Applications Open for Insurance Authority Chairperson, Application Fee NPR 7,500

31st August 2025, Kathmandu

The selection committee for the appointment of the Chairperson of the Nepal Insurance Authority has officially issued a public notice inviting applications from eligible Nepali citizens.

Application Open for NIA Chairperson 

This announcement marks a critical step in filling the top leadership position of the nation’s primary insurance regulatory body. The public notice outlines a strict seven-day application window, during which interested and qualified candidates must submit their applications along with a comprehensive work plan and all required documents. This open competitive process underscores a commitment to transparency and merit in the selection of a leader for this vital sector.

Detailed Application Requirements

According to the public notice, the application must be submitted in a sealed envelope to the Financial Sector Management and Institution Coordination Division of the Ministry of Finance, which has been designated as the official contact office for the selection committee. This measure is in place to ensure the confidentiality and integrity of the application process. Applicants must also pay a non-refundable application fee of NPR 7,500. This fee must be deposited at Rastriya Banijya Bank, following the specific instructions provided by the committee. The application fee receipt is a mandatory part of the submission package, serving as proof of payment.

The submission package for each candidate must include:

Proof of Eligibility: This includes all official documents that certify the applicant meets the required educational, professional, and legal qualifications. These qualifications typically include a master’s degree and at least five years of high-level managerial experience in a relevant field like insurance, banking, or finance.

A Proposed Work Plan: Candidates must provide a detailed document outlining their strategic vision for the Nepal Insurance Authority. This plan should specify how they intend to lead the organization, address existing challenges, implement new policies, and improve the overall functioning of the insurance sector.

Application Fee Payment Receipt: As mentioned above, a copy of the receipt confirming the deposit of the NPR 7,500 application fee is mandatory.

The submission of all these documents within the seven-day deadline is crucial for an application to be considered valid and processed by the committee.

Background and Composition of the Selection Committee

The position of the Insurance Authority Chairperson became vacant after the government dismissed the previous Chairperson, Sharad Ojha, following a Council of Ministers meeting on Bhadra 2, 2082. To oversee the recruitment and selection process for this crucial role, the Council of Ministers subsequently formed a high-level, three-member recommendation committee on Bhadra 9, 2082.

The committee is composed of prominent figures from Nepal’s financial and regulatory landscape:

• Prof. Dr. Shiva Raj Adhikari, Vice-Chairperson of the National Planning Commission, serves as the committee’s coordinator.
• Ghanashyam Upadhyay, Secretary of the Ministry of Finance, is a member, bringing deep knowledge of government finance and policy.
• Dr. Khomraj Kharel, an expert member, provides specialized insights into the financial and insurance sectors.

The formation of this committee underscores the government’s commitment to a transparent and merit-based process for a position that is essential for the country’s financial stability.

The Importance of an Open and Competitive Selection

The appointment will be made through an open competitive selection process, which is a significant departure from traditional appointment methods. This approach emphasizes transparency, merit, and suitability for the leadership role. The committee will thoroughly review all applications, assessing the qualifications, experience, and strategic plans of the candidates. The final recommendation will be based on a comprehensive evaluation, which may include a business plan presentation and an interview, as seen in similar high-level appointments.

This process is designed to ensure that the Nepal Insurance Authority receives a leader who is not only qualified on paper but also possesses the vision and leadership skills required to promote a robust and well-regulated insurance sector. A capable chairperson is vital for maintaining the confidence of all stakeholders, including policyholders, insurance companies, and the public.

The Pivotal Role of the Chairperson

The Chairperson of the Nepal Insurance Authority is the chief executive of the regulatory body, and their responsibilities are vast and impactful. Their duties include:

Ensuring Regulatory Compliance: The Chairperson is responsible for making sure all insurance companies adhere to the Insurance Act, 2079, and other relevant laws and regulations.

Supervising Stability: They oversee the operational and financial stability of insurance companies, which is crucial for protecting the entire financial system.

Protecting Policyholders: The Chairperson plays a vital role in protecting the rights and interests of policyholders, ensuring fair practices and timely claim settlements.

Promoting Sector Growth: They are tasked with implementing policies that foster sustainable growth and development within the insurance sector, including encouraging new products and increasing insurance penetration in the country.

The role demands a candidate with not only strong leadership skills but also a deep understanding of the financial, legal, and operational aspects of the insurance industry.

Conclusion

The opening of applications for the Chairperson of the Nepal Insurance Authority is a critical moment for the future of the nation’s insurance sector. Eligible Nepali citizens have a unique opportunity to apply for this influential position and contribute to the regulation and development of the industry. The public notice clearly outlines all the requirements, including the submission of applications in a sealed envelope, the NPR 7,500 application fee, and the seven-day deadline. The formation of the high-level recommendation committee and the emphasis on a transparent, merit-based selection process underscore the government’s commitment to appointing a qualified and capable leader. As the insurance sector continues to play an increasingly important role in Nepal’s financial system, the appointment of an effective Chairperson is essential for ensuring regulatory excellence, consumer protection, and the long-term growth and stability of the market.

For More: Application Open for NIA Chairperson