Kathmandu. An agreement has been reached between the Insurance Committee and Nepal Institute of Chartered Accountants regarding information exchange and mutual assistance. Chairman of the Insurance Committee Surya Prasad Silwal and Chairman of the Nepal Chartered Accountants Association Yuddharaj Oli signed the agreement at the office of the organization in Lalitpur.

On the occasion, Chairman of the Insurance Committee Silval expressed confidence that the agreement would make significant contribution in maintaining financial transparency, accountability and credibility in the insurance sector and making the implementation of Nepal Financial Reporting Standards more effective. Oli, President of the Institute of Chartered Accountants of Nepal, expressed the view that cooperation between the two organizations would be important in terms of implementation of NFRS and maintaining good governance in insurance companies.

The agreement was signed between the committee and the organization with the objective of cooperating for the sustainable development of the insurance business, making the financial activities of the insurance company more transparent and competitive, maintaining institutional good governance and protecting the interests of the general investors. The agreement stipulates that in order to facilitate the implementation of NFRS in insurance companies, training programs will be organized and related technical consultations will be exchanged. 

Similarly, the agreement stipulates that the members of the insurance company and the individuals and organizations associated with the company will be informed about the action taken by the committee or organization and will cooperate in this regard to make the implementation of various directives issued by the organization and committee effective.