Sharad Ojha Removed as Chairman of Nepal Insurance Authority

The government has dismissed Sharad Ojha from his position as chairman of the Nepal Insurance Authority.

A minister told New Business Age that the Cabinet meeting held on Monday evening decided to remove Ojha from the post. He had been under suspension after a probe committee was formed to review his qualifications.

The investigation committee, led by former High Court judge Krishna Giri, submitted its report on Sunday, concluding that Ojha lacked the necessary qualifications to lead the regulatory body. The report stated that he needed additional experience in the relevant sector as required by law and also raised concerns about his efficiency.

The government had appointed Ojha as the chairman of the Nepal Insurance Authority —the regulatory body for insurance companies— for a four-year term on February 24 this year.

Ojha was appointed following the recommendation of a selection committee led by National Planning Commission Vice Chairman Prof. Dr. Shiva Acharya.

He made it to the post of NIA chairman at the expense of his competitors including former Secretary Ram Sharan Pudasaini and former Executive Director of the Health Insurance Board, Damodar Basaula.