Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has organized an interaction program on the implementation of Risk Based Capital (RBC) in the insurance sector on the basis of two years of review, experience sharing of the insurers and the proposed amendments.

Addressing the program, managing director of Nepal Insurance Authority Sushil Dev Subedi said that the investment of risk-based capital in the insurance sector was moving ahead successfully.

On the occasion, Executive Director Subedi urged the insurers to discuss the easy and difficult aspects seen during the two-year transition period of the implementation of risk-based capital and give suggestions with concrete conclusions on how to move forward in the coming days.

Executive Director Subedi said that the provision of risk-based capital would be revised in practice as per the time based on the suggestions received from the insurers.

Director of Nepal Insurance Authority (NEA) Dhruba Timilsina said the investment of risk-based capital would be carried out with continuous improvement and revision on the basis of learning, evaluation, review and analysis of all related to the implementation of risk-based capital.

On the occasion, Nirmala Malla, deputy director of Nepal Insurance Authority, presented a presentation on the issues of review and revision of the investment based capital based on risk of two years.

On the occasion, Deputy Director Malla said that the authority expects the insurers to improve the quality data and system, enhance the capacity of the actuary, develop the institutional risk culture, strengthen the risk management and submit the report on time.

On the occasion, Chairman of Life Insurance Association, Nepal, Praveen Raman Parajuli thanked the NEA for accepting the suggestions given by the association regarding the implementation of risk-based capital.

During the program, the participants shared their experiences in the implementation of risk-based capital and raised inquiries regarding the existing and proposed provisions in the Risk Based Capital and Solvency Guidelines.

On the occasion, statistician of Nepal Insurance Authority Basanta Prasad Bohara said that the authority has started publishing the annual book containing all the data related to insurance from this year and has published the first annual book ‘Insurance Statistical Year Book 2081÷82’.

The program was attended by the chief executive officers of life insurance companies, non-life insurance companies and reinsurance companies, chief of risk management section and RBC contact persons.

The program was hosted by Karuna Thapa, Assistant Director of Nepal Insurance Authority.