Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) and Nabil Bank Ltd have signed an agreement for API integration to automate the Airmark system.

The agreement of the same was signed by the bank’s Chief Executive Officer Sushil Dev Subedi and Chief Executive Officer of NABL Bank. Speaking on the occasion, Executive Director Subedi expressed his confidence that the agreement would contribute to transform the insurance sector’s airmark system into a complete automation. He also said that this will help make insurance regulation and oversight more efficient and transparent by making the investment process of the insurers faster, faster and flawless.

Under the API integration, the airmark management of the investment made by insurers in fixed deposits will be made easy, secure and reliable through technology. This system will automatically authenticate the block and unblock requests sent from the authority to the bank and only accept the request with correct details, and in case of erroneous details, the system will automatically send it back to the insurer through the Airmark platform.

For this integration, Nabil Bank has developed a special middleware that provides direct access to the details of fixed deposits received from the insurers through the Authority into the bank’s core banking systems The system will automatically accept only correct details and reject erroneous details.

This MoU is another step towards digital transformation and technology-friendly regulation for the insurance authority which is expected to contribute in improving efficiency, transparency and timely delivery of services. Deputy Director of Nepal Insurance Authority Rajendra Maharjan and Chief of Wholesale Liability of Nabil Bank Laxmi Lamichhane Dhakal were present on the occasion.