HoR committee continues deliberations on bill to amend insurance law

The Finance Committee, House of Representatives today continued clause-wise deliberations on the law to amend and integrate insurance-related laws.

In his repose to lawmakers’ queries raised by lawmakers during the deliberations, Finance Minister Dr Yuba Raj Khatiwada said the bill envisaged the concept of further strengthening insurance-related regulatory bodies and establishing the Insurance Authority as a powerful and competent entity.

The meeting was chaired by committee president Krishna Prasad Dahal.

Making clear about unclear technical and other theoretical aspects of the bill, the minister said the bill had incorporated the idea of expansion of insurance coverage, he said though amendment to some points was needed. However, the bill was appropriate in the changing context. HoR members had presented a 85-point amendment proposal in regard with the bill.

Today’s deliberations were focused on the expansion of insurance market, promotion of capital market, operation of insurance business, insurance policy, insurance premium and so on. The Committee shall again meet on March 19.