Kathmandu. Nepal Insurance Authority (NEA) Chairman Sharad Ojha has said that a team is ready to facilitate the implementation of insurance act, rules, guidelines and procedures.

Speaking at a discussion and interaction programme on reinsurance with insurers, reinsurers and reinsurer brokers organised by the Nepal Insurance Authority (NICA) here today, Chairman Ojha said the AUTHORITY would be more stringent in implementing the Insurance Act, rules, guidelines and procedures.

“The AUTHORITY is more stringent in the implementation of the Insurance Act, rules, guidelines and procedures, wrong practices should be controlled, many complaints related to insurance claims are received on a daily basis,” he said, adding, “This is a serious problem of the insurance sector. ’

Chairman Ojha said that the government, NEA, insurers, micro insurers and reinsurers should work together to take the insurance sector forward by making it mature. He directed the reinsurance companies to cooperate with a clear action plan to increase the capacity of the insurance market in the country.

Chairman Ojha directed to prepare an action plan based on international good practices and submit it to the NRA to increase the capacity of the initial, medium and high level for the development of the insurance market.

“The ambiguity in the reinsurance sector should be gradually corrected, reinsurance companies must be competitive, we will give stability to the policy,” he said. ’

On the occasion, Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that NEA is committed to promote the insurance sector by addressing the problems of the insurance sector.