October 23: The Insurance Board Nepal is all set to establish Insurance Information Centre to curb fraudulent activities in the insurance sector. The board has initiated the process to form the information centre in collaboration with insurance companies.

The board said it has already held discussions with the chiefs of all insurance companies and that the companies have shown interest to invest in shares of the information centre.

Currently, there are 10 life insurance companies in Nepal, 20 non-life insurance companies and one re-insurance company.

It has been learnt that the information centre will be formed with a total capital of Rs 4.3 million by collecting Rs 100,000 for shares from each insurance company. The insurance board will invest Rs 300,000 for the establishment of the centre.

The Insurance Bill 2075, which is currently in parliament for discussion, has also envisaged an insurance information centre. However, the board has already initiated the process to establish the information centre although the bill is yet to be approved.

Executive Director of the Insurance Board Nepal, Raju Raman Poudel, said that the board will set up the information centre within this year.

“At present, we are discussing on the working procedure and setting up the funds. We are trying our best to bring the information centre into operation as soon as possible,” said Poudel.