15th July 2025, Kathmandu
Sharad Ojha, the Chairman of the Nepal Insurance Authority, has been suspended from his position following the formation of a three-member investigation committee by the Council of Ministers on Monday.
Nepal Insurance Authority Chairman Sharad Ojha
This development marks a significant turn for the regulatory body overseeing insurance companies in Nepal.
The probe committee, led by former Justice Krishna Giri, includes Kapildev Oli and Jivan Prakash Sitaula as members. According to Section 12, Sub-section 3 of the Insurance Act, 2079, the formation of such a committee automatically leads to the suspension of the chairman or member under investigation.
Sources indicate that the Cabinet’s primary objective in forming this committee is to facilitate Ojha’s potential dismissal. The Insurance Act allows the Government of Nepal to remove a chairperson or member on the grounds of misconduct, lack of capability, or failure to perform official duties (Section 12, Sub-section 1, Clause (c)). The investigation committee’s formation aligns with Sub-section 2 of the same section, which permits the government to establish a three-member probe team under a former High Court judge.
Further adding to the scrutiny, a writ petition has been filed in the Supreme Court alleging that Ojha’s appointment was based on fraudulent documents. Concurrently, the Commission for the Investigation of Abuse of Authority (CIAA) is also reportedly investigating the matter, as per sources from the Ministry of Finance. These concurrent investigations have seemingly prompted the government’s decisive move towards his potential dismissal.
Acting Chairman Appointed
In the wake of Ojha’s suspension, the Ministry of Finance has promptly designated Joint Secretary Sebantak Pokhrel as the Acting Chairman of the Nepal Insurance Authority. Pokhrel will lead the Authority until further arrangements are concluded and the ongoing investigation is complete. This appointment ensures continuity in the regulatory functions of the Authority during this transitional period.
Background of Sharad Ojha’s Appointment
Sharad Ojha, originally from Kanchanpur, was appointed as the Chairman of the Nepal Insurance Authority through a Council of Ministers decision following a prior Monday meeting. The recommendation committee for the chairman position had also considered former secretary Ram Saran Pudasaini and former Chairman of the Health Insurance Board, Damodar Basoula.
At 33, Ojha became the youngest-ever Chairman of the Authority. He holds a postgraduate degree in management and a bachelor’s degree in law, bringing experience from media, legal advocacy, and the corporate sector. His expertise spans business law, fiscal policy, monetary policy, revenue administration, and economic analysis.
The chairman’s post at the Nepal Insurance Authority had previously been vacant after the automatic suspension of former Chairman Surya Prasad Silwal, against whom the CIAA filed a corruption case in early December.
The Nepal Insurance Authority plays a crucial role in regulating life, non-life, and micro insurance companies operating across Nepal, ensuring stability and compliance within the country’s insurance sector. This ongoing investigation will be closely watched by stakeholders within the financial and insurance industries.
For more: Nepal Insurance Authority Chairman Sharad Ojha