The Nepali government has appointed former secretary Surya Prasad Silwal as the new chairman of the Insurance Board Of Nepal (Beema Samiti).
The regulatory body had been without a leader after the then chairman Chiranjeevi Chapagain retired. The new chairman was appointed about two months after the seat fell vacant, reported Investopaper.
Mr Silwal affirmed his commitment to work for the reform of the insurance sector, saying that the industry faces a number of challenges. He encouraged everyone to help resolve them.
Minister for Finance Bishnu Poudel instructed the new leadership of the Beema Samiti to make their tenure a ‘milestone’ for the insurance sector of the country. He said that there would be cooperation, facilitation, and coordination with the Beema Samiti to help address the issues surrounding the insurance sector.
There are currently 19 life insurance companies, 20 non-life insurance companies and one reinsurance company operating in Nepal.