring in insurance business, consumer protection mechanism, early warning system.
The Insurance Board has finalised the clauses for amendment with the help from international experts, spokesperson Aryal informed, saying a team from International Association of Insurance Supervisors had visited Nepal to assist the board to amend act as per international standard.
The act amendment process was delayed due to political instability.
http://www.thehimalayantimes.com/fullNews.php?headline=Insurance+Board+to+take+a+new+leaf+soon+&NewsID=302491
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment