MoF Joint Secretary Janak Raj Sharma Appointed as New Insurance Authority Chairman
New Insurance Authority Chairman
26th September 2025, Kathmandu
The Cabinet, during its Thursday meeting, officially appointed Janak Raj Sharma New Insurance Authority Chairman. He immediately assumed office today after Finance Minister Rameshwar Khanal administered the oath of office and secrecy.
New Insurance Authority Chairman
This key Appointment of the Ministry of Finance (MoF) Joint Secretary aims to bring clear leadership to the regulatory body amidst months of internal controversy.
The Insurance Authority has faced a leadership vacuum and jurisdictional conflicts following the suspension of the previous full-time Chairman and the brief tenure of an Acting Chief.
Context of the Contentious Appointment
Mr. Sharma steps into a role that has seen significant instability. The turmoil began when the former government, led by KP Sharma Oli, decided to investigate the qualifications of the then-suspended Chairman, Sharad Ojha, on Ashar 30.
That decision automatically led to Ojha’s suspension and the formation of a three-member probe committee coordinated by former High Court Judge Krishna Giri.
Legal and Operational Challenges
Following his suspension, the previous chairman, Sharad Ojha, challenged the government’s decision in the Supreme Court. The court then issued an interim order on Bhadra 31, instructing authorities to maintain the status quo.
Citing this order, Ojha dramatically attempted to report back to the office on the same day. The situation became unprecedented.
Two individuals, the temporarily appointed Joint Secretary Sewantak Pokharel (appointed by the previous government on Ashar 30 as Chairman until further arrangements were made) and the suspended Chairman Ojha, appeared at the Authority simultaneously, both claiming the role of Chairman.
This internal friction and legal uncertainty severely hampered the regulatory functions of the Nepal Insurance Authority.
Janak Raj Sharma’s Role and Mandate
The new administration, under Finance Minister Rameshwar Khanal, made a decisive move by appointing Mr. Sharma. As a seasoned Joint Secretary at the Ministry of Finance, Mr. Sharma brings considerable governmental experience to the Insurance Authority.
His immediate mandate will be to stabilize the Authority’s operational environment and re-establish its regulatory effectiveness.
The appointment clearly signals the interim government’s intent to resolve the drawn-out leadership crisis and ensure the smooth functioning of the regulatory body, which is responsible for safeguarding the interests of policyholders and ensuring the stability of the entire insurance sector.
The long-pending qualification dispute concerning the suspended chairman remains sub-judice, with the Supreme Court still considering the matter.
Prioritizing Sectoral Stability
The Chairman of the Insurance Authority holds the executive head position, making Mr. Sharma’s role vital for the Nepali financial sector.
The Authority is tasked with structuring, overseeing, inspecting, and supervising the country’s insurance industry. The recent instability at the top has created a challenge for the Authority to effectively carry out its core responsibilities, which include policy development, licensing, and consumer protection.
Mr. Sharma’s assumption of office is expected to usher in a period of necessary organizational restructuring and focus on pending regulatory matters. The Authority must formulate essential bylaws, directives, and regulations to support the growth and credibility of the insurance market.
The Janak Raj Sharma New Insurance Authority Chairman tenure begins with the immediate task of overcoming the administrative and legal hurdles created by the prior conflicts, enabling the Authority to concentrate on its long-term goals of sectoral development and protecting the interests of the public.
This decisive Appointment should provide the much-needed leadership stability to navigate the challenges ahead.
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