Experts criticise new Insurance Bill

Kathmandu, July 16

Experts have criticised the new Insurance Bill that Finance Minister Yubaraj Khatiwada recently registered in Federal Parliament.

They say the new bill is not much different from existing act and it does not address demands of the contemporary time.

Insurance expert Rabindra Ghimire says the proposed composition and formation process of the country’s insurance regulatory body are faulty as the bill says government officials, not experts and professionals, will have decisive roles in the authority’s board.

Likewise, expert Devendra Pratap Shah, who once led the Beema Samiti, says the government should introduce two laws to regulate the sector following international practices. One of such laws will regulate the regulatory authority whereas the second will govern the overall sector, according to him.

Minister Khatiwada, however, claims the new bill was introduced with objectives of regulate the insurance industry and protect rights of the insured.

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