Kathmandu, Dec 15: Finance Minister Dr Prakash Sharan Mahat said that there is a need for change in the way that Nepal Insurance Authority (NIA) conducts. 

Addressing the honor program organized by the Insurance Surveyor Authority Union Nepal in Lalitpur on Friday, Dr Mahat said that NIA needs to play an effective role in curbing distortions and anomalies in the insurance sector. He said that the insurance sector is expected to improve only if authority works fairly without being influenced by anyone. 

He claimed that only when the NIA conducts correctly will the quality of the insurance sector will improve. The insurance is sold by an attractive advertisement but has to go through a messy process while receiving it, therefore, NIA should work to ease the process. 

Many members are made to join through tactful advertising, however, while giving the insurance amount at last many other parties and a messy process are involved. This has disheartened many people in getting insurance. 

There needs to be a drastic change in how NIA, a regulatory body of the insurance sector, conducts. The quality of work should be upgraded. 

FM Mahat, said, “Many sources are collected and joined through attractive packages, but, when it the time to give the ascribed fund, then the process gets messy. Therefore, the work of the regulatory needs to be made effective and operate fairly to sustain the membership and attract new people.” 

He directed NIA to work without coming in the influence of others and to work with tenacity.