Chamber of Commerce President Urges Allowing Insurance Companies to Expand Services Abroad

Kathmandu. Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has demanded that insurance companies be allowed to expand their services abroad. Speaking at the inauguration ceremony of the newly constructed building of IGI Prudential Insurance Company on Thursday, he called for policy reforms to create an environment for overseas business expansion.

He also urged the Insurance Board to create an environment where insurance companies can compete in the international market. He noted that Nepal's regulatory bodies, including the Nepal Rastra Bank, the Insurance Board, and the Securities Board of Nepal, are still operating under traditional policies. According to him, banks and financial sectors have been unable to expand their business as expected due to these outdated policies.

President Dhakal stated that despite being financially capable, outdated policies are hindering the expansion of business activities. According to him, a change in the regulatory approach towards insurance companies and the overall banking and financial institutions is necessary. He emphasized that the tendency to view business entities solely through the lens of profit-seeking and malicious intent must end.