Kathmandu – Chairman of Nepal Insurance Authority (NIA), Madan Dahal, has pledged to ensure that insured individuals receive their claims on time. Speaking at a press conference held at the NIA office on Wednesday, Dahal emphasized his commitment to resolving existing issues in the insurance sector, including delayed claims and operational inefficiencies.

Addressing the conference, Dahal said, “We will take action against unethical companies and ensure timely claim settlements for policyholders. Furthermore, we are determined to implement broader reforms in the insurance sector.” He added that policies developed outside the framework of existing laws would be reviewed and integrated under unified directives through the authority’s legal department.

During the session, journalists raised concerns about fake employees allegedly working in insurance companies. In response, Dahal assured that the authority has initiated investigations into these allegations. He also highlighted that a lack of awareness about insurance processes has been a major cause of claim delays.

Priority on Awareness and Skill Development

Dahal stated that his tenure would prioritize awareness programs to educate people about insurance. He announced plans to evaluate the competency of surveyors and agents, noting that only those actively working in the field would be eligible for license renewal.

Clarification on New Insurance Licenses

Amid rumors about the issuance of licenses for new insurance companies, Dahal dismissed them as baseless. He clarified that no policy currently supports granting new licenses and emphasized focusing on merging existing companies to strengthen the sector.

Focus on Reform Amid Challenges

Dahal’s appointment followed a period of uncertainty when the authority was without a chairman after the Commission for the Investigation of Abuse of Authority (CIAA) filed corruption charges against former chairman Surya Prasad Silwal. Dahal, previously a representative from the Ministry of Finance on the NIA board, was appointed as chairman to steer the authority forward.

With a strong resolve to address challenges and bring reforms, Dahal has made it clear that his leadership aims to transform the insurance sector for the benefit of all stakeholders.