Speaker Profile
Date of Series Held: 15th Jan, 2025 Tuesday
Duration: 90 Minutes
Series Forum: NIRMA Virtual Conference Platform
NIRMA’s Target Audience:
– Policy Makers
– Insurance Regulators
– Insurance Professionals
– Financial Planners
– Risk Managers
– Academics and Students
– General Public Interested in Financial Security
Speaker of Series:
Mr. Padam Prasad Sodari,
Deputy Director
Nepal Insurance Authority
Corporate Office, Kupondol, Lalitpur, Nepal
Association: National Insurance Risk Management Association
LinkedIn: [linkedin.com/in/ padamsodari]
(https://www.linkedin.com/in/ padamsodari)
email: [email protected]
Contact: +977-9851183534
Bio:
Padam Prasad Sodari is a seasoned professional in the field of insurance regulation, currently serving as the Deputy Director at the Nepal Insurance Authority (NIA). With over 15 years of experience in regulatory oversight, policy formulation, and risk-based supervision, he has played a pivotal role in shaping Nepal’s insurance regulatory framework. Mr. Sodari is an expert in aligning global insurance standards with local practices, ensuring the stability and growth of Nepal’s insurance sector. He is a frequent speaker at national and international forums, where he shares insights on regulatory harmonization, solvency frameworks, and consumer protection in insurance.
Title of the Session: Insurance Regulatory Standards: From Global to Local Context
Title Presentation Overview:
In this session, Padam Prasad Sodari will provide a comprehensive overview of insurance regulatory standards, focusing on the transition from global frameworks to local implementation in Nepal. He will discuss the role of international organizations like the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB) in setting global standards, and how these standards are adapted to the Nepalese context. The presentation will also cover recent regulatory developments in Nepal, including the Insurance Act 2079 and the Risk-Based Supervision Framework. Attendees will gain insights into the challenges and opportunities of harmonizing global and local regulatory practices.
Key Takeaways:
- Understanding the purpose and importance of insurance regulation.
- Overview of global insurance regulatory frameworks, including IAIS and FSB.
- Adaptation of global standards to the local context in Nepal.
- Recent regulatory developments in Nepal, including the Insurance Act 2079 and Risk-Based Supervision Framework.
- Challenges and opportunities in harmonizing global and local regulatory practices.
Summary of Session:
- Introduction to Insurance Regulation
– Definition and purpose of insurance regulation.
– Importance of protecting policyholders, ensuring solvency, and promoting market stability.
- Global Insurance Regulatory Frameworks
– Role of the International Association of Insurance Supervisors (IAIS) and its Insurance Core Principles (ICPs).
– Key ICPs: Supervisory Objectives, Corporate Governance, Risk Management, and Capital Adequacy.
– Role of the Financial Stability Board (FSB) in promoting global financial stability.
- Local Context: Nepal
– Overview of Nepal’s insurance regulatory framework.
– Key laws and regulations: Insurance Act 2079, Risk-Based Supervision Framework, and Micro insurance Directive.
– Recent developments: ORSA Directives, Public Disclosure Guidelines, and Anti-Money Laundering (AML) measures.
- Harmonizing Global and Local Standards
– Challenges in aligning global standards with local practices.
– Opportunities for regulatory harmonization and cross-border cooperation.
- Trends in Insurance Regulation
– Focus on consumer protection, fraud prevention, and financial stability.
– Emerging trends: Climate risk, protection gaps, and digital transformation in insurance.
- Q&A Session
– Open floor for questions and discussions on regulatory challenges and solutions.