Insurance policy still not public as first quarter ends, authority says no directive from above
The Nepal Insurance Authority has not published its annual insurance policy and program for the current fiscal year 2083/84 even as the first quarter is about to end. The authority says the policy, first introduced last year, has been held up because no directive has come from above.
Kathmandu — The Nepal Insurance Authority has delayed publishing its annual 'Insurance Policy and Program' for the current fiscal year 2083/84, an exercise it began last fiscal year. Even as the first quarter is about to end, the authority has not made the policy and program public.
In the authority's 57-year history, the policy and program were made public for the first time in the last fiscal year 2082/83 by then-chairman Sharad Ojha. While the policy was introduced within the last week of Ashad last year, this time it has not come even as the month of Asoj is about to end.
The policy and program serve as a guide for the authority. It provides direction to insurers to conduct insurance plans, services and other activities in line with the authority's objectives and goals. The policy also serves as a standard for stakeholders to check what the authority will do and the status of implementation of announced commitments.
Pujan Dhungel Adhikari, director and spokesperson of the authority, said the policy and program were not made public because no directive came from above.
"Last fiscal year, then-chairman Sharad Ojha had decided to make it public, but this time no directive has come from above," she said. "However, since it is a matter of public interest, we will discuss the issue."
There is a strong possibility that the authority's annual policy and program will remain confined to paper.