KATHMANDU, July 11: The Insurance Board (IB) has directed the Nepali insurance companies to maintain real time transaction data from the next fiscal year.
Raju Raman Poudel, executive director of the IB, said they have launched a special software for the insurance companies that facilitates them to maintain their real time databases. According to him, the system will help maintain transparency in transactions of individual insurers, reduce risk in the insurance business and discourage unhealthy competition seen in the sector.
Insurance companies however have been objecting to the regulator’s instruction, saying that they are unable to abide by the new system, with just one week left for the fiscal year to end. “In addition, the software itself has not gone into full-fledged implementation and is in the process of development,” said an official of an insurance company.