Allow insurance firms to expand abroad: FNCCI Chief Dhakal
Dhakal emphasized the need for policy reforms to create an environment conducive to overseas business growth.
KATHMANDU: Chandra Prasad Dhakal, Chair of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has called for allowing Nepalese insurance companies to expand their services internationally.
Speaking at the inauguration of the newly constructed building of IGI Prudential Insurance Company on Thursday, Dhakal emphasized the need for policy reforms to create an environment conducive to overseas business growth.
He also urged the Insurance Board of Nepal to foster a competitive international market for local insurers.
Dhakal highlighted that regulatory bodies in Nepal, including the Nepal Rastra Bank, the Insurance Board, and the Securities Board of Nepal, are still operating under traditional policies.
He noted that outdated regulations have hindered banks and financial institutions from expanding their businesses as expected, despite being financially capable.
He stressed the necessity of a shift in regulatory approach—from viewing financial institutions solely through a lens of profit or misconduct to one that supports sustainable growth. Dhakal cautioned against holding entire institutions accountable for the mistakes of a single individual.
“Expanding economic activities not only boosts employment but also increases government revenue,” he said, reiterating the need for legal and policy reforms to keep financial operations dynamic.
IGI Prudential Insurance Company officially inaugurated its new building on Thursday, marking the launch of enhanced services.
