Chapagain at the helm of Insurance Board
The Ministry of Finance (MoF) has recommended Chiranjibi Chapagain to the helm of Insurance Board to validate the Cabinet’s decision of last Thursday.
The Cabinet, on Thursday, had held discussion on the direct proposal of the Deputy Prime Minister and Finance Minister Krishna Bahadur Mahara to appoint the chairman of the Insurance Board. While the Cabinet meeting had decided to appoint the chairman of insurance sector regulator, no name had been minuted, a high level source at the MoF told The Himalayan Times.
To validate the decision of the Cabinet, the MoF today sent the name of Chapagain to the Cabinet as the chairman of Insurance Board.
Chapagain is currently serving as director of Nepal Rastra Bank’s Regional Office in Pokhara.
Though there had been widespread rumours about various people being appointed to the chief post of Insurance Board after Thursday’s meeting, no formal decision in this regard had been made as the MoF had not submitted any files for the appointment of Insurance Board chairman.
The name of the new Insurance Board chair will be minuted on Thursday’s decision based on the recommendation of MoF.
The Governance Regulation, 2009 has authorised the prime minister and ministers to carry out direct proposal in the Cabinet meeting, which means the proposal does not need to be submitted to the Cabinet through the administrative process.
Following all these developments, it has been confirmed that Chapagain will serve as the chairman of insurance sector regulator for four years.
He will succeed Fatta Bahadur KC, who served in Insurance Board for two terms and his tenure has already expired. The proposed Insurance Bill has
provisioned that the government can reappoint maximum one additional term for the Insurance Board chairman after the first tenure ends.