The state-owned Rastriya Beema Sansthan (RBS) has entered its 54th year of establishment.

Addressing the annual function today, the Chairperson of Insurance Board (IB) Surya Prasad Silwal urged the Sansthan to increase its competitiveness.

Urging to focus on timely service delivery, he directed the Sansthan to enhance its reputation through fast, quality and technology-friendly services and increasing its credibility through transparency and good governance.

Silwal also directed RBS to increase the access and scope of life insurance services to the general public and the underprivileged. He urged to move ahead with activities focusing on institutional good governance and financial transparency.

Stating that the IB does not believe in authoritarian regime even though it is a regulatory body, he said, "We are working on how to increase transparency and encourage the insurance sector stakeholders feel more accountable towards their responsibility."

Deputy Governor of Nepal Rastra Bank Chintamani Siwakoti urged the institution to move forward by changing and modifying the business in competitive manner.

He further added that the role of insurance sector is important to ensure security while minimising the risks in the business sector. He also emphasised said strong insurance sector is crucial for economic prosperity through inclusive economic development.

In view of very low access to insurance in the rural areas of Nepal, Siwakoti underscored the need to further contribute to the development and expansion of industry and business by increasing access to insurance.

Economic Adviser of the Ministry of Finance Prakash Kumar Shrestha pointed out the need to expand the reach of insurance companies.

He opined that the market share of the corporation, which is the oldest insurance company in the country, should also be the highest.

Chairman of the Board of Directors of RBS Gangaram Kandel said that the corporation was established 53 years ago under full government ownership and with a vision of creating a secure and prosperous society.

The major objective of the RBS was developing the financial sector and minimising the risks to the lives of the insured by mobilising internal resources and means for proper economic growth of the nation.

A version of this article appears in the print on February 24, 2021, of The Himalayan Times.