March 18: Finance Minister Yuba Raj Khatiwada has defended the bill to amend insurance laws stating that the bill incorporates the idea of expansion of insurance coverage. He also said that new insurance laws are required in the changing context.

Minister Khatiwada made such remarks during the clause-wise deliberations of the bill to amend insurance-related laws at a meeting of the Finance Committee of the House of Representatives on Tuesday (March 17).

In repose to queries of the lawmakers, Finance Minister Khatiwada said that the bill envisages the concept of further strengthening insurance-related regulatory bodies and establishing the Insurance Authority as a powerful and competent entity, according to the state-run national news agency RSS.     

HoR members had presented an 85-point amendment proposal in regard to the bill.    

According to RSS, Tuesday’s deliberations were focused on the expansion of insurance market, promotion of capital market, operation of insurance business, insurance policy, insurance premium and so on. The committee has scheduled the next meeting for March 19.