De-tariff - Beema Samiti (Insurance Board)

aLdf ;dfrf/ / ljrf/
jif{M & c+sM @#–@%
ebf} )^# – ;fpg )^$
;+/Ifs
dfwjk|;fb pkfWofo
cWoIf– aLdf ;ldlt
;Dkfbs d08n
/d]z /fh e§/fO{
;+of]hs
sfo{sf/L lgb] {zs– aLdf ;ldlt
;b:o
/3' kGt
k|d'v sfo{sf/L clws[t
k|'8]lG;on OG:of]/]G; s+= ln=
8f= uf]kfn k|;fb >]i7
d'Vo sfo{sf/L clws[t
PnfOG; OG:of]/]G; s+= ln=
lbg]z k|= zdf{ kf}8\ofno
;b:o ;lrj
8f= clgn /fh e§/fO{
lgb] {zs– aLdf ;ldlt
;xof]uL
>Ldfg sfsL{
pk–lgb]{zs– aLdf ;ldlt
;'B'Dg pkfWofo
k|aGws– Pe/]i6 OG:of/]G; s+= ln=
k|sflzt n]vx¿
n]vssf lghL ljrf/ x'g\�.
k|sfzs
aLdf ;ldlt
rfjlxn, sf7df8f} +
kmf]gM $*!)(*(, $*!)*!*
6n lk|m g+= !^^)–)!–%^&*(
appleofS;M $*!)$()
d'b|sM
o'gfO6]8 u|flkms lk|G6;{ k|f=ln=
Go" Knfhf, /fdzfxky, sf7df8f} +, g]kfn
˚f]gM $$@!$!)
✍
;DkfbsLo
aLdfdf b/ /lxt (De-tariff) k|0ffnLsf] ljsf;
aLdf j:t' cGo ;]jf h:t} qm]tf / laq]mtfaLr cfk;L ;dembf/Ldf v/Lb laqmL x'g]
;]jf Joj;fo xf]�. aLdfsf u|fxs -aLldt_ n] aLdf sDkgL;+u aLdf ;]jf kfpgsf nflu
aLdfz'Ns (Premium) clgjfo{ ?kdf ltg'{kg]
{ x'G5�. To;/L aLdf sDkgLnfO{ e'Qmfg ul/g]
aLdf ;]jf jfktsf] d"No cyf{t\ aLdfz'Ns lgwf{/0f ;DaGwdf ljz]if ?kdf aLdf ul/g] j:t'sf]
k|s[lt, ;f]sf] juL{s/0f, ;f];+u cfj4 ljutsf bfjLx? tyf ;DefJo hf]lvdsf] tYof°
h:tf s'/fx?nfO{ Wofgdf /fvL lgwf{/0f ug] { ul/G5�. aLdfz'Ns lgwf{/0f k4lt d"ntM s'g}
klg aLdf of]Uo j:t'df cGt/lglxt ;DefJo hf]lvdsf] cfwf/df ul/g] ul/G5�. cfhsf]
ablnbf] ljZj aLdf ahf/sf] kl/j]zdf g]kfnsf] aLdf ahf/n] ;d]t ;f]xL cg'?k cfkm"nfO{
9fNg' k/]sf] 5�.
aLdf ahf/sf] ljsl;t cj:yfdf aLdsaf6 lnOg] aLdfz'Ns b/ ahf/ :jo+n] to
ug] { x'G5 eg] csf] { tkm{ aLdf ahf/sf] ljsf;zLn (Emerging Market) cj:yfdf aLdfz'Ns
b/ aLdf lgodg lgsfon] tf]Sg] u/]sf pbfx/0f ;d]t kfOG5�. ljut s]xL jif{ otf
g]kfndf aLdf pBf]usf] ljsf;df cf;ftLt k|ult geP klg b]zsf] aLdf ahf/df aLdfz'Ns
lgwf{/0f k4ltnfO{ k'g/fjnf]sg ug'{ ;fGble{s ePsf] 5�. ljZjdf 5fPsf] aLdf k|ljlwsf]
pRrtd ;Lk j[l4 ;+u;+u} xfnsf lbgdf g]kfnL aLdf pBf]udf ;d]t cfd"n kl/jt{g
cfO;s]sf] 5�. o; ;Gbe{df ljutdf ckgfOPsf] k/Dk/fut aLdfz'Ns lgwf{/0f k4ltnfO{
;j{;fwf/0f hgtfn] a'‰g] u/L Jojxf/df Nofpg' aLdf Joj;fosf] ljsf;sf nflu ahf/d'vL
cy{ Joj:yf cg'?k ;fk]If ePsf] 5�.
xfnsf] aLdfz'Ns lgwf{/0f k|lqmof ;Gbe{df s]xL aLdf Joj;fosf lsl;ddf b/
(Tariff) sfod ul/Psf] 5 eg] s]xLdf b/ /lxt (Non-tariff) b'j}sf] k|of]u x'“b} cfPsf]
cj:yf 5�. l5d]sL /fi6«x? vf;u/L ef/t, >Ln+sf h:tf /fi6«x?n] ;d]t xfnsf lbgdf
cfP/ De-tariff sf] k4lt ckgfPsf] cj:yf 5�. aLdf pBf]udf b/ /lxt (De-tariff) k4lt
nfu" ug'{
eg]sf] aLdf lgodg lgsfon] aLdfz'Ns lgwf{/0f k|lt pbfzLg x'g' jf j]jf:tf ug'{
xf]Og�. aLdf ahf/sf k|lt:kwL{ -aLdsx?_ n] k'gaL{ds;+usf] ;xdltdf sfod ul/Psf]
aLdfz'Ns b/nfO{ aLdf lgodg lgsfodf k]z u/L pQm b/nfO{ jflif{s, cw{jflif{s ?kdf
bfjLsf] cg'kftdf k'g/fjnf]sg ug] { u/L v'nf ahf/sf] cjwf/0ff cg'?k k|of]udf Nofpg
lgodg lgsfo;+u :jLs[lt lng] Joj:yf xf]�. To;/L :jLs[lt lnPsf] aLdfz'Ns b/sf]
Go"gtd b/df km/s kg] { u/L aLdf Joj;fo u/]df sfg"g adf]lhd sf/jfxL x'g] Joj:yf
;d]t /x]sf] 5�. o:tf] k4ltn] aLdf ;]jfnfO{ k|ltkmnd'vL / nfesf/L agfO{ aLdfsf]
u|fxsnfO{ ;'ne / ;:tf] (Fair) aLdf ahf/sf] kx'“r k'¥ofpg ;d]t d2t ub{5�. t;y{, xfn
sfod e} cfPsf] Tariff System sf] aLdf ahf/nfO{ cGTo u/L aLdfb/ /lxt (De-tariff)
k4ltsf] ljsf; u/L aLdf ;]jfu|fxLx?nfO{ :t/Lo aLdf ;]jf k'¥ofpg cfjZos ePsf] 5�.
;dli6df g]kfnsf] aLdf pBf]un] ljsf;sf] Ps r/0f kf/ u/L ;s]sf] 5 . aLdf
ahf/sf k|lt:kwL{ -aLdf sDkgLx?_ nfO{ k]zfut dof{bfdf /xL :jlg0f{o ug{ ;Sg] Ifdtfsf]
ljsf; u/fpg / aLdf ;]jfu|fxLx?nfO{ ;d]t cem a9L hfu?s, ;r]t / plrt cfly{s
;'/If0f lbg] jftfj/0fsf] l;h{gf ug{ aLdf pBf]usf] ljsf; ;d]tsf nflu De-tariff k4lt
nfu" ug'{
h?/L ePsf] 5�.
❐
1

2
cfGtl/s ;dfrf/
!= aLds btf{ lgb] {lzsf nfu"M
aLdf ;ldltn] aLdf btf{ lgb] {lzsf tof/
u/L ldlt @)^$÷@÷@ b]lv nfu" u/]sf] 5�.
gof“ aLdf sDkgL :yfkgf ug{sf] nflu s]–s]
ljlw k'¥ofpg' k5{ / s'g–s'g of]Uotf k"/f u/]kl5
aLdf sDkgL :yfkgf ug{ ;lsG5 eGg] af/]df
pQm lgb]{lzsfdf pNn]v ul/Psf] 5�. cGt{/f{li6«o
k|rng cg';f/ aLdf lgodgsf/L lgosfx¿n]
pQm lgb]{zg hf/L ug]{ ub{5g\�. gof“ aLdf sDkgL
:yfkgf ug{ ;xh agfpg / of]Uo tyf cg'ejL
;+rfnsx¿n] dfq aLdf Joj;fo ;+rfng u¿g\
tf ls nufgLstf{ tyf aLldtx¿sf] lxt xf];\
eGgsf nflu aLdf btf{ lgb]{lzsf hf/L ug]{
ul/G5�. g]kfnL aLdf ahf/ tyf pBf]un] o;af6
nfe p7fpg] 5 eGg] ljZjf; ul/Psf] 5�.
@= gof⁄ ;e] {o/ sDkgLsf] :yfkgfM
g]kfndf sfo{/t pGgfO;j6f ;+:yfut
;e] {o/x¿dWo] Pp6f csf] { ;e] {loª ;+:yf klg
ylkPsf] 5�. aLdf ;ldltsf cWoIf >L dfwj
k|;fb pkfWofon] rfN;{ 6]n/ sG;lN6ª gfds
pQm ;+:yfsf] ofs P08 olt xf]6n, b/af/dfu{df
Ps ;df/f]xaLr pb\3f6g ug'{eof]�. ;e]{o/ tyf
n; P8h:6d]06 pQm ;+:yfsf] d"Vo sfo{ /x]sf]
pQm ;+:yfn] hgfPsf] 5�.
#= ;e]{ k|ltj]bgsf] ;f/f+zM
aLdf ;ldltn] ;e] { k|ltj]bgsf] 9f“rf tof/
ug] { qmd clGtd r/0fdf k'u]sf] 5�. ;e] {o/x¿n]
aLdf sDkgLx¿nfO{ a'emfpg] k|ltj]bg cf–cfappleg}
9f“rfdf k|:t't ug]{ u/]sf]n] ;]jfu|fxL / sDkgLnfO{
;d:of cfOk/]sf] x'gfn] To:tf] k|ltj]bgdf
Ps¿ktf ckgfpg' kg] { cfjZostf b]lvPsf]
x'gfn] ;f]df Ps¿ktf Nofpgsf nflu ;e]{
k|ltj]bgsf] 9f“rf tof/ kfl/Psf] 5�. ;f]
k|ltj]bgdf Ps¿ktf cfPkl5 ;e]{ sfo{sf] tYofÍ
/fVg] nufot cGo ljljw sfo{sf] nflu ;xh
x'g]5�.
$= aLdf+sLo k|ltj]bgsf] 9f⁄rfM
hLjg aLdf sDkgLx¿n] x/]s tLg–tLg
jif{df cfapplegf] d"NofÍg aLdf+sLaf6 u/fpg' kg] {
k|fjwfg /x]sf] 5�. ;f] d"NofÍg kZrft\ k|:t't
ul/g] aLdf+sL k|ltj]bgsf] 9f“rf tof/ ul/Psf]
5�. xfn pQm k|ltj]bg ;'emfjsf nflu ljleGg
lj1x¿sxf“ ;'emfjsf nflu k|:t't ul/Psf] 5�.
aLdf ;ldltn] ladf+sLo ;]jf lngsf nflu lgo'Qm
u/]sf aLdf+sL >L Pg= Pd= uf]a4{gn] ;f] sfo{sf
nflu ;xof]u ub} { cfO/xg'ePsf] 5�.
%= aLds lg/LIf0f lgb]{lzsf d:of}bf
tof/M
aLdf P]g, @)$( sf cg';f/ aLdf ;ldltn]
aLdf sDkgLx¿sf] :ynut, u}/ :ynut jf
cfsl:ds lg/LIf0f ug{ ;S5�. pQm
lg/LIf0fx¿dWo] :ynut lg/LIf0fsf] nflu
lgb]{lzsfsf] d:of}bf tof/ ul/Psf] 5�.
lgodgsf/L lgsfosf] x}l;otn] aLdf ;ldltn]
aLdf sDkgLx¿nfO{ lg/LIf0f ubf{ s;/L ug] {
eGg] ;d:ofsf] lg/fs/0f pQm lgb] {lzsfn] ug] {
ljZjf; lnOPsf] 5�.
^= aLdf lgaGw k|ltof]lutf cfof]hgfM
aLdf ;ldltåf/f hgdfg;df aLdfsf] dxŒj
/ aLdfk|ltsf] hgr]tgf hufpg] p2]Zon] aLdf
;DaGwL /fi6«JofkL lgjGw k|ltof]lutfsf] cfof]hgf
ug] { nIo lnOPsf] lyof]�. ;f]xL cg'¿k ldlt
@)^#÷!)÷@$ ut] aLdfsf] dxŒj / hf]lvd
Joj:yfkgdf aLdfsf] dxŒj zLif{ssf b'O{ 5'§f5'§}
aLdf ;DaGwL lgjGw k|ltof]lutfsf] glthf M
-c_ aLdfsf] dxTj M -sIff ( b]lv !@ jf k|df0f–kq tx;Dd_
lgjGw k|ltof]lutfdf efu lng ;fj{hlgs ¿kdf
cf≈jfg ul/Psf] lyof]�. aLdfsf] dxŒj zLif{ssf]
lgjGw k|ltof]lutfdf sIff ( b]lv !@ jf
k|df0f–kq tx;Dd / hf]lvd Joj:yfkgdf
aLdfsf] dxŒj zLif{ssf] lgjGw k|ltof]lutfdf
:gftsb]lv :gftsf]Q/ tx;Ddsf ljBfyL{n] efu
lng ;Sg] u/L k|ltof]lutfsf] cfof]hgf ul/Psf]
lyof]�.
ldlt @)^$÷)$÷!( ut] zlgaf/sf lbg
;f] k|ltof]lutfsf] k'/:sf/ ljt/0f sfo{qmd ;DkGg
ul/of]�. ;ldltsf cWoIf >L dfwjk|;fb
pkfWofoHo"sf] cWoIftfdf ;DkGg pQm
sfo{qmdsf k|d'v cltly dfggLo cy{dGqL
8f= /fdz/0f dxtn] ljhoL k|ltof]uLx¿nfO{
k'/:sf/ tyf k|df0f–kq k|bfg ug'{ePsf]
lyof]�.
sfo{qmddf aLdf ;ldltsf sfo{sf/L lgb] {zs
>L /d]z /fh e§/fO{Ho", ;x–k|f= >L sf]if/fh
Gof}kfg]Ho" tyf g]kfn aLds ;+3sf cWoIf
>L /fw]Zofd uf]vf{nLHo"n] dGtJo JoQm ug'{ePsf]
lyof]�. sfo{qmdsf] ;+rfng aLdf ;ldltsf
pk–lgb]{zs >L >Ldfg sfsL{Ho"n] ug'{ePsf]
lyof]�.
+
+
qm= gfd btf{ g+= tyf ldlt 7]ufgf glthf k'/:sf/ z}lIfs
;+= /sd -¿=_ of]Uotf
!= ;Ltf d}gfnL #(#^–)^#.!@.@% dx]Gı /Tg p=df=lj= klxnf] @%,))) sIff !@,
cgf/dgL, emfkf -lzIff_
@= gd|tf a/fn #&))–)^#.!@.)* u08sL cf=p=df=lj=, bf];|f] !%,))) sIff !@,
kf]v/f -lj1fg_
#= lbks rf}nfufO“ #&&$–)^#.!@.!% sf]nDa; p=df=lj=, t];|f] !),))) sIff !@
gof“ afg]Zj/, sf7df8f}
-lj1fg_
$= ljZj k|sfz kf}8]n #&@$–)^#.!@.)( ljZj efiff SofDk; ;fGTjgf %,))) sIff !!
k|bz{gL dfu{, sf7df8f}
-@ ;]d]i6/_
-cf_ hf]lvd Joj:yfkgdf aLdfsf] dxTj M -:gftsb]lv :gftsf]Q/ tx;Dd_
qm= gfd btf{ g+= tyf ldlt 7]ufgf glthf k'/:sf/ z}lIfs
;+= /sd -¿=_ of]Uotf
!= g}g axfb'/ tfdfª #*!!–)^#.!@.!* jg lj1fg cWoog klxnf] @%,))) aL=P:;L
;+:yfg, x]6f} +8f t];|f] jif{
@= s'a]/ g]kfnL #(#(–)^#.!@.@@ k'Nrf]s SofDk;, bf];|f] !%,))) aL=O{=
k'Nrf]s t];|f] jif{
#= x]/Da zdf{ #(%*–)^#.!@.@# /Tg/fHonIdL SofDk; t];|f] !),))) aL=P=
k|bz{gL dfu{, sf7df8f}+ t];|f] jif{
$= ljgo s'df/ uf]ogsf #*!@–)^#.!@.!* sn]h ckm sDKo'6/
6]Sgf]nf]hL, a'6jn
;fGTjgf %,))) la=la=P

ljhoL k|ltof]uLx¿sf] tkm{af6 ;'>L ;Ltf
d}gfnL tyf >LdtL g}g axfb'/ tfdfªn]
k|ltof]uLx¿sf] tkm{af6 dGTjo JoQm ug'{ePsf]
lyof]�.
&= ;+rfns ;ldltdf gof⁄ lgo'lQmM
aLdf ;ldltsf] jt{dfg ;+rfns ;ldltsf]
jt{dfg :j¿kdf s]xL kl/jt{g ePsf] 5�.
;do–;dodf aLdf ;+rfns ;ldltsf] :j¿kdf
kl/jt{g x'g] u/]sf] 5�. cy{ dGqfnoaf6
;x–;lrj >L ladn k|;fb jfUn]sf] :yfgdf
ca ;x–;lrj >LdtL laGb|f xf8fn] k|ltlglwTj
ug'{ePsf]
5�. xfn sfod ;+rfns ;ldltsf]
:j¿k o;k|sf/ /x]sf] 5�.
>L dfwj k|;b pkfWofo – cWoIf
>L sdnzfnL l3ld/] – ;b:o
>LdtL laGb|f xf8f – ;b:o
>L ch'{g
sfsL{ – ;b:o
>L /fh' s'df/ lzjfsf]6L – ;b:o
;ldltsf] ;lrjsf] ¿kdf ;ldltsf sfo{sf/L
lgb]{zs >L /d]z /fh e§/fO{n] sfo{ ub}{ cfO/xg'
ePsf] 5 .
*= cGt/lqmof sfo{qmdsf] cfof]hgfM
ldlt @)^#.(.@$ b]lv @)^$.(.@& ;Dd
Sofg8fnL aLdf lj1 >L h“ ;f/flhg / /fNkm
n]jf{;åf/f aLdf ;ldltsf ;a} zfvf clws[tx¿
/ ;a} aLdf sDkgLsf Ps–Ps clws[tx¿sf
nflu rf/ lbg] cGt/lqmof sfo{qmd cfof]hgf
ul/of]�. æaLdf pBf]udf aLdf lgodgsf/L
lgsfosf] e"ldsfÆ ljifodf ;f] cGt/lqmof
sfo{qmd cfof]hgf ul/of]�. aLdf ;ldltsf cWoIf
>L dfwj k|;fb pkfWofoHo"n] ;f] sfo{qmdsf]
pb\3f6g ug'{ePsf] lyof]�.
.. aLdf ..
dfgjsf] ;'/lIft eljiok|ltsf] rfxgf
..vt/f..
hLjgnfO{ d[To'sf], z/L/nfO{ b'3{6gfsf]
:jf:YonfO{ /f]usf], ;DklQnfO{ rf]/sf]
vt/fo'Qm hLjg / ;DklQsf] /Iffj/0f u/f}+ .
aLdf ug'{
k"j{ aLdfsf zt{ tyf ;'ljwfaf/] :ki6 eO{ aLdf u/f} + .
eljtJo jf b'3{6gf kl5 cfly{s Ifltk"lt{ ;'ne k|fKt u/f}+ .
l9nf] gu/f} + cfh} cfapplegf] hLjg / ;DklQsf] aLdf u/f} + .
aLdf ;ldlt
rfjlxn, sf7df8f} + .
(= tflndM
aLdf ;ldltn] aLdf If]qdf bIf hgzlQm tof/ kfg] { p2]Zo cg'¿k / aLdf Joj;fonfO{
dfly p7fpgsf] nflu ljleGg k|sf/sf] tflnd ;+rfng ub} { cfPsf] 5�. ldlt @)^$÷^% df o;
;ldltaf6 b]xfosf] sfo{qmd tflnsf adf]lhd, aLdf clestf{sf] cfwf/e"t tflndx¿ ;+rfng
ul/g] Joxf]/f ;DalGwt ;a}sf] hfgsf/Lsf] nflu ;"lrt ul/G5�.
sf7df8f}+ pkTosfdf
;dofjwL M & lbg
qm=;+= ldlt tflndsf k|sf/ s}lkmot
!= @)^$÷)$÷!%– @)^$÷)$÷@! hLjg
@= @)^$÷)$÷@@ – @)^$÷)$÷@* hLjg
#= @)^$÷)$÷)$ – @)^$÷)%÷!) hLjg
$= @)^$÷)%÷!* – @)^$÷)%÷@$ hLjg
%= @)^$÷)^÷)* – @)^$÷)^÷!$ lghLjg
^= @)^$÷)^÷!% – @)^$÷)^÷@! hLjg
&= @)^$÷)&÷@& – @)^$÷)*÷)# hLjg
*= @)^$÷)*÷!! – @)^$÷)*÷!& hLjg
(= @)^$÷)*÷@% – @)^$÷)(÷)@ hLjg
!)= @)^$÷)(÷!& – @)^$÷)(÷@# lghL{jg
!!= @)^$÷)(÷@$ – @)^$÷)(÷#) hLjg
!@= @)^$÷!)÷)* – @)^$÷!)÷!$ hLjg
!#= @)^$÷!)÷@@ – @)^$÷!)÷@* hLjg
!$= @)^$÷!!÷!$ – @)^$÷!!÷@) hLjg
!%= @)^$÷!!÷@* – @)^$÷!@÷)$ lghL{jg
!^= @)^$÷!@÷!@ – @)^$÷!@÷!* hLjg
!&= @)^$÷!@÷@^ – @)^%÷)!÷)@ hLjg
!*= @)^%÷)!÷)# – @)^%÷)!÷)( hLjg
!(= @)^%÷)@÷)& – @)^%÷)@÷!# hLjg
@)= @)^%÷)#÷)# – @)^%÷)#÷)( lghL{jg
pkTosfdf aflx/
;dofjwL M % lbg
qm=;+= ldlt tflndsf k|sf/ :yfg tflnd ;+Vof
!= cfjZostfg';f/ hLjg÷lghL{jg cfjZostfg';f/ )%÷)%
gf]6M
!= k|To]s ljsf; If]qsf] Ps pko'Qm :yfgdf -sf7df8f} + pkTosf aflx/_ o:tf] tflnd
;+rfng ul/g] 5 .
@= pNn]lvt tflnd sfo{qmddf cfjZostfg';f/ kl/dfh{g x'g ;Sg]5 .
3

4
qm=;+= hLjg aLdfsf] k|sf/
;a} aLdssf] cf=j= )^#÷)^$ sf] bf];|f] rf}dfl;ssf] hLjg aLdf sf/f]jf/sf] ljj/0f
hf/L ePsf]
aLdfn]vsf]
;+Vof
o; rf}dfl;sdf rfn' cf=j=sf] o; rf}dfl;s;Dddf
cfh{g ePsf]
aLdfz'Ns
-¿= xhf/df_
e'QmfgL
lbOPsf] bfjL
-¿= xhf/df_
hf/L ePsf]
aLdfn]vsf]
;+Vof
cfh{g ePsf]
aLdfz'Ns
-¿= xhf/df_
e'QmfgL
lbOPsf] bfjL
-¿= xhf/df_
k|yd aLdfz'Ns !,$$,^!& k|yd aLdfz'Ns @,%*,$$^
!= ;fjlws !(,@)& gjLs/0f aLdfz'Ns $,)*,#^( @*,#%$ #^,!(* gjLs/0f aLdfz'Ns &,#&,!(* %^,%^!
hDdf %,%@,(*^ hDdf (,(%,^$$
k|yd aLdfz'Ns *%,^@$ k|yd aldfz'Ns !,^(,^&*
@= clu|d e'QmfgL ;fjlws !),$*! gjLs/0f aLdfz'Ns !,(@,@$@ %,%#& !(,^^* gjLs/0f aLdfz'Ns $,)#,%&^ !!,$&*
hDdf @,&&,*^^ hDdf %,&#,@%$
k|yd aLdfz'Ns ^!,!@! k|yd aLdfz'Ns !,@#,%$^
#= afnaRrf ;DaGwL &,($( gjLs/0f aLdfz'Ns *@,!%* @,%^% !%,@#@ gjLs/0f aLdfz'Ns !,&%,)!% %,$$&
hDdf !,$#,@&( hDdf @,(*,%^!
k|yd aLdfz'Ns #,$)) k|yd aLdfz'Ns &,%)*
$= cGo $,)*! gjLs/0f aLdfz'Ns @,*&% ^%) ^,*%& gjLs/0f aLdfz'Ns ^,!!^ !,$%$
hDdf ^,@&% hDdf !#,^@$
k|yd aLdfz'Ns @,($,&^@ k|yd aLdfz'Ns %,%(,!&*
hDdf $!,&!* gjLs/0f aLdfz'Ns ^,*%,^$$ #$,$@( &&,(%% gjLs/0f aLdfz'Ns !#,@!,()% &$,($)
hDdf (,*),$)^ hDdf !*,#@,$#(
* aLds /fli6«o aLdf ;+:yfgsf] ljj/0f k|fKt gePsf]n] ;dfj]z gul/Psf] .

5
qm=;+= lghL{jg aLdfsf] k|sf/
qm=;+= lghL{jg aLdfsf] k|sf/
hLjg aLdf Joj;fo ug] { ;a} aLdsx¿sf] cf=j= )^#/)^$ sf] bf];|f] rf}dfl;s;Ddsf] nufgLsf] ljj/0f
g]kfn ;/sf/
sf] jrt–kq
tyf C0fkq
!= /fli6«o aLdf ;+:yfg @),*(,^)) %&,*%,*)) @,@%,))) *!,)),$)) @,%&,%)) *,!)) @,^%,^)) !,^&,#@,)))
@= g]zgn nfOkm O=s+=ln=
#= g]kfn nfOkm O=skf]
;a} aLdssf] cf=j= )^#÷)^$ sf] låtLo rf}dfl;s lghL{jg aLdf sf/f]jf/sf] ljj/0f
hf/L ePsf]
aLdfn]vsf] ;+Vof
jfl0fHo
a}+ssf] d'2tL
lgIf]k
o; rf}dfl;sdf rfn' cf=j=sf] o; rf}dfl;s;Dddf
cfh{g ePsf]
aLdfz'Ns
-¿= xhf/df_
ljsf; a}+ssf]
d'2tL lgIf]k
e'QmfgL lbOPsf] bfjL
-¿= xhf/df_
gful/s
nufgL sf]if
clgjfo{
nufgL sf]if
hf/L ePsf]
aLdfn]vsf] ;+Vof
jf= a}+ssf]
c= z]o/
ljQ
sDkgLsf]
d"=lg=
cfh{g ePsf]
aLdfz'Ns
-¿= xhf/df_
cGo klAns
ln= sf]
;fwf/0f z]o/
e'QmfgL lbOPsf] bfjL
-¿= xhf/df_
!= clUg !(,$^# @,@(,%!* !,#^,$%$ #*,!$^ $,^$,!^^ !,&^,(^#
@= ;fd'lıs &,$)* (!,!$) #^,&#) !%,)&! !,&#,!)% ^),#($
#= xjfO{ !& !,^%,#*^ !,$$,@&@ %) @,*%,@)* #,*),^&*
$= df]6/ #),%(^ #,@#,&#^ !,@*,)#$ ^#,&&& ^,*@,#@& @,%),@)^
%= OlGhgLol/¨ tyf 7]= hL= !,!*@ $(,)#$ %^,*)( @,)&! !,$!,(!& &%,)@(
^= ljljw!$,(#) !,#$,!%) $),&#$ #@,!&^ #,)(,#!! &^,!#&
hDdf &#,%(^ (,(@,(^$ %,$#,)## !,%!,@(! @),%^,)#$ !),!(,$)&
* /fli6«o aLdf ;+;yfgsf] cg'dflgt ljj/0f k]z ul/Psf] tyf Pg=jL=O+=s+=ln=sf] bf];|f] rf}dfl;ssf] ljj/0f ;dfj]z gePsf] .
:j]lR5s
nufgLsf]
hDdf
s'n nufgL
{ -g]kfn_ ln= $,*),))% (,(*,#@& !,!@,(^^ !%,(!,@(* !,!*,*@& @,!%,)$^ @),*^% #,%$,&#* #*,(@,)&@
$= nfOkm O= skf]{ -g]kfn_ ln= @,*(,@^# (,$(,))) !,&#,%)) !^,))) !$,@&,&^# !,&^,&%) !,^(,$)) (,&(% #,%%,($% #%,^&,$!^
%= cd]l/sg nfOkm O=s+= (ALICO) !*,@%,!^# @,$(,@@# @),&$,#*^ $!,$*,&&@
hDdf $^,*$,)#! &(,*@,#%) %,!!,$^^ !^,))) !,#!,(#,*$& @,(%,%&& ^,$!,($^ #*,&^) (,&^,@*# @,*#,$),@^)

6
qm=;+= lghL{jg aLdfsf] k|sf/
lghL{jg aLdf Joj;fo ug] { aLdsx¿sf] cf=j= )^#÷)^$ sf] bf];|f] rf}dfl;s;Ddsf]
nufgLsf] ljj/0f
g]kfn ;/sf/
sf] jrt–kq
tyf C0fkq
!= g]kfn OG:of/]G; s+= ln= @@,*)) *),%)) @$,))) !,@&,#)) #),&)) $#,)() #,%&! &&,#^! @,)$,^^!
@= lb cf]l/o06n O=s+=ln= #&,^%) #,@),()) @$,%)) #,*#,)%) !$,^*) *,))) @@,^*) $,)%,&#)
#= /fli6«o aLdf ;+:yfg
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%= lxdfno hg/n O+=s+=ln= @),))) #%,$)) @,%)) %&,()) @),!)) @),!)) &*,)))
^= o'gfO6]8 O+=s+=ln= &,%@% &(,*^# #%,))) !,@@,#** *,(&) #),$)) $,)%( $#,$@( !,^%,*!&
&= lk|ldo/ O+=s+=ln= !$,$%) #(,%)) !),$*) @%,))) *(,$#) %,^*) @),^($ #,#!! #,%&@ ##,@%& !,@@,^*&
*= Pe/]i6 OG:of]/]G; s+= ln= @(,))) ##,%)) !@,()) &%,$)) #$,&)) &,!&% $!,*&% !,!&,@&%
(= g]sf] OG;'/]G; s+= ln= @,!#& ^#,^)) !@,))) &&,&#& !^,))) !^,))) (#,&#&
!)= ;u/dfyf OG:of]/]G; s+= ln= @^,*%) **,#&@ !!,&)) !,@^,(@@ !#,#$) @^,^*( !,#%) $,%&! $%,(%) !,&@,*&@
!!= >L PnfOG; OG:of]/]G; s+= ln= &,)@% $%,@)) *,%)) !@,))) &@,&@% !#,$)) % !#,$)% *^,!#)
!@= >L Pg=aL= OG;'/]G; s+= ln=
!#= >L k| '8]lG;on OG:of]/]G; s+= ln= !*,)&% (!,))) ^,^^! !,!%,&#^ $,*$) #,%)) #,*&! !@,@!! !,@&,($&
!$= >L lzv/ OG:of]/]G; s+= ln= %,!@^ *!,%)) @@,%)) !,)(,!@^ %,))) !!,!%) !^,!%) !,@%,@&^
!%= >L n'lDagL hg/n O=s+=ln=
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hDdf @,%),^** !#,#$,##% !,&#,@$! #&,))) !&,(%,@^$ %@,%!) @,@*,### %$,(@^ @#,@@) #,%*,(*( @!,%$,@%#
* cfsl:ds aLdf sf]if, Pg=;L=Pd= Do'r'on km08, C0f tyf ;xsf/L ;+:yfdf ul/Psf] nufgL /sdnfO{ ;dfj]z ul/Psf] 5 .
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!= aLdf clestf{sf] cfwf/e"t tflnd g]kfnL gful/s, slDtdf P;=Pn=l;= plQ{0f cg';"lr ! adf]lhd
@= aLdf ;e] {o/sf] cfwf/e"t tflnd s'g} aLdssf] sfof{nodf clws[t:t/sf]
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cGt/f{li6«o:t/sf rf6{8{ OG:of] ]/]G; OlG:6Ro"6
jf To:tf ;+:yfsf] dfGotf k|fKt ;+:yfaf6
aLdf ;DaGwL ljifodf slDtdf :gfts
pkfwL xfl;n u/]sf], jf rf6{8{ PsfpG6]G;L
k/LIff plQ0f{ u/]sf] .
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$= Advance Insurance Training Program for aLdf sDkgL tyf clestf{ ;+3af6 dgf]ltt )^$÷!@÷@^ – )^$÷!@÷@*
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sd{rf/L tyf ;ldltsf sd{rf/Lx¿
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ufp“n]x¿ s]xL lbg cl3 ;Demgfsf] afafn] b'3{6gfaf6 Hofg u'dfpg' ljsf; ePsf] 5�. d'Vo¿kdf aLdfnfO{ hLjg / lghL{jg u/L b'O{ k|sf/df
k/]sf] 36gf / aLdf sDkgLn] pxf“n] kl/jf/nfO{ k'¥ofPsf] /fxt kl5 aLdf ljefhg ul/P klg hf]lvd axg ug]{ k|s[ltsf] lx;fan] aLdf rf/ lsl;daf6
;DaGwL cem w]/} s'/fx¿ hfGg pT;'s /x]sf] yfxf kfP/ tL Ph]G6n] s'/f ;+rflnt ePsf kfO{G5�. tL x'g\– -s_ ;fd'lGıs aLdf, -v_ clUg aLdf,
cl3 a9fp“b} eg]– tkfO“n] s'bfp“b} u/]sf] ;jf/L ;fwg b'3{6gf e} Ifltu|:t -u_ hLjg aLdf / -3_ ljljw aLdf�. / kmfObfsf] lx;fan] aLdfnfO{ tLg
x'g;S5�. aLdf u/fpg' eof] eg] tkfO{nfO{ aLdf sDkgLn] cfly{s ;'/Iffsf] ju{df ljefhg u/L o;sf] dxŒjnfO{ o;/L k|sfz kfg{ ;lsG5�.
Joj:yfsf] u5{�. pgL ;fob cfapplegf] Joj;fo lj:tf/ klg ub} lyP, t/ yfx}
gkfO{ dnfO{ d]/f dgdf klxnfb]lv plAhPsf lh1f;fx¿ klg zfGt u/fp“b}
lyP�. d}n] la:tf/} a'‰b} klg uP“�. aLdf eg]sf] s] /x]5, aLdf ;+:yfg
cyjf aLdf sDkgLx¿n] s:tf–s:tf sfd ubf{ /x]5g\�. ltgn] slt /
s:tf If]q cf]u6]sf /x]5g\ eGg] af/]df aLdf Ph]G6n] ufp“n]nfO{ ;Nnfx
lb“b} ubf{ w]/} s'/f hfGg] df}sf kfP“�.
aLdf eg]sf] gfkmf cfh{g ug] Joj;fo dfq geO{ ;]jf ug] / cfly{s
;'/Iff lbg] Joj:yf /x]5�. of] t ;dfhsf ljleGg If]qdf ;xof]u ug]
e/kbf] ;fwg klg /x]5�. dfgj dfqsf] eljio clglZrt 5, hLjg /
-s_ JolQmut kmfObfx¿ M–
aLdfaf6 JolQm, ;dfh, /fi6«nfO{ g} w]/} kmfObf x'G5�. oxf“ aLdfaf6
x'g] JolQmut kmfObfx¿nfO{ o;/L j0f{g ug{ ;lsG5�.
!= cfly{s ;'/Iffsf] ;fwg,
@= art ug{ k|f]T;fxg,
#= lzIfflbIff / ljjfxsf] Joj:yf,
$= nfebfos nufgL /
%= ;fdflhs k|lti7fdf j[l4 cflb�.
9

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-!_ cfly{s ;'/Iffsf] ;fwgM– aLdfn] JolQmnfO{ cfapplegf] hLjg / gePsf] ;DklQdfly nufgL ug{ nufgLstf{x¿ lxrlsrfpg ;S5g\�.
;DklQaf/] eljiodf x'g;Sg] hf]lvdx¿sf] sf/0f plAhPsf] ;d:ofaf6 C0f lnPsf C0fLx¿n] glt/]df jf ;f] JolQmsf] d[To' ePdf C0f lbg]
/fxt x'g] u/L Ifltk"lt{ u5{�. hLjg aLdf u/]sf] lglZrt cfjlw;Dd aLdf kIfn] aLdf sDkgLaf6 pQm C0fsf] /sd Jofh;lxt kfpg ;S5�. aLdf
ug] JolQm hLljt ePdf p;}nfO{, geP cfl>t kl/jf/nfO{ aLdf sDkgLn] k|n]vnfO{ ljQLo ;+:yfgx¿df lwtf] /fv]/ klg C0f kfpg ;lsG5�.
Psd'i6 aLdf /sd kmsf{p5�. aLdf ug] JolQm jf kl/jf/df ePsf] 36gf -#_ Joj;fosf] lg/Gt/tfM– aLdf u/fPdf cfapplegf] Joj;fonfO{ lg/Gt/tf
jf hf]lvdnfO{ ;'/lIft Ifltk"lt{ ul/lbg] ePsf]n] of] aLdf cToGt} nfebfos lbg ;lsG5�. olb ;fem]bf/Ldf s'g} klg Jofkf/ ul/Psf] 5 / cfapplegf]
5�.
;fem]bf/sf] d[To' eof] eg] cfkm"n] dfq rnfpg uf¥xf] x'G5�. To:tf]
-@_ art ug{ k|f]T;fxgM– hLjg aLdfn] dflg;nfO{ /sd art cj:yfdf aLdfn] g} d2t u5{�. ctM ;fem]bf/Lsf] d[To' kl5 p;sf] kl/jf/nfO{
u/fpg k|f]T;fxg ub{5�. vfO–gvfO{ sdfPsf] ;DklQsf] ;+/If0f ug{ / ;a} nufgL /sd lkmtf{ u/fpg d2t u5{�.
kl5 x'g ;Sg] b'3{6gfaf6 aRg cfkm" ;r]t x'g k|f]T;fxg ub{5�. a} +sdf -$_ Joj;flos bIftfdf j[l4M– aLdfn] Joj;flos bIftfdf j[l4
hDdf ul/Psf] /sdnfO{ ;fgf]ltgf] sfd kbf{ lgsfNg ;lsG5 t/ aLdf u/fp“5�. Joj;fodff cfpg] h'g;'s} b'3{6gfaf6 lglZrGt x'g ;xof]u
sDkgLdf hDdf u/]sf] /sd cjlw k"/f gx'Gh]n;Dd lemSg gkfOg] ePsf]n] u5{�. w]/}eGbf w]/} / 7"n7"nf Joj;fodf nufgL ubf{ klg cfkm' lglZrGt
/sd art eO/xg'sf ;fy} af]g;sf] ¿kdf Aofh al9/xg] ePsf]n] aLdf x'g ;lsG5�.
ubf{ artsf] nflu k|f]T;fxg ldN5�.
-#_ lzIff, lbIff / ljjfxsf] Joj:yfM– cfapplegf 5f]/f5f]/LnfO{ lzIfflbIffsf]
Joj:yf u/fpgsf ;fy} ljjfxsf] k|jGw ldnfpgsf] lglDt 7"nf] vr{ cfO{
nfUg] ePsf]n] afa'–cfdfnfO{ o;sf] af]em xNsf u/fpg aLdfdf ;+/lIft
/sdsf] cg'kftdf shf{sf] Joj:yf x'G5�. 5f]/f5f]/Lsf] pRr lzIff cyjf
ljb]z uP/ k9\g rfxfgfnfO{ o;n] 7"nf] ;xof]u ub{5�. cyjf ljjfx–
a|taGw, s'g} ;f+:s[lts sfo{qmd ug{sf nflu klg o;n] 7"nf] d2t ub{5�.
-$_ nfebfos nufgLM– hLjg aLdf lsg ul/G5 eg] o;n] hLjg
;'/Iffsf] ;fy} nufgL klg ul/G5�. tf]lsPsf] ;doeGbf cufl8 g} aLdf
ug] dflg;sf] d[To' ePdf p;n] OR5fPsf] JolQm jf cfl>t kl/jf/nfO{
Psd'i6 /sd k|bfg u5{�. of] /sd d"n aLdf /sd / To;sf] ;f] cjlwdf
kfs]sf] Aofh;lxt sDkgLn] kmsf{OlbG5�. of] /sdnfO{ s'g} nfebfos
sfddf nufpg ;lsG5�.
-%_ ;fdflhs k|lti7fdf j[l4M– aLdf ug] dflg;sf] ;dfhdf 5'§}
k|sf/sf] k|lti7f x'G5 lsgsL aLdf ug] dflg; lglZrGt / 9'Ss x'G5�.
eljio k|lt ljleGg k|sf/sf k|n]v aLdf u/fP/ p 9'Ss ePsf] x'G5 / j[4
cj:yfdf klg cfgGbn] lbg latfpg ;S5�.
-u_ ;dfhdf x'g] kmfObfM–
aLdfaf6 ;dfhdf ck|ToIf¿kn] ePtf klg kmfObfx¿ x'g] ub{5g\�.
-!_ hLjg:t/df l:y/tf,
-@_ eljiok|lt ;hu /
-#_ k" “hL lgdf{0f
-!_ hL:jg:t/df l:y/tfM– aLdfn] hLjg:t/df l:y/tf Nofpg ;S5�.
3/sf] k|d'v JolQmsf] d[To' ePdf klg s'g} cf“r gcfpg] cyjf c¿;“u
cfl>t x'g'kg]{ cj:yf cfp“b}g�. h:t} 7"nf] b'3{6gf jf hf]lvd eP/ 7"nf]
vr{sf] ;fdgf ug'{k/]
tfklg aLdf sDkgLn] aLldtsf] ;'/Iffsf nflu
cfly{s ;xof]u u5{�. To;sf/0f kl5sf] hLjg:t/df klg Psgf; jf
l:y/tf /xG5�.
-@_ eljiok|lt ;huM– eljiodf x'g] ;d:ofsf nflu clu|d ;r]ttf
ckgfpg aLdfn] ;xof]u u5{�. o;n] hLjg jf ;DklQsf] ;'/Iffsf lglDt
;hu u/fp“5�. cfkm" ;hu eO{ eljiosf] k|aGwdf nfUg pTk| ]/Lt x'G5g\�.
/ o:tf] ;dfh cfbz{ ePsf] dflgG5�.
-#_ k" “hL lgdf{0fM– aLdfn] ;dfhdf 5l/P/ /x]sf /sdx¿ ljleGg
k|Aofhsf] ¿kaf6 ;+sng u/]/ k" “hL lgdf{0f ub{5�. o;/L ;+sng u/]/
-v_ Joj;fodf x'g] kmfObf M–
cfjZos dfqfdf k|fKt u/L sd nufgLdf w]/} pTkfbg ug{ ;Sg] x'G5g\ /
clxn]sf] ;dodf aLdf Pp6f /fxt ePsf] 5�. ljz]if u/]/ o;n] ;dfh / /fi6« b'j} kIfsf] kmfObf x'G5�.
Jofkf/Lx¿nfO{ Jofkf/af6 8'Ag] 8/ sd x'G5 / lglZrt eP/ sfd ug{ o;/L aLdf ;DaGwdf d}n] w]/} s'/fsf] hfgsf/L xfl;n ug' / d]/f
kfOG5�. xfd|f] hLjg clglZrt ePsf]n] Joj;fodf x'g] hf]lvdx¿sf] afafn] klg cfapplegf] hLjg aLdf / 3/sf] clUg aLdf u5' egL 3f]if0ff ug'
cfly{s ;+/If0f u/L Joj;fonfO{ lglZrt ;'/Iff k|bfg ub{5�. Joj;fodf eP kl5 ;f“lRrs} d}n] hfGg vf]h]sf] ljifo aLdf eg]sf] dflg;sf] nflu
aLdfn] lgDg k|sf/sf kmfObfx¿ u/fPsf] 5�.
dxŒjk"0f{ /x]5 eGg] s'/fdff d ljZj:t eP“�. t/ xfd|f] h:tf] cljslzt
!= cfly{s ;'/Iff,
/fi6« g]kfndf ckjfbsf ¿kdf afx]s aLdfsf] k|rf/–k|;f/ x'g g;Sg'
@= C0f k|fKt ug{ ;lhnf],
Psbd} la8Dagfk"0f{ s'/f xf] eGg] nfu]sf] 5�.
#= Joj;fosf] lg/Gt/tf,
cGtdf, d]/f] ;f]rfOdf, aLdf dfgj hLjgsf nflu ;j} k|sf/n] clt
$= Joj;flos bIftfdf j[l4 cflb�.
dxŒjk"0f{ lqmof xf]�. dfgj hLjgsf nflu lzIff, :jf:Yosf] dxŒj hlt 5
-!_ cfly{s ;'/Iff M– Joj;fosf] If]qdf Jofkf/ ;+rfng ub} hf“bf w]/} Toltg} ztfAbLdf aLdfsf] dxŒj 5 eGg] nfUb5�. aLdfn] dflg;nfO{
dfqfdf k" “hL nufgL ul/Psf] x'G5�. Tof] k" “hL ljleGg sf/0faf6 gi6 x'g c;+Vo qf; / eoaf6 d'lQm u/fp“b} cfly{s ;+/If0f Pj+ eljiodf x'g]
;S5�. h:t}M rf]/L, cfunfuL, x/fpg], ;dfg aLraf6} cfO gk'Ug], of]Uo hf]lvd axg u/L ;xh hLjg af“Rg d2t u5{�. wGoafb ⁄
sd{rf/Lsf] d[To', Jofkf/ gf]S;fgLdf rNg' cflb o:tf] ljleGg b'3{6gfaf6
lglZrt eO{ Joj;fo ug{ ;lsG5�. o;/L aLdfdf /sd hDdf ug] ubf{
cfOk/]sf h'g;'s} ;d:ofnfO{ ;fdfwfg;lxt cfly{s ;'/Iff x'G5�.
-@_ C0f k|fKt ug{ ;lhnf]M– aLdfdf C0f k|fKt ug{ ;lhnf] x'G5�.
Joj;fodf h'g;'s} dfn;dfg jf ;DklQsf] aLdf ug{ ;lhnf] x'G5�. aLdf
;Gbe{ ;fdu|L M–
!_ 8f= Zofd hf]zLM aLdfsf] l;4fGt
@_ s[i0f a/fnM d[To' 5]j}lg/ eP/ uO/x]5, tLgkLl9“ l;9L -lgaGw ;+u|x_
❐
10

aLdfsf] dxTj
hf]lvd Joj:yfkgdf
-lgjGw k|ltof]lutf -:gftsb]lv :gftsf]Q/ tx;Dd_ df k|yd 3f]lift lgjGw_
+
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■ g}gaxfb'/ tfdfª*
v/fgL 3:g' kb}{g ⁄ a]3/af/ x'g' kb}{g ⁄ To;}n] aLdfsf] hf]lvd Joj:yfkgdf
elgG5, hf]lvd afhf ahfP/ cfp“b}g�. gt s'g} ;+s]t, gt s'g}
k"j{;"rgfsf] ;fy cfp“5 Tof]�. s'g} klg a]nf, s'g} klg 7fp“df, hf] s;}nfO{
eljiodf cfpg ;Sg], kg{ ;Sg] ;Defljt Iflt jf gf]S;fgLsf] vt/f g}
hf]lvd xf]�. h;nfO{ k"jf{g'dfg tyf k"jf{sng ug{ dflg;nfO{ xDd] g}
7"nf] dxŒj 5�. aLdfn] Hofgsf] abnf Hofg x}g t/ wg lbnfp“5, Ifltk"lt{
of /fxt lbnfp“5�. s;}sf] hLjgsf] p2f/ ul/lbG5, clg s;}sf] OHht
a9fO{ lbG5�. To;}n] lbg b'O{ u'0ff /ft rf/ u'0ff a9\bf] 5 aLdfsf] dxŒj�.
cfhsf] PSsfO;f} ztfAbLdf t clt cfjZos g} eO;Sof] aLdf eGg]
s'/f�.
k5{�. hf]lvdaf6 aRg t d'l:sn 5 g}, ;fy} hf]lvdsf] b'ef{Uoj; ;fdgf
ug'{k/]df
hLjg klg /xG5 of /xGg, eGg ;lsGg ⁄ hLjgsf] ;f; km]g]
JofVof
cfhsn s'g}klg :yfg, ;do, Joj;fo hf]lvd d'Qm 5}g�. hf]lvd
cj;/ k|fKt ePtf klg hLjg hLpg / wfGg lgs} d'l:sn kg] s'/f gsfg{ aLr af“lr/x]sf 5g\, ;Eo egfp“bf xfdL dfG5]x¿�. lj1fg / k|ljlwsf]
;lsGg�.
gfp“df xfdLn] vaf} va{ ¿k}of“ vr] {/ 7"nf] k|ult t u¥of} +, t/ To;nfO{
To;}n] ;lhnf] zAbdf eGg] xf] eg] hf]lvd, s'g} klg b'3{6gf rfx] Tof] hf]lvd d'Qm eg] agfpg ;s]gf} +�. h:t} lah'nL ;a}nfO{ cfjZos 5,
ef}lts xf];\, ;fdflhs, cfly{s of /fhgLlts s'g}af6 kg{ ;Sg] ;Defljt 3/fo;L tyf cf}Bf]lus pkof]usf nflu t/ e"na;, a]xf]zLdf To;sf]
xfgL gf]S;fgLsf] vt/f tyf 8/df/Lsf] cj:yf xf]�. hf]lvd Tof] bogLo, :jfb rfVof] eg] t Oxlnnf g} ;dfKt x'g s] a]/ < vaf} {sf] pBf]u
k|lts"n ;dosf] cj:yf xf], h'g eljiodf al9 vt/fk"0f{ x'G5, To;n] snsf/vfgf, a:tL v/fgL x'G5�. To:t} oftfoftsf ;fwfgx¿, c0f'phf{
xfgL gf]S;fgL dfq k'¥ofp“5�. dfgj ⁄ :jefj}n] rnfv k|f0fL ⁄ h;n] tyf cf0fljs xltof/¿ hf]lvdsf] ;Defjgf ⁄ vt/fsf] cg'e"lt ⁄ vf“bf,
hf]lvdaf6 x'g ;Sg], ;Defljt Ifltsf] ljZn]if0f ug'{sf ;fy} sf/s tŒjx¿ a:bf, TofUbf ;d]t hf]lvdsf] 8/ x'G5�. hf]lvd sxf“ x'“b}g
< r'nf]df,
kQf nufP/, hf]lvdaf6 cfkm" aRg / c¿nfO{ arfpg / Iflt sd ug{
cfapplegf] an, a'l4, dl:tissf] k|of]u ub{5�. ljutsf 36gf–b'3{6gfx¿sf]
Oltxf; k9]/, b]v]/, ;'g]/ jf ef]u]/ ljZn]if0f ug{ ;Sg] v'aL, p;nfO{
k|s[lt k|bQ 5�.
Aoj:yfkg, Joj:yf ldnfpg] sfd xf]�. olb tTsfnLg pknAw >f]t
/ ;fwgaf6 cfjZostf kl/k"lt{ x'g g;Sg] cj:yfdf, j}slNks >f]t /
;fwgsf] kl/rfng u/]/ cfjZostf kl/k"lt{ ug] Joj:yf g} Joj:yfkg
xf]�. ;a}n] a'‰g] cy{df eGg'kbf{ rf“hf]kf“hf] ldnfpg] sfd g} Joj:yfkg
xf]�.
hf]lvd Joj:yfkg eGgfn] hf]lvdaf6 aRg], hf]lvdaf6 x'g hfg]
;Defljt Iflt sd ug] tyf Ifltk"lt{sf] j}slNks Joj:yf ug] sfd eGg]
a'lemG5�. hf]lvdk"0f{ sfd Joj;fodf x'g;Sg] ;Defljt b'3{6gfaf6 aRgsf
nflu klxNo} ul/g] ;fjwfgLsf pkfox¿ cjnDag ug'{,
s]xL u/L olb
hf]lvdsf] ;fdgf ug'{k/]df,
To;sf tof/Lsf ;fy} b'Mvbk"0f{ 3l8df hLjg
u'hf/fsf nflu ul/g] pkfox¿ ;a} hf]lvd Joj:yfkg cGtu{t g} kb{5�.
To;}n] hf]lvd k"j{, hf]lvdsf] ;fdgf ubf{ tyf hf]lvd kl5 ul/g] ;Dk"0f{
Joj:yf ldnfpg] sfd g} hf]lvd Joj:yfkg xf], eGbf km/s gknf{�.
aLdf, hf] b'O{ kIf aLrsf] rnfvLk"0f{ ;Demf}tf xf]�. To:tf] s/f/ xf],
h;df Ps kIfnfO{ x'g;Sg] hf]lvd of vt/faf6 d'lQm x}g, To;af6 kg]
c;/sf] af“8kmf“8 of hf]lvd x:tfGt/0f x'G5, Ps csf{aLr�. b'/fj:yfsf]
jf Ifltsf Go"gLs/0f ul/lbG5, aLdfn]�. h'g ;Demf}tf cg'¿k g} Ps
kIfn], csf] kIfnfO{ Go"gtd z'Ns a'emfp“b5�. olb s]xL u/L b'3{6gf eof]
eg] p;n] ;Demf}tf cg';f/s} Ifltk"lt{ kfp“b5�. pQm hf]lvdsf] df/df
p;n] cfapplegf] hLjg u'dfP klg, Joj;fo, snsf/vfgf :jfxf eP klg,
efG;fdf, 3/leq aflx/, ;8s vfgL clg snsf/vfgf, zx/ ahf/ ufp“
of 3/ htftt} hf]lvdsf] 8/�.
cljsl;t b]zsf hgtfx¿ dfq} x}g, ljsl;t b]zsf hgtfx¿ klg
hf]lvd d'Qm 5}gg\�. ;+;f/s} pTs[i6 gfossf] ¿kdf :yflkt x“ 'bf uj{ ug]
cd]l/sf klg cfh cft+sjfbsf] lzsf/ x'g] hf]lvd df]nL/x]sf] 5�. hfgL
of ghfgLsg}�. ;g\ @))! sf] ;]K6]Da/ !! df cd]l/sfsf] ljZj Jofkf/
s]Gısf] h'DNofxf ejgn] :jfxf x'g' k¥of], s]xL jif{ cl3dfq} blIf0fk"jL{
Pl;ofnfO{ ;'gfdLsf] 5fn / ;fy}sf] e"O“rfnf]n] ;ftf] vfof] eg] xfn;fn}
kfls:tfg / ef/t aLrdf e"O“rfnf]n] p208tf dRrfof]�. rfx] Tof] Sof6«Lgf
/ l/6fsf] uh{g xf];\ of clk|msfsf] h+unsf] 89]nf] jf O/fs–ckmuflg:tfg
o'4sf] uf]nfaf¿bsf] w'“jfsf]
d':nf] ;a} hf]lvdk"0f{ g} 5g\�.
ahf/df kfOg] vfg]s'/fdf, kLpg] kfgLdf / z+;df, a:g] :yfgdf
ofqfsf] a]nf r9\g] ;fwgdf, s'g} klg s'/f ;]jg / u|x0fdf ;'tfO /
p7fOdf clnslt Wofg lbg}k5{, lsgeg] o;af6 ;Defljt hf]lvd sd
ug{ ;lsG5�. clg c¿sf] bf“hf]df cem a9L ;dembf/, a'l4dfg ;fy} v';L
/ ;'vL b'j} aGg ;lsG5�. a]nf5“b} v]l/ eljiodf cfpg ;Sg], vt/fk|lt
rgfvf] aGg ;lsPdf, hf]lvd dfgjsf] nflu hf]lvd x'Gg ⁄ cj;/ aGg
;S5 ⁄ hf]lvdsf] k|s[lt / c;/af/] k"j{ hfgsf/L 5 eg], To;sf] Joj:yfkg
ug{ ;lhnf] x'G5�. To;}n] hf]lvdsf] k|sf/, k|s[lt af/] hfGg clt cfjZos
x'G5, hltv]/ To;nfO{ Joj:yfkg ug'{kg]{ x'G5�. dfG5], eujfg em}“ clåtLo
;fdYo{n] el/k"0f{ ePsf eP hf]lvdaf6 kf/ kfpg ;lsGYof], t/ c;Dej
eg] 5}g ⁄ lglZrt k|sf/sf s]xL hf]lvdx¿k|lt a]n}df Wofg lbP/ k"j{
;fjwfgL ckgfpg] xf] eg], hf]lvdnfO{ s]xL xb;Dd 6fg{ / To;af6 x'g]
xfgL gf]S;fgL sd ug{ eg] cjZo g} ;lsG5�.
cfly{s ef/sf] df/ pgLdfly cfl>t kl/jf/nfO{ kg{ lbb}g�. p;n] cfly{s hf]lvdsf] k|sf/
C0f ef/df hLjg u'hfg' kb}g ⁄ a} +ssf] C0f ltg{ g;s]/ sfnf] ;"rLsf] hf]lvdnfO{ o;sf If]q cg';f/ ljleGg k|sf/df af“8\g ;lsG5�.
C0fL eP/ ;dfhaf6 lt/:s[t x'g' kb{ }g ⁄ cfapplegf] efUonfO{ ;/fKg' kb} {g ⁄ hf]lvd cfly{s x'g ;S5�. /fhgLlts c;kmntfsf] hf]lvd x'g ;S5, s'g}
11

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b'3{6gfsf] hf]lvd, Hofg hfg ;Sg] vt/fk"0f{ cj:yf, /f]u nfUg ;Sg] ;DklQ hf]lvd xf]�. oL ;DklQx¿ cfuf], x'/Latf;, jiff{, r6\ofª, 5fn,
:jf:Yo ;DaGwL hf]lvd, s'g} ;/sf/sf] c;kmntfsf] hf]lvd, s'g} klg enaf9L, e"O“rfnf], tf]8kmf]8, rf]/L O{Toflb sf/0faf6 k|ToIf / ck|ToIf
kl/of]hgf tyf sfo{qmd c;kmntf jf ;DkGg x'g g;Sg] hf]lvd ljljw xfgL x'g ;S5�.
k|sf/sf x'G5g\�.
-c_ bfloTj hf]lvd
!= gfkmf of 3f6fsf] hf]lvd
hfg]/ jf ghfg]/ s'g} JolQmn], c¿ s;}sf] ef}lts z/L/df rf]6k6s
To:tf] vfnsf] hf]lvd hxf“ gfkmf x'g ;S5, 3f6f x'g ;S5 of jf ;DklQdf Iflt k'¥ofOPdf sfg"gL ¿kdf To;sf] Ifltk"lt{ e/0f ug'{kg]
gfkmf–3f6f a/fa/�. k|foM s'g} Joj;fodf, ahf/df pTkflbt ;fdfgx¿ bfloTj x'G5�. o;/L c¿nfO{ Iflt eg'{kg]
cj:yf g} bfloTj hf]lvd xf]�.
laqmL x'g ;S5 of x'“b}g,
To:tf] vfnsf] hf]lvd o; cGtu{t kb{5�. s'g} of] hf]lvd lgs} dxŒjk"0f{ 5 o;sf/0f sL
;fdfg ahf/sf] :6s / z]o/ eljiodf ltgLx¿sf] d"No kl/jt{gn] gfkmf != bfloTjsf] dfqf lglZrt x'“b}g�.
x'G5 eGg] cfzfdf 3f6f x'g] hf]lvd df]n]/ ltgLx¿sf] vl/b ug'{ u/fpg' @= sfg"gL k|lt/Iffsf] nflu nfut nufgL ug'{kg]{ x'G5�.
;fy} hUuf hldgsf] sf/f]af/ o; cGtu{t kb{5�.
#= kLl8t kIfn] kL8s kIfsf] >L;DklQ / cfDbfgLdf sAhf hdfpg
@= z'4 hf]lvd
;S5g\�.
hxf“ gfkmfsf] ;Defjgf 5}g, 3f6f x'G5 of gx'g ;S5�. xfgL gf]S;fgLsf] hf]lvdsf] ef/
;Defjgf a9L x'G5 h;nfO{ k"jf{g'dfg ug{ ufx|f] x'G5�.
;dfhsf] JolQm dfly kg] hf]lvd ;du| ;d'bfodsf] hf]lvd xf],
-s_ JolQmut hf]lvdM
To:tf] hf]lvd h;n] k|ToIf / ck|ToIf ¿kdf x'g] JolQmnfO{ c;/
k'¥ofp“b5�. vf;u/L JolQmut b'3{6gf tyf d[To', cflh{t cfDbfgL 36\g]
of gf]S;fg x'g], yk vr{, ;DklQsf] d"No 36\g] h:tf hf]lvdx¿ kb{5g\�.
-c_ csfnd} d[To' x'g] hf]lvd
3/sf] xtf{stf{sf] d[To' csfnd} x'g uPdf pgLdfly cfl>t kl/jf/sf
af“sL hLljt ;b:ox¿n] x'g;Dd b'Mv ef]Ug' k5{�. cfly{s ¿kdf pgLx¿
c;'/lIft x'G5g\�. C0f ef/ kg{ ;Sb5, km]/L ;dfhn] ;d]t ckx]ngfsf]
b[li6n] x]g]{ ub{5�. bfx–;+:sf/, sfhlqmof, pkrf/sf] af“sL lan aSof}tf
a'emfp“bf yk cfly{s ef/ kg] x'G5�. cfl>t kl/jf/sf ;b:ox¿nfO{
cfDbfgL ck'u x'G5 eg] cljefjs u'dfpg' kbf{ efjgfTds Iflt, b'Mv
kL8f ;fy} ky k|bz{g / ;xof]usf] cefj t x'G5 g}�.
To;}n] ;d'bfon] b]xfo adf]lhdsf] ef/ grfx“bf grfx“b} klg af]Sg' k5{�.
-s_ cfsl:ds sf]ifsf] Joj:yf ug'{kg]
M grfx]sf Ifltk"lt{sf] nflu 7"nf
7"nf /sdsf cfsl:ds sf]ifsf] Joj:yf ug'{k5{�.
-v_ ;DklQ / ;]jf ;'ljwfsf] gf]S;fg M ;DklQsf] gf]S;fg tyf ;]jf
;'ljwfsf] s6f}tL ;dfhn] Joxf]g' k5{�.
-u_ 8/ / lrGtf M cgfjZos 8/ lrGtf tgfj em]Ng' k5{, clxn] xf] ls
e/], sltv]/ sxf“ s] x'g] xf] < 8/} 8/, cftÍn] el/k"0f{ ;dfhn] cflv/
pGglt s] g} ug{ ;S5 / <
To;}n] hf]lvdsf] Joj:yfkg ug'{ h¿/L 5�.
hf]lvd Joj:yfkg, To:tf] snf xf] h;n] cfly{s hf]lvdsf] klxrfg,
d"NofÍg tyf ljZn]if0f ug'{sf
;fy} Ifltk"lt{sf nflu j}slNks >f]tsf]
plrt Joj:yf ub{5�. s'g} klg hf]lvd Joj:yfkgsf] nflu ;j{k|yd
hf]lvdsf] klxrfg ug'{kb{5�.
s:tf] k|s[ltsf] hf]lvd xf] < s'g ;dodf
-cf_ cjsfz kl5 cfDbfgL ck'u x'g] hf]lvd
a"9];sfndf cfapplegf] cfDbfgL gk'Ubfv]/L w]/} j[4–j[4fx¿n] w]/} ;f:tL,
x08/ / uf]tf vfg'k5{�. ;fdflhs ;'/Iff sf]if jf gLlh k]G;g of]hgf jf
cfly{s ;DklQ geP;Dd pgLx¿ cfly{s ¿kn] c;'/lIft x'G5g\�.
cfO{ kg{ ;S5 < s:tf] / s'g :yfgdf To:tf hf]lvdsf] ;Defjgf a9L
x'G5 < h:tf k|Zgx¿sf] pQ/ kfO{;s]kl5, pQm ;Defljt hf]lvdsf]
d"NofÍg ug' h¿/L 5�. olb pQm hf]lvd of vt/f ;fdgf ug' kbf{ slt
xfgL gf]S;fgL, hgwgsf] Iflt Joxf]g' k5{ < slt k|ToIf / ck|ToIf 3f6f
-O_ c:j:ytfsf] -/f]u JofwL_ hf]lvd M
x'g ;S5 < Ifltsf] cf+sng eO;s]kl5 j}slNks >f]t / ;fwgaf6 cfk"lt{
crfgs hf] sf]xLn] :jf:Yo ;DaGwL ;d:ofsf] ;fdgf ug'{kbf{, cfkm"n] of Ifltk"lt{sf] Joj:yf ug'{kg]
x'G5�. olb b'3{6gf of hf]lvd eOxfNof] eg]
cfh{g u/]sf ;DklQ u'dfpg' kg] of 7"nf] C0f ef/ axg ug'{kg]
;d]t Toltv]/sf] b'/fj:yfdf, k|lts"n cj:yfdf /fxt ;fdfu|L, uf“;, af“; /
x'G5�. Pp6f d'6'sf] /f]uLn] bz nfv eGbf a9L vr{ ug'{k5{
eg] d[uf}nfsf] skf;sf] rf“hf] kf“hf] ldnfpg' kb{5�. olb a]n}df To;/L s'g} >f]tsf]
/f]uLn] t emg\ kG„ nfv eGbf a9L ⁄ ;a} hgfn] dx“uf] cfw'lgs c:ktfnsf] Joj:yf ug{ ;lsPg eg] hf]lvdsf] e8\vfnf]df hflsPkl5 km]/L lz/ 7f8f]
;'ljwf lng ;Sb}g�.
kf/]/ hLpg dflg;nfO{ lgs} ufx|f] x'G5�.
-O{_ a]/f]huf/sf] hf]lvd
a]/f]huf/Lsf] hf]lvd lbgfg'lbg a9\b} 5�. afWo eP/ 7"nf–7"nf ax'/fli6«o
sDkgLx¿n] sd{rf/Lx¿ s6f}tL ub} {5g\, lsgsL dfG5]eGbf sDKo"6/ /f]a6{
g} ;:tf] kb{5, km]/L To;n] tna eQfsf] nflu x8\tfn klg�ub}{g, s]jn
lgMz'Ns :jo+;]jf u5{, a; O{dfGbf/ klg ⁄
!= a]/f]huf/x¿n] a]nfdf ljutsf] artsf] vr{ ug'{k5{�.
o;/L hf]lvd Joj:yfkgdf hf]lvdsf] klxrfg u/]/ To;sf] k|s[lt /
;Defljt hf]lvdk"0f{ If]q, Ifltsf] cg'dfg eO;s]kl5 k"j{ ;fjwfgL ckgfpg'
g} ;r]t dfgjsf] st{Jo x'g cfp“5�. hf]lvddf k/]/ Ifltk"lt{sf nflu
ef}tfl/g' eGbf ;do 5“bf g} ;fjwfgL ckgfpg' a'l4dfgL x'G5�. h;af6
hf]lvdaf6 aRg jf To;sf] Iflt sd ug{ 7"nf] ;3fp k'Ub5�. hf]lvd
Joj:yfkgsf nflu b]xfo adf]lhdsf] ljlwx¿ ckgfpg ;lsG5�.
@=
#=
a]/f]huf/x¿n] ;fgf]ltgf] sfddf klg cflz+s ¿kdf yf]/} dfq cfh{g
ug{ ;S5�.
Go"gtd Hofnf JolQmut cfjZostf kl/k"lt{sf] nflu kof{Kt x'“b}g�.
-s_ hf]lvd x6fpg'÷af6 aRg'
s'g}klg ;DefAo hf]lvdsf] lqmofsnfkx¿, gu/]/ klg hf]lvdaf6
aRg ;lsG5�. hf]lvd x'G5 eg]/ pQm sfo{ gug' g} o;af6 aRg] tl/sf
-v_ ;DklQ hf]lvd
xf]�. kfgL pdfn]/ dfq lkpg', df]6/df ofqf ubf{ cfOkg{ ;Sg] hf]lvdaf6
3/, 38]/L, hUuf, uf8L, d]lzg tyf cf}hf/x¿ 3/fo;L j:t'x¿, aRg df]6/ g} gr9\g' OTofbL�. hf]lvdd"ns sfo{x¿ gug' g} ;a}eGbf
u/uxgf, sRrfkbfy{ kmlg{r/ ;a} >L ;DklQsf] gf]S;fg x'g] ;Defjgf g} a'l4dfgL x'g' xf]�. To;f] t hf]lvdaf6 aRg s'g} sfd g} gug' eg]sf rflx“
12

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{
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xf]Og, pQm sfo{ sltsf] hf]lvdd"ns 5 eg]/ Psk6s ljrf/ ug'{kb{5,
aLdfnfO{ hf]lvd If]q cg';f/ ljleGg k|sf/df af“8\g ;lsG5�. rfx]
;fy} ;fjwfgLk"j{s pQm sfo{ ;DkGg ug'{k5{�.
clg dfq} ar]/, af“Rg gLhL aLdf xf];\ of t ;/sf/L aLdf, aLdfnfO{ d'Votof b'O{ efudf af“8\g
;lsG5�.
;lsG5�.
-v_ hf]lvd lgoGq0f ug'{
!= hLjg aLdf
hf]lvdsf] dfqfnfO{ sd ug{ ;'/Iffsf] pkfox¿ ckgfpg', hLjg ;DaGwL hf]lvd h'g ;f+of]lus x'g'kb{5 To:tfsf] aLdf ug{
k"j{;fjwfgLsf pkfox¿ cjnDag ug' g} hf]lvdsf] lgoGq0f ug' xf]�. ;lsG5�. h;df aLdLtn] aLdf u/fpg] aLds cyf{t aLdf sDkgLnfO{
hf]lvdaf6 aRg / ;Defljt IfltnfO{ sd ug{ a]n}df a'l4 k'¥ofpg' xf]�. aLdfÍ cg';f/ lgwf{/Lt aLdf z'Ns lt/L lbG5�. s'g} JolQmsf] aLdf ul/G5
h:tf] 3/df cfunfuL x'g] hf]lvdaf6 aRg cUgL k|lt/f]ws ;fdfgx¿ eg] s'g} b'3{6gf jf d[To' ePdf To;sf] aLdfÍ a/fa/ /sd pm cfkm}n]
k|of]u ug'{,
cUgL lgoGqs cf}hf/x¿sf] Joj:yf ug'{,
lah'nLsf] tf/ :jLr kfpg' k5{ eGg] 5}g, p;sf] z]ifkl5 p;sf 5f]/f5f]/L, >LdtL, cfdf a'af
af]8{ a]nfa]nfdf dd{t ;'wf/ ug'{, df]6/;fOsndf ofqf ubf{ x]Nd]6 nufpg' O{Toflb hf] pgsf] hLjg dfly lge{/ kb{5, h;nfO{ Ifltsf] c;/ kb{5,
sd ultdf uf8L xf“Sg'�. To:t} u/L a]n}df a9L u'lnof], lrNnf], :jflbnf] pgLx¿n] Ifltk"lt{ kfp“5g\�.
vfgf vfg], w'd|kfg, dBkfg tyf cGo c:j:y afgL Joxf]/fdf kl/jt{g hLjg aLdf ljleGg k|sf/sf x'G5g\, ljleGg JolQmsf] rfxgf / dfu
Nofpg' g} eljiodf k|f}9 cj:yfdf nfUg ;Sg] /f]ux¿sf] hf]lvdaf6 aRg' cg';f/ aLdf sDkgLx¿n] ljleGg k|sf/sf hLjg aLdf of]hgfx¿ a]Rb5g\�.
jf pQm /f]ux¿sf] c;/ sd u/fpg' xf]�.
h:t} Psn÷;fd"lxs hLjg aLdf, gfkmf of nfef+z kfOg]÷gkfOg], cfhLjg
-u_ hf]lvdsf] :jLsf/ ug'
aLdf, ;fjlws hLjg aLdf, DofbL hLjg aLdf OToflb�.
s'g} klg a]nf x'g ;Sg] hf]lvd h;af6 aRg k|foM c;Dej g} x'G5, @= lghL{jg aLdf
To;}n] To;sf] ;fdgf ug{ tof/L x'g' g} hf]lvdsf] :jLsf/ ug' xf]�. hLjg hf]lvdeGbf afx]s cGo b'3{6gf, cfunfuL, b}jL ljklQaf6
hf]lvd eOxfn] klg To;af6 kg{ hfg] IfltnfO{ j}slNks Joj:yfaf6 kg{ hfg] Iflt sd ug{ ul/g] aLdf xf] of]�. ljz]if u/L cfly{s hf]lvd
kl/k"lt{ ug{ ;Sg'kb{5�. To;sf nflu klxnf g} s'g} cfsl:ds sf]ifsf]
lgdf{0f ug'{ kb{5�.
-3_ hf]lvdsf] x:tfGt/0f ug'
;a}eGbf a'l4dQfk"j{s rflnPsf] sbd, h;n] rnfvLk"0f{ 9+un] cfapplegf]
hf]lvdnfO{, c¿nfO{ x:tfGt/0f ub{5�. aLdf ;Demf}tf u/]/ of jf u}x|aLdf
;Demf}tf u/]/, hf]lvdsf] x:tfGt/0f ug{ ;lsG5, To:t} ahf/sf] d"Nodf
eOxfn]df pQm hf]lvdsf] cj:yfaf6 kf/ kfpgsf] nflu ul/G5�. o;sf
If]q cg';f/ ljljw k|sf/sf 5g\�. h:t} cUgL aLdf, df]6/ aLdf, ;fd'lıs
aLdf, JolQmut÷;fd"lxs b'3{6gf aLdf, e|d0f÷ofqf aLdf, cf}iflw pkrf/
cfof]hgf aLdf, dfu{:y gub aLdf, ;+ ]wdf/L aLdf O{Toflb 5g\�. 7]s]bf/sf]
;Dk"0f{ hf]lvd aLdf, lgdf{0f ;Dk"0f{ hf]lvd aLdf, k|fljlws hf]lvd aLdf,
d]lzg tyf cf}hf/ 6'6\km'6 aLdf, ljB'tLo ;fdfg aLdfn] s] Joj:yf u/]sf]
5, eg] s]xL u/L lgdf{0f ;DaGwL sfd b}jL k|sf]k of t s[lqd sf/0fn] s'g}
x'g] km]/abn cg';f/ z]o/ sf/f]af/ vl/b laqmL yk36 u/] ]/ jf ug{ ;+of]lus b'3{6gf x'g uof] eg] Toltv]/ pQm hf]lvdsf] lhDdf aLdf
nufP/ lghL kmd{x¿ ;femf sDkgLsf] ¿kdf lano eP/ OTofbL�. sDkgLx¿n] lnG5�. To:t} s[lif If]qsf cGg afnL, kz' rf}kfofb]lv bf]kfof
ljleGg aLdf sDkgLx¿sf], cfkm"nfO{ rflxg] aLdf of]hgfx¿ lsg]/, s'v'/f;Ddsf] aLdf ug] ul/G5�.
hf]lvdsf] Joj:yfkg ug' g} cfhsf] o'udf ;a}eGbf ;:tf] / e/kbf] pkfo aLdfsf] dxŒj hf]lvd Joj:yfkgdf 7"nf] /x]sf] 5�. en} hf]lvdnfO{
xf]�. h;df yf]/} eGbf yf]/} nufgLn] 7"nf7"nf hf]lvdsf] Joj:yfkg ug{ aLdfn] 5]Sg, /f]Sg jf 6fg{ eg] ;Sb}g t/ klg To;af6 x'g] xfgL jf
;lsG5�. aLdfsf b'O| kIfx¿dWo] jLdLt, h;n] cfapplegf] hf]lvd c¿nfO{
x:tfGt/0f ub{5, p;n] lglZrt k};f aLdf z'Nssf] ¿kdf, aLdf u/fP
afkt aLdsnfO{ ltb{5�. aLds Tof] kIf xf], h;n] aLdLt dfly cfOkg]
hf]lvdsf] lhDdf lnG5�. aLds cyf{t aLdf sDkgLx¿n] w]/}hgf aLdLt
-u|fxs_x¿ af6, yf]/} yf]/} u/L w]/} k};f hDdf ub{5g\ / pTkfbgd"ns
If]qdf nufgL ;d]t ub{5g\ / olb s;}nfO{ b'3{6gf k/]sf] a]nfdf ;Demf}tf
cg'¿k g} Ifltk"lt{ lbG5g\�. h''g
;fd"lxs enfO{ sf]ifsf] ljsl;t ¿k xf]�.
s'g} JolQmn] cfapplegf] hLjgsf] hLjg aLdf / p;sf] rn–crn ;DklQ,
oftfoftsf] ;fwgsf] lghL{jg aLdf u/fpg ;S5 eg] s'g} pBf]un] cfapplegf]
sfdbf/ tyf >L;DklQsf] hLjg of lghL{jg aLdf u/fpg ;S5�.
aLdf u/fp“bf hf]lvdsf] Joj:yfkg t x'G5 g} ;fy} To;af6 cfly{s
nfe klg k|fKt ug{ ;lsG5, olb kmfO{bfd"ns aLdf of]hgf lnOPsf] xf]
eg]�. t/ aLdf gfkmfsf] nflu gfkmf ul/b}g�. of] t clglZrt eljiosf]
;'lglZrttfsf] nflu ug] ul/G5�. hf]lvd Joj:yfkgdf aLdf ug{ ;lsg]
eg]sf] rflx“ z'4 hf]lvd dfq} xf]�. hf]lvd cfly{s tyf clglZrt x'g'
kb{5, h;nfO{ x:tfGt/0f ug{ klg ;lsof];\�. pQm hf]lvdaf6 x'g ;Sg]
Iflt ;+of]un] dfq x'g'kg] {5, pQm Iflt lglZrt xf];\ ;fy} pNn]vgLo klg
;fy} Ifltsf] b/ dfqf k"jf{g'dfg ug{ ;Sg] vfnsf] hf]lvd, h;nfO{ cfly{s
¿kdf u0fgf ug{ ;lsG5, h'g clglZrt xf];\�. To:tfnfO{ dfq aLdf ug{
;lsG5�.
Ifltsf] d"NofÍg u/L Ifltk"lt{sf] Joj:yf eg] cjZo ub{5�. h;n] ubf{
aLldt kIfn] bogLo cj:yfdf hLjg u'hfg' kb} {g�. p;n] C0fef/af6
d'lQm kfp“b5�. Ifltk"lt{ of /fxt kfOg] x'gfn] km]/L ToxL Joj;fonfO{
lg/Gt/tf lbg of t csf] Joj;fo yfNg cfjZos k“ "hL k|fKt x'G5�.
p;sf] cfl>t kl/jf/sf] enfO{sf] nflu aLdfn] 7"nf] of]ubfg lbG5 eg]
5f]/f5f]/Lsf] lzIffbLIff tyf 3/ vr{sf] nflu aLdf /sd vr{ ug{ ;lsG5�.
c¿dfly e/ kg'{kg]{ kl/kf6Lsf] cGTo u/L a"9];sfndf aLdfn] 7"nf] ;xof]u
ub{5�. JolQmsf] cfjZostfsf] kl/k"lt{ ul/lbG5�. aLdf u/]kl5 clgjfo{
jrt jf aLdf z'Ns ltg'{ kg]{ ePsfn] cgfjZos kmh'n vr{x¿ -dlb/f
kfg, w'd|kfg cflb_ s6f}tL x'g] xgfn] ;fdflhs lj;+ult / ljs[ltsf] cGTo
x'G5, h;n] csf] hf]lvdsf] c;/ ;d]t sd ul/lbG5�. cfly{s xfgLsf]
;'/Iff ul/lbG5 /�. ljleGg If]qdf hf]lvd al9/x]sf] cj:yfdf, aLdfn]
dflg;nfO{ /fxt lbnfpg'sf ;fy} ;'/Iffsf] Uof/]G6L klg ul/lbG5, km]/L
hf]lvdnfO{ 6f/]/ xf]O{g, kbf{ p4f/ u/]/ ⁄ ;w} lrGtfdf 8'a]/ lrtfsf] af6f]
k|:yfg ug'{ kb}{g eg] ;dfhdf OHht ;fy hLjg hLpg ;d]t ;xf/fsf]
sfd ul/lbG5�. csf{n] s'/f sf6]sf] ;'Gg' kb} {g / cf/fdfn] lgGıf ;d]t
k5{�.
pk;+xf/
hf]lvd s'g} JolQmnfO{, s'g} klg 7fp“df h'g;'s} ;dodf kg{ ;Sg]
eljtJo of b'3{6gfsf] vt/f xf]�. olb hf]lvdsf] ;fdgf b'ef{Uoa; ug'
13

k¥of] eg], b'MvbfoL tyf bogLo hLjg lhpg' k5{�. b}jL ljkQL, s'g} klg
b'3{6gf, xfgL gf]S;fgL ;a} hf]lvd cGtu{t g} kb5{g�. htftt}, hxf“;'s}
hf]lvd} hf]lvd 5�. ef}lts ;'vdf r'n{Dd 8'a]sf cTofw'lgs ljsl;t
egfp“bf dfG5]x¿ ⁄ cfh cfkm}åf/f >[lht hf]lvdaf6 aRg ;+3if{ ul//x]sf
5g\�. k|fs[lts b}jL ljklQsf] hf]lvd t 5“b} 5 , s[lqd hf]lvd h'g
dfgjs} sf/0f pTkGg ePsf] klg lbgfg'lbg a9L/x]sf] 5�.
hf]vLd Joj:yfkg ug'{
eg]sf] hf]lvdaf6 x'g hfg] IfltnfO{ sd
u/fpg', Iflt eO{ xfn]df To;sf] Ifltk"lt{ ug'{
xf]�. hf]lvd Joj:yfkg, Tof]
snf jf lj1fg xf], h;n] hf]lvdsf] klxrfg juL{s/0f To;af6 x'g ;Sg]
;Defljt Ifltsf] d'NofÍg tyf Go"lgs/0fsf pkfox¿ cjnDag ug] {
u/fpg] ub{5g\�. hf]lvd s'g :yfgaf6, sltv]/ s'g dfqfdf cfO{ kg{
;S5, h:tf s'/fsf] k"j{ hfgsf/L kfPdf ;fjwfgL ckgfpg ;lsG5�.
hf]lvd Joj:yfkg cGtu{t hf]lvdaf6 aRg' eg]sf] hf]lvd /lxt sfd
ug'{
xf], hf]lvd dfly lgoGq0f /fVg' eg]sf] To;sf] c;/ / dfqf sd ug'{
xf] eg] hf]lvdsf] lhDd]jf/L lng' eg]sf] s]xL u/L b'3{6gf eOxfn]df
Toltv]/ j}slNks ;fwg / >f]taf6 /fxtsf] Joj:yf ug'{
xf]�. csf] {
dxŒjk"0f{ ljlw rflx“ hf]lvdsf] x:tfGt/0f g} xf]�. h'g ljleGg aLdf
sDkgLx¿sf] cfkm"nfO{ rflxg] aLdf of]hgfx¿ cfkm"dfly kg{ ;Sg] ;Defljt
hf]lvdaf6 aRg / to;sf] c;/ sd u/fpg lsGg ;lsG5�.
z'4 hf]lvdsf] dfq aLdf ug{ ;lsG5�. ;+of]un] ePsf] b'3{6gf jf
14
hf]lvdsf] dfq aLdfaf6 Ifltk"lt{ eg{ / e/fpg ;lsG5, g ls lgota;
ul/Psf] ;'lgof]lht hf]lvd jf b'3{6gfsf]�.
aLdf hf]lvdsf] If]q cg';f/, rfx] hLjg xf];\ jf lghL{jg xf];\,
To;df b'O{j6f kIf x'G5�. h;df aLldt kIfn] aLdf z'Ns lt/]/ aLdsnfO{
hf]lvdsf] x:tfGt/0f ub{5�. olb s]xL u/L hf]lvdsf] ;fdgf ug'{
k/]df
aLdfÍ a/fa/ jf ePsf] Ifltsf] dfqf cg';f/sf] Ifltk"lt ;Demf}tf cg';f/
g} lbg] ul/G5�. aLdfn] hf]lvdsf] lhDdf lng] cjlw aLdfn]vdf cfwfl/t
;Demf}tf cg'¿ksf] z'Ns lgoldt ltbf{;Dd dfq} /xG5�. aLdf jf:tadf
hf]lvdsf] af“8kmf“8 xf] eGbf klg x'G5�. hLjg aLdfn] hLjgsf] hf]lvd
jxg ub{5 eg] lghL{jg aLdfn] dflg;sf] >L;DklQ gf]S;fgLsf] hf]lvd,
JolQmut b'3{6gf tyf bfloTj hf]lvdsf] ;fdgf ug'{
kbf{ aLdf /sd
pknAw u/fp“5�.
aLdf dfq o:tf], ;:tf] ;'ne / e/kbf] { dfWod of ljlw xf], h;n]
Psbd} Go"gtd z'Nsdf hf]lvdsf] Joj:yfkg ul/G5�. aLdfn] hf]lvdaf6
kg{ hfg] cfly{s ef/nfO{ sd ug'{sf
;fy} cfl>tx¿sf] enfO, csf] {
Joj;fosf] jf ToxL Joj;fo lg/Gt/tfsf] nflu k"“hLsf Joj:yf, a'9];sfnsf]
hf]lvdsf] ;'/Iff ;xf/f, cGo cfly{s ;'/Iffx¿ k|bfg ub{5�. t;y{ hf]lvd
Joj:yfkgdf aLdfsf] dxŒj lbglbg} a9\bf] 5 / aLdfn] ;'/Iff sjrsf]
sfd ub{5 eGbf cTo'lQm gxf]nf�. ❐
aLdf ;ldltsf] cToGt h¿/L ;"rgf
aLdf ;ldltdf btf{ geO{ aLdf Joj;fo ug{ gkfOg]
aLdf P]g, @)$( sf] b˚f !) adf]lhd xfn aLdf ;ldltdf btf{ ePsf b]xfosf aLdsx¿ jfx]s cGo s'g} klg
;+:yfn] g]kfn clw/fHo leq s'g} klg lsl;dsf] aLdf Joj;fo ug{ u/fpg gkfpg] Joxf]/f ;j{;fwf/0fsf] hfgsf/Lsf
nflu ;"lrt ul/G5 .
o; ;ldltdf btf{ ePsf aLdf sDkgLsf] gfd tyf aLdfsf] lsl;dM–
!_ >L g]kfn OG:of]/]G; s+= ln=, -lghL{jg_
@_ >L lb cf]l/o06n OG:of]/]G; s+= ln=, -lghL{jg_
#_ >L /fli6«o aLdf ;+:yfg, -hLjg tyf lghL{jg_
$_ >L g]zgn OG:of]/]G; s+= ln=, -lghL{jg_
%_ >L g]zgn nfO{˚ OG:of]/]G; s+= ln=, -hLjg_
^_ >L lxdfnog hg/n OG:of]/]G; s+= ln=, -lghL{jg_
&_ >L o"gfO6]8 OG:of]/]G; s+= -g]kfn_ ln=, -lghL{jg_
*_ >L lk|ldo/ OG:of]/]G; s+= -g]kfn_ ln=, -lghL{jg_
(_ >L Pe/]i6 OG:of]/]G; s+= ln=, -lghL{jg_
!)_ >L g]sf] OG;'/]G; ln=, -lghL{jg_
!!_ >L ;u/dfyf OG:of]/]G; s+= ln=, -lghL{jg_
pko'
{Qm aLdsx¿ jfx]s cGo ;+:yfn] aLdf Joj;fo u/]df sfg"g ljkl/t x'g] Joxf]/f
;d]t hfgsf/L u/fOPsf] 5 .
!@_ >L PnfOG; OG:of]/]G; s+= ln=, -lghL{jg_
!#_ >L Pg= la= OG;'/] ]G; s+= ln=, -lghL{jg_
!$_ >L g]kfn nfO˚ OG:of]/]G; s+= ln=, -hLjg_
!%_ >L nfO˚ OG:of]/]G; skf] {/]zg -g]kfn_ ln=, -hLjg_
!^_ >L cd]l/sg nfO˚ OG:of]/]G; sDkgL (ALICO), -hLjg_
!&_ >L k| '8]lG;on OG:of]/]G; s+= ln=, -lghL{jg_
!*_ >L lzv/ OG:of]/]G; sDkgL lnld6]8, -lghL{jg_
!(_ >L n'lDagL hg/n OG:of]/]G; s+= ln=, -lghL{jg_
@)_ >L Pg=Pn=hL= OG:of]/]G; s+= ln= -lghL{jg_
@!_ >L l;4fy{ OG:of]/]G; s+= ln= -lghL{jg_
aLdf ;ldlt
rfjlxn, sf7df8f}+

■ >Ldfg sfsL{*
ljrf/
;fob Ifdtf g} o:tf] lrh xf]nf hf] a|Dxf08n] ;[li6 u/]sf] x/]s
j:t'df nfu" x'G5�. dfgj, kz'kG5L, j}1flgs cfljisf/x¿b]lv lnP/
lghL{j j:t'x¿df ;d]t nfu" x'G5�. Jofkfl/s sf/f]jf/ dfgj hLjgsf]
;fdflhs ;+/rgfdf cleGg c+usf] ¿kdf :yflkt eO;s]sf] 5�.
aLdf Joj;fo klg o; If]qaf6 cnu /xg ;Sb}g�. aLdf sDkgLx¿sf]
r'Qmf k" “hL tyf hu]8f sf]if g} o;sf] Ifdtf dfkg ug] { k|d'v cfwf/ xf]�.
aLdf sDkgLx¿n] :jLsf/ u/]sf] hf]lvdx¿dWo] cfkm"n] wf/0f (Retention)
u/]sf] hf]lvdsf] lx:;f afx]s af“sL hf]lvd cGo aLdf sDkgL÷k'gaL{df
sDkgLx¿nfO{ x:tfGt/0f ug] { k|lqmofnfO{ k'gaL{df elgG5�. k'gaL{dfsf]
klg k'gaL{dfnfO{ Retrocession elgG5�. cyf{t\ aLdfsf] klg aLdf ug] {
k|s[ofnfO{ k'gaL{df elgG5�. aLdf sDkgLx¿n] cfapplegf] cfly{s cj:yf
;jn /fVg, sfo{ IfdtfnfO{ a[l4 ug{, bfjL k/]sf] v08df bfjL km5\of} {6
ug{ ;Sg] ;xh cj:yfsf] ;[hgf ug{, tyf nufgLstf{x¿sf] nufgLsf]
plrt Joj:yf u/L cfsif{s k|ltkmn k|bfg ug{sf] nflu kof{Kt k'gaL{df
Joj:yf ug'{kb{5�.
-s_ k'gaL{dfsf] pkof]lutf
aLdf sDkgLx¿n] cfapplegf] IfdtfnfO{ x]/L eljiodf kg{ ;Sg] ;+efljt
bfjLx¿sf] cf+sng ljut tYofÍnfO{ b[li6ut u/L k"jf{g'dfg u/]/ kof{Kt
dfqfdf k'gaL{df Joj:yf ldnfpg' kb{5�. kof{Kt k'gaL{df Joj:yfn] eljiodf
kg{ ;Sg] bfjLaf6 sDkgLsf] cfly{s cl:tTjdf s'g} k|sf/sf] cf“r cfpg
kfp“b}g�. k'gaL{df Joj:yf lgDg pkof]lutfsf] nflu ul/G5�.
!_ aLdssf] c08//fO{l6¨ (Capacity) clea[l4 ug{M
Jofkf/, Joj;fo tyf snsf/vfgfx¿sf] nfut km/s–km/s x'G5�.
s'g} Joj;fodf tyf snsf/vfgfsf] nfut w]/} x'G5 eg] s;}sf] sd
x'G5�. k'gaL{df gx'g] xf] eg] aLdf sDkgL cfapplegf] Ifdtfsf] bfo/f leq /x]/
dfq aLdf u/fpg ;Sg] cj:yf x'G5�. aLdf sDkgLx¿sf] cfapplegf] cg';f/
dfqsf] sf/f]jf/ ug] { xf] eg] ;–;fgf Joj;fo dfq ug{ ;Sg] cj:yf
ljBdfg 5�. o;n] aLdsx¿sf] sfd ug] { bfo/f cem ;f“3'/f] x'“b}
hfg]5�.
k'gaL{dfsf] plrt Joj:yfkgn] ] dfq Underwrting sf] Ifdtfdf j[l4 u/L
7"nf] nfut ePsf] pBf]u, Jofkf/ tyf snsf/vfgfx¿sf] aLdf :jLsf/
ug{ ;Ifd x'G5g\�.
@_ aLdf Joj;fodf nrstf (Flexibility) NofpgM
k'gaL{df gePsf] v08df aLdsx¿n] s'g} vf; Joj;fosf] dfq
aLdf Joj;fo ug{ ;Sg] cj:yf x'GYof] t/ k'gaL{dsx¿n] ljleGg k|sf/sf
k'gaL{df ;Demf}tfåf/f ldl>t Joj;fox¿nfO{ ;d]t ;d]6\g] u/L Joj:yf
u/]sf] 5�. h;n] ubf{ aLdf sDkgLx¿n] ljljw k|sf/sf aLdf Joj;fox¿
* aLdf ;ldltsf pk–lgb]{zs x'g'x'G5 .
k'gaL{df
ug{ / cfjZostf cg';f/ gof“ k|sf/sf aLdfn]vx¿ k|of]udf Nofpg
;Ifd x'G5g\�.
#_ aldf Joj;fosf lx;fadf l:y/tf (Stability) NofpgM
aLdf sDkgLx¿n] o; k"j{ ePsf bfjLx¿sf] Oltxf;nfO{ Wofgk"j{s
cWoog ul//x]sf x'G5g\�. klxn]sf bfjLx¿sf] cg'ejsf] cfwf/df
Joj;fox¿sf] 5gf}6 u/]/ dfq Underwriting ug] { tyf sd hf]lvd x'g]
k|s[ltsf aLdfx¿df al9 wf/0f (Retention) /fVg] / al9 hf]lvd aLdfx¿df
sd wf/0f (Retention) u/] hlt /sd dfq /fVg] ub{5g\�. aLdf u/]sf]
j:t'sf] Iflt ePdf aLdf sDkgL cfkm"n] wf/0f (Retention) u/] hlt /sd
dfq bfjL ltg'{kg]
{ x'G5 eg] af“sL ;a} k'gaL{dfsf] dfWodaf6 e'QmfgL
x'G5�. h;n] ubf{ sDkgLsf] cfodf l:y/tf sfod x'g'sf ;fy} nufgL–
stf{x¿sf] k|ltkmndf w]/} ptf/ r9fj x“ 'b}g�. o;n] nufgLstf{x¿df
;sf/fTds k|efj k/L ;w} aLdf If]qdf nufgL ug{ pT;flxt agfO /xG5�.
-v_ aLdssf] wf/0f (Retention)M
aLdf Joj;fosf] If]qdf aLdsn] Joxf]g] { bfjLsf] lx:;fnfO{ wf/0f
(Retention) elgG5�. o:tf] wf/0f k|lt hf]lvd cg';f/ ul/G5�. aLdssf]
wf/0f IfdtfnfO{ Line eGg] k|rng /x]sf] 5�. aLdsn] lng] (Retention)
nfO{ Ps nfO{g (One Line) dflg ;f]xL cg';f/ k'gaL{dfsf] ¿kdf k|fKt
ePsf] clwstd Line x¿sf] lx;fan] k'gaL{dfsf] clwstd xb lgwf{/0f
ug] { k|rng 5�.
aLdsn] k|lt PsfO{ wf/0f (Retention) c+s jf k|ltzt lgwf{/0f ug'{
eGbf klxn] hf]lvdsf] k|s[lt, sDkgLsf] r'Qmf k" “hL, hu]8f sf]if tyf
36gfsf] k'g/fj[lQ ;d]tnfO{ Wofgdf /fVg h¿/L x'G5�. ;fdfGotof "Higher
the Risk Lower the Retention and Lower the Risk Higher the
Retention" sf] gLlt cjnDag ug'{
pQd x'g]5�. Retention lgwf{/0f ubf{
lgDg cfwf/nfO{ Wofgdf /fvL lgwf{/0f ug'{kb{5�.
Down Grading System:
aLdf Joj;fonfO{ hf]lvdsf] cfwf/df juL{s/0f ul/G5�. ;f]xL
juL{s/0fsf] cfwf/df hf]lvdsf] :t/ lgwf{/0f ul/G5�. ;fdfGotM Higher
the Risk Lower the retention and Lower the Risk higher the Retention
sf] cj:yfnfO{ g} Down Grading System elgG5�. sd hf]lvd ePsf
aLdfn]vx¿df al9 Retention / v/fa hf]lvdsf] nflu sd Retention
lng' aLdf sDkgLsf] nflu pQd x'G5�.
!= sDkgLsf] r'Qmf k"“hL / hu]8f sf]ifsf] s'n of]u (Total) sf] !∞ b]lv
#∞ ;Ddk|lt hf]lvd (Per Risk) Retention /fVg' pQd dflgG5�.
@= s'g} Ps Portfolio sf] cg'dflgt s'n aLdfz'Ns (Gross Premium)
cfDbfgL ;fdfGotof )=%∞ b]lv %∞ ;Dd Retention /fVg] k|rng
5�.
15

#= sfg"gL k|fjwfg cg';f/ klg Retention lgwf{/0f x'g] u/]sf] 5�.
$= sd hf]lvd ePsf] aLdf n]vdf al9 / al9 hf]lvd ePsf] aLdf
n]vdf sd Retention /fVg' plrt x'g]5�.
%= Aofks c;/ (Catastrophic Exposure) kg{ ;Sg] ;DefJo
hf]lvdx¿df sd Retention /fVg' pko'Qm x'G5�.
^= Joj;fo Ps} :yfgdf geO{ ljleGg If]qdf km}lnP (Spread) /x]sf]
cj:yfdf al9 Retention /fVg ;lsG5�. h:t} sf7df8f}+, lj/f6gu/,
kf]v/f, g]kfnu~h cflb�.
-u_ k'gaL{df ug] { tl/sfM
aLdf sDkgLx¿n] :jLsf/ u/]sf] hf]lvdx¿dWo] cfkm"n] wf/0f u/]sf]
lx:;f afx]s c¿ aLdf sDkgL, k"n tyf k"gaL{dsx¿nfO{ lgDg adf]lhd
x:tfGt/0f ug] { 5g\�.
!_ ;Demf}tf cg';f/sf] k'gaL{df (Treaty Re-insurance)
@_ P]lR5s k'gaL{df (Facultative Re-insurance)
#_ k"n (Pool)
!_ ;Demf}tf cg';f/sf] k'gaL{df (Treaty Re-insurance)
aLdf sDkgLx¿n] cGo aLds tyf k"gaL{dsx¿;“u lglZrt zt{
;'ljwfx¿sf] kfngf ug]{ u/L b'O{ kIf aLr ul/g] s/f/nfO{ k'gaL{df ;Demf}tf
elgG5�. k'gaL{df ;Demf}tfx¿ k|f/Deb]lv s'g} Ps kIfn] /2 u/]sf] ;"rgf
glbP;Dd lg/Gt/ ;do (Continuous Period) s] nflu nfu" x'G5�. tyflk
k'g/fjnf]sgsf] nflu k|Tos ;Demf}tf (Treaty) ePsf] jif{sf] cGtdf tYofÍ
x]/L ;Demf}tfsf zt{ tyf a'“bfx¿
km]/abn ug{ ;lsG5�. o; cg';f/ aLdf
n]v cjlwdf Treaty cfwfl/t x'“b}g�.
;f] cjlw leq kg] { ;Dk"0f{ aLdf
sf/f]jf/ ;Demf}tf cg';f/sf] hf]lvd :jLsf/ ug{ k"gaL{ds afWo x'G5�.
;f] aLdsn] k'gaL{dsnfO{ sf/f]jf/sf] ljj/0f tyf k'gaL{df z'Ns a'emfpg]
cjlw to ul/Psf] x'G5�. to ul/Psf] cjlw leq -xfd|f] b]zsf] k|rngdf
k|To]s tLg dlxgfdf_ ePsf ;Dk"0f{ aLdf Joj;fosf] ljj/0f tof/ u/L
;Demf}tf adf]lhdsf] /sd k"gaL{dsx¿nfO{ e'QmgL ug'{kb{5�.
k"gaL{df ;Demf}tf (Treaty Re-insurance) sf lgDg ljz]iftfx¿ 5g\ M
– k'gaL{df ;Demf}tfsf] bfo/f leq /x]/ k|To]s k'gaL{df Cession x¿
:jLsf/ ug{ k'gaL{dsx¿ afWo x'G5g\�.
– o; k|sf/sf] ;Demf}tf cg';f/ k'gaL{df ubf{ k|To]s hf]lvdsf] ljj/0f
k"0f{¿kn] lbO{ /xg' kb{ }g�. o; cGtu{t k'gaL{df ;Demf}tfsf] bfo/f
leq kg] { hf]lvdx¿sf] :jtM (Automatic) k'gaL{df x'G5�.
– k'gaL{df ;Demf}tf jflif{s ¿kdf x'G5�. o;sf] z'? x'g] ldlt ;Demf}tfdf
pNn]v eP adf]lhd x'G5�. To; cjlw leq kg]{ ;Dk"0f{ aLdfn]vx¿�
:jtM k'gaL{df ;Demf}tf leq kb{5g\�. k'gaL{df ;Demf}tfsf] cjlw
leq s'g} aLdfn]vx¿sf] gjLs/0f ePdf tL aLdfn]vx¿ klg
:jfefljs ¿kdf To; k'gaL{df ;Demf}tf leq kb{5g\�.
– k'gaL{df ;Demf}tfdf s]xL ljZjAofkL ckjfbx¿ 5g\�. k|foMh;f]
To:tf ckjfbx¿ k'gaL{df ahf/df sfd ug{ ] ;a}nfO{ hfgsf/L
x'G5�.
16
– k'gaL{df ;Demf}tfsf] bfo/f leq /x]/ of] k'gaL{df Joj;fo :jtM
rln/xG5, h;n] ubf{ aLdf sDkgLn] cfapplegf u|fxs -aLldt_ x¿nfO{
;lhn} ;dod} aLdfn]v hf/L ug{ ;Sb5�.
– o; k'gaL{df ;Demf}tf cg';f/ ePsf aLdfx¿sf] ljj/0f k|To]s #
-tLg_ dlxgfdf k'gaL{dsnfO{ lbg'kb{5 h;n] ubf{ aLdf sDkgLnfO{
emg\emg\ sd x'g'sf ;fy} k|zf;lgs vr{ kg sd x'G5�.
– o; cGtu{t k'gaL{df sldzg b/ pRr x'G5�. o;df ;/sf/nfO{
e'QmfgL ug'{kg]
{ s/ k'gaL{dssf] lx:;faf6 s§f u/L e'QmfgL ul/G5
eg] d'gfkmf sldzgsf] yk Joj:yf klg ul/Psf] x'G5�.
k'gaL{df ;Demf}tfnfO{ b'O{ efudf ljefhg ul/Psf] 5 M–
!_ Proportional Treaty:
@_ Non-Proportional Treaty:
!_ Proportional Treaty:
o; k'gaL{df ;Demf}tfdf ;dfg'kflts lx:;fsf] k|ltzt tf]lsPsf]
x'G5�. ;f]xL k|ltzt cg';f/ k'gaL{df z'Ns / bfjLsf] ljefhg klg
;dfg'kflts cfwf/df :jLsf/ ug] { u/L tf]lsPsf] x'G5�. bfjLsf] /sd
e'QmfgL ug] { Ps lglZrt pRrtd ;Ldf (Limit) tf]lsPsf] x'G5�.
!_ Proportional Treaty nfO{ klg b'O{ efudf ljefhg ul/Psf] 5�.
s_ Quota Share:
o; cGtu{t Quota sf] Pp6f lglZrt ;Ldf cg';f/sf] /sdsf]
pRrtd ljGb' (Top Retention) sf] xb tf]lsPsf] x'G5�. ;f]xL pRrtd
ljGb'sf] ;Ldf leq /x]/ aLdf sDkgLn] cfapplegf] c+z :jLsf/ ug'{kb{5�.
Quota Share eGbf al9sf] hf]lvd Surplus cGtu{t :jLsf/ ug'{kb{5�.
Gross Retention
k'gaL{df Joj;fo ljleGg k|sf/sf ;Demf}tfx¿ u/L ;+rfng ug{
;lsG5�. aLdf sDkgLx¿sf] r'Qmf k'“hL,
hu]8f sf]if tyf k"j{ bfjlsf]
cg'ej clbsf] cfwf/df aLdf sDkgLnfO{ pkof]uL x'g] vfnsf] k'gaL{df
;Demf}tf ub{5g\�. sf]6f z]o/ cGtu{t ul/g] k'gaL{df ;Demf}tfdf sf]6fsf]
c+zsf] k|ltzt lgwf{/0f u/L aLds / k'gaL{dssf] efu lgwf{/0f ul/Psf]
x'G5�. aLdf sDkgsL Retention / k'gaL{dsf] lx:;f ;d]tsf] s'n k'gaL{df
IfdtfnfO{ Gross Retention elgG5�. h:t}M sf]6f z]o/sf] ;Ldf
!),)),))).– 5 / lx:;f @)÷*) k|ltzt 5 eg] @,)),))).– aLdf
sDkgLsf] Retention / *,)),))).– k'gaL{dssf] lx:;f xf]�. b'j}sf] of]u
cyf{t sf]6f z]o/sf] s'n Ifdtf @,)),))).– ± *,)),))).– u/L hDdf
!),)),))).– x'G5�.
o;nfO{ g} Gross Retention elgG5�. sf]6f z]o/sf] Ifdtf ;dfKt
eP kZrft Surplus/facultative x'“b}
cfjZostfcg';f/ cGo k'gaL{df
;Demf}tftkm{ cfslif{t x'“b}
hfG5�.
v_ Surplus:
Proportional Treaty cGtu{t Quota Sjhare sf] Ifdtfn] wfg];Ddsf]
hf]lvd Quota share n] u|x0f ub{5�. olb Quota Share n] wf/0f ug{
g;s]sf hf]lvdx¿nfO{ Surplus sf] pRrtd ;Ldf leq /x]/ o; cGtu{t
:jLsf/ ug'{kb{5�.

u_ Net Retention:
Surplus k'gaL{df cGtu{t aLdssf] wf/0f (Retention) /sddf g}
lgwf{/0f ul/Psf] x'G5�. To;nfO{ g} Net Retention elgG5�.
@_ Non-Proportional Treaty:
;Demf}tfdf tf]lsPsf] Go"gtd xb eGbf dfly pRrtd ljGb'sf] ;Ldf
leqsf] bfjLx¿ dfq e'QmfgL ug] { u/L ul/Psf] k'gaL{df ;Demf}tfnfO{
c;dfg'kflts (Non-Proportional) k'gaL{df ;Demf}tf elgG5�. Go"gtd
xb;Ddsf ;Dk"0f{ bfjLx¿ aLdf sDkgL cfkm}n] e'QmfgL ug'{kb{5�.
o;k|sf/sf] k'gaL{df ;Demf}tfnfO{ tkl;n adf]lhd ljefhg ul/Psf]
5 M–
s_ Excess of Loss:
Non-Proportional Treaty
Excess of Loss Stop Loss
Working Excess of Loss Catastrophic Excess of Loss
Excess of Loss nfO{ b'O{ efudf ljefhg ul/Psf] 5�.
!_ Working Excess of Loss:
aLdf sDkgLx¿n] k|To]s aLdf n]vdf Ps lglZrt xb eGbf al9sf]
@_ Catastrophic Excess of Loss :
aLdf sDkgLx¿n] k|To]s aLdfn]vsf] s]xL lx:;f cfkm"n] wf/0f
(Retention) :jLsf/ ug'{kg]
{ x'G5�. o;/L Ps–Ps ub} { :jLsf/ ul/Psf]
aLdfn]vx¿sf] ;+lrlt (Accumulation) sf] a[l4 x'“b} hfG5�. Pp6} ef}uf]lns
If]qdf hf/L ul/Psf] aLdfn]vx¿ s'g} sf/0fn] Aofks Iflt x'g uPdf 7"nf]
/sd bfjL jfk e'QmfgL ug'{kg]
{ x'G5�. o:tf] cj:yfdf aLdf sDkgLx¿nfO{
Pp6} 36gfn] klg ;dfKt kfl/lbg ;Sb5�. aLdsx¿n] wf/0f u/]sf]
;+lrlt (Retention Accumulation) sf Aofks c;/sf] Iflt ePtf klg
aLdf sDkgLnfO{ ;jn agfO{ /fVgsf] nflu u/Lg] k'gaL{dff ;demf}tfnfO{
Catastrophic Excess of Loss elgG5�.
o; k'gaL{df ;Demf}tf cg';f/ Pp6f 36gfnfO{ b'O{ jf ;f] eGbf al9
Iflt ePdf dfq of] ;Demf}tfdf k|efljt x'G5�. cGoyf k|efljt x'“b}g�.
k|To]s k'gaL{dfsf] bfjL /sd e'QmfgL ug] { Go"gtd / pRrtd ljGb'sf]
ls6fg ul/Psf] x'G5�. t/ o;sf] ljkl/t Working Excess of Loss cGtu{t
;Demf}tfn] eg] k|Tos aLdfn]vsf] bfjLdf k|efljt x'G5�.
#_ Stop of Loss/Excess of Loss Ratio:
of] k'gaL{df aLdfn]vsf] k'gaL{df geO{ aLdf sDkgLsf] s'g} Ps
Joj;fo (Business Portfolio) sf] jflif{s cfo–Joodf kg{ hfg] k|ltkmn
c;/ lj?4sf] k'gaL{df xf]�. ;+efljt gf]S;fgLsf] k|ltztsf] Go"gtd /
pRrtd ljGb'sf] ls6fg ul/Psf] x'G5�. ;f] ;Ldf leq /x]/ k'gaL{df
sDkgLn] k|lts'n c+s a/fa/sf] /sd bfjL jfkt e'QmfgL ul/lbG5�. ;f]
sf] Go"gtd ljGb' eGbf sd k|lts"n (Loss) c;/ k/]df aldf sDkgL
:j+on] Aoxf]g'{
kb{5�. vf; u/L gof“ k|s[ltsf tyf bfjL cg'ej gePsf /
bfjL kg{ uPsf] v08df x/]sf aLdf n]vdf tf]lsPsf] bfjL eGbf al9 /sd
;/sf/sf] cg'bfgaf6 dfkm{t\ ;+rflnt aLdfn]vx¿sf] nflu o; k|sf/sf]
k'gaL{dsn] e'QmfgL ug] { u/L ul/Psf] k'gaL{dfnfO{ Wprkomng Excess of
k'gaL{df Joj:yf ug] { k|rng 5 . h:t}M kz' aLdf tyf afnL aLdf cflb .
Loss k'gaL{df ;Demf}tf elgG5�.
;dfg'kflts (Proportional) tyf c;dfg'kflts (Non-Proportional) k'gaL{dfdf leGgtfM
;dfg'kflts (Proportional)
aLds tyf k'gaL{dsaLr sfod ul/Psf] k|ltzt adf]lhdsf] k|To]s
bfjLdf b'j} kIf ;xefuL x'G5g\ (Risk Sharing Basis)�.
o; cGtu{t x/]s hf]lvddf (Individusal Basis) k'gaL{df x'G5�.
o; cGtu{tsf] k'gaL{df aLdfÍ tyf aLdfz'Nsdf lgwf{l/t k|ltztsf]
cg';f/ aLds / k'gaL{ds b'j}sf] ;dfg'kflts lx:;f x'G5�.
;fgf tyf 7"nf ;a} vfnsf] bfjLx¿ aLds tyf k'gaL{ds b'j} cfapplegf]
lx:;f cg';f/ ;xefuL x'G5g\\ / sltk6s bfjL eGg] s'/fsf] xb /flvb}g�.
o; k'gaL{df cGtu{t q}dfl;s ¿kdf aLdfz'Ns / bfjLsf ljj/0f tof/
u/L sf/f]jf/ ul/G5�.
c;dfg'kflts (Non- Proportional
aLds / k'gaL{ds aLr Ps lglZrt /sd eGbf dflysf] bfjL dfq
k'gaL{dsn] Aoxf]g] { u/L ul/Psf] ;Demf}tf ePsf] x'“bf
;f] eGbf sdsf]
bfjL aLds :jo+n] Aoxf]g{' kb{5 (Loss Sharing Basis)�.
;fdfGotof of] ;fd"lxs cfwf/ (CollectionBasis) sf] k'gaL{df xf]�.
o; cGtu{t k'gaL{dfdf k'gaL{dfz'Ns Psd'i6 lgwf{/0f ul/Psf] x'G5 .
k'gaL{dsn] lgwf{/0f ul/Psf] -Go"gtd_ xb b]lv pRrtd ;Ldf;Ddsf
bfjL /sd dfq e'QmfgL ub{5�.
aLdsn] Go"gtd xb eGbf sd /sdsf ;a} bfjLx¿sf] e'QmfgL cfkm}
ug'{kb{5�.
To;df k'gaL{dfsf] s'g} lx:;f x'“b}g�.
;fy} jif{e/Ldf slt
k6s;Dd To:tf] bfjL ltg] { eGg] pNn]v ul/Psf] x'G5�. pNn]lvt bfjLsf]
xb gf3]kl5 k'gaL{df ;Demf}tf :jtM ;dfKt x'G5�.
o; cGtu{tsf] k'gaL{dfdf Go"gtd l8kf]lh6 k'gaL{df z'Ns egL z'?d}
k'gaL{df lnOG5�. Jojxfl/s ¿kdf obfsbf q}dfl;s tyf cw{jflif{s
¿kdf k'gaL{df z'Ns e'QmfgL ePsf] b]lvG5�. ;fdfGotof aLdfsf] z'Ns
cjlwdf g} Go"gtd l8kf]lh6 k'gaL{df z'Ns e'QmfgL u/L jif{sf] cGTodf
bfjLsf] cfwf/df Burning Cost lgsfnL ;f]xL adf]lhd ;dfof]hg ul/G5�.
17

@_ P]lR5s k'gaL{df (Facultative Re-insurance):
k'gaL{df ljleGg tl/sfn] ul/G5�. h;dWo] Facultative Re-insurance
klg Ps xf]�. k|To]s aLdfn]vsf nflu 5'§f5'§} k'gaL{df Joj:yf ldnfpg]
k|s[ofnfO{ Facultative Re-insurance elgG5�. o; cGtu{t k'gaL{df ubf{
k|To]s aLdfn]vsf] k|To]s k6s k'gaL{dfsf] nflu k'gaL{dssf] vf]hL ub} {
hfg' kb{5�. x/]s aLdfn]vsf] hf]lvd ;DaGwL k"0f{ ljj/0fx¿sf] cWoog
u/]/ dfq k'gaL{dsx¿n] aLdf :jLsf/ ug] { jf gug] { eGg] lg0f{o ub{5�. of]
k'gaL{dfsf] k/Dk/fut k|0ffnL xf]�. o:tf] k|sf/sf] k'gaL{df k|0ffnL emGeml6nf]
vfnsf] x'G5�. s'g}s'g} aldf sDkgL / k'gaL{ds aLdf Pp6f lglZrt xb
eGbf dflysf aLdf :jtM Facultative Re-insurance df hfg] u/L k'gaL{df
;Demf}tf ul/Psf] x'G5�. o;nfO{ Autp FAcultative Re-insurance elgG5�.
olb o:tf] vfnsf] k'gaL{df Joj:yf ul/Psf ePdf Ps lglZrt xb;Ddsf]
aLdfÍsf] nflu csf]{ k'gaL{dsf] vf]hL u/L /xg' kb{}g�. k|foMh;f] Facultative
Re-insurance ;dfg'kflts g} x'G5�.
P]lR5s k'gaL{dfsf vf; ljz]iftfx¿ lgDgfg';f/ 5g\ M
– k|To]s aLdfn]vsf] k'gaL{df ug'{kg]
{ x“ 'bf k6s–k6s k'gaL{dssf]
vf]hL ub} { hf]lvdx¿sf] ;Dk"0f{ ljj/0fx¿ k'gaL{dsnfO{ lbg'kb{5�.
– hf]lvd :jLsf/ ug] { jf gug] { tyf yk zt{ nufP/ dfq :jLsf/ ug] {
clwsf/ k'gaL{dsnfO{ ;'/lIft x'G5�.
– k'gaL{dfsf] aLdf cjwL aLdfn]vdf z'¿ x'g] ldlt / cGTo x'g] ldlt
;“u;“u} ;dfKt x'G5�.
P]lR5s k'gaL{dfsf] pkof]lutfM
– k'gaL{df ;Demf}tfsf] cg';f/ ;'/If0f lng] hf]lvdx¿ ckjfbdf k/]sf]
v08df,
– k'gaL{df ;Demf}tfsf] Ifdtf eGbf al9sf] aLdf°sf] k'gaL{df ug'{
kg] {
ePdf,
– hf]lvdsf] 7"nf] t/ aLdf z'Ns sd (Low Premium Base) ePdf
jf To:tf Joj;fosf] Portfolio df aLdfz'Ns k'gaL{df ;Demf}tf
lng k|dfl0ft (Justfy) gug]{ u/L aLdfz'Ns cfh{g ePdf,
18
– k'gaL{df ;Demf}tfnfO{ oyfl:yltdf /fVg jf sd c;/ kfg{sf] nflu
aLdf sDkgLx¿n] k'gaL{df Ifdtf k"0f{ pkef]u gu/L s]xL lx:;fsf]
dfq k|of]u ug]{ ub{5g\�. vf;u/L vt/fhGo hf]lvd ePsf
aLdfn]vx¿df o; k|sf/sf] gLlt cjnDag u/]sf] b]lvG5�. o:tf]
cj:yfdf k'gaL{df ;Demf}tfnO{ ;+t'ng sfod ug{sf] nflu
Facultative Re-insurance pkof]uL x'G5�.
– s'g} vf; Joj;fodf aLdsx¿nfO{ k'gaL{dsx¿sf] lj1 ;]jf pknAw
u/L k|f/lDes aLdf Underwrite ug'{ kg]{ cfjZostf /x]sf] cj:yfdf
o:tf] k|sf/sf] k'gaL{df ;Demf}tfsf] 5gf}6 ug] { ul/G5�.
P]lR5s k'gaL{dfsf (Facultative Re-insurance) a]kmfObfx¿M
– k|Tos aLdfn]vdf k'gaL{dfsf] Joj:yf ug'{ kg]{ x'“bf ;f] aLdf k'gaL{dsn]
:jLsf/ gu?Gh]n To;sf] k"0f{ bfloTj aldf sDkgLn] Joxf]g'{
kg] {
x'G5 cyf{t k'gaL{df :jLsf/ geP;Ddsf nflu aLdfn]v hf/L
gu/L j:g' cj:yfsf] ;[hgf x'G5�. oL b'j} cj:yf si6bfoL x'G5�.
– o; k|sf/sf] k'gaL{df Joj:yfdf nrstf sd x'G5�. k'gaL{df ;DaGwL
zt{ ;'ljwf tyf ckjfbx¿ k'gaL{dsåf/f a9L lgb] {lzt x'G5g\�.
– o; k'gaL{df cGtu{t sldzg b/ sd x'g], k|foMh;f] d'gfkmf sldzg
gx'g] tyf k|zf;lgs vr{ al9 nfUb5�.
– k'gaL{dsnfO{ k'gaL{df lb“bf sydsbflrt s'g} s'/f 5'6\g uPdf
aLdf sDkgLnfO{ To;sf] Aofks c;/ kg{ ;Sb5�.
#_ k"n (Pool):
k'gaL{dsx¿n] gfkmf sdfpg] p2]Zon] g} aLdf sDkgLx¿n] u/]sf]
aLdfsf] k'gaL{df lng] ub{5�. af/Daf/ bfjL kl//xg] tyf hf]lvdk"0f{
Joj;fosf] aLdfsf] eg] k'gaL{df x'g g;Sg] cj:yfsf] ;[hgf x'g ;Sb5�.
o:tf] cj:yfdf aLds–aLdsaLr cfk;L ;dembf/Ldf Pp6f sf]if v8f
u/L jf aLdf sDkgL tyf ;/sf/ ;d]tsf] ;+nUgtfdf Pp6f vf; aLdf
Joj;fosf] nflu Ps sf]if v8f u/L k'gaL{dfsf] Joj:yf ldnfOG5�.
o;nfO{ k'gaL{df k'n elgG5 -g]kfnsf] ;Gbe{df cfsl:ds aLdf sf]if_�.
;Demf}tf cg';f/sf] (Treaty) k'gaL{df / P]lR5s k'gaL{df (Facultative) df leGgtfM
Treaty Re-insurance Facultative Re-insurance
k'gaL{df ;Demf}tfsf] bfo/f leq /x]/ k'gaL{df :jLsf/ ug{ k'gaL{ds jfWo
x'G5 .
o;df k|To]ssf] aLdfn]v cg';f/sf] hf]lvdx¿sf] ljj/0f k7fpg cfjZos
5}g . s'g} Ps lglZrt cjlw leqsf aLdfn]vx¿sf] Psd'i6 ljj/0fx¿
k7fP kof{Kt x'G5 .
k'gaL{df ;Demf}tf ;dfg'kflts tyf c;dfg'kflts b'j} tl/sf k'gaL{df
ug{ ;lsG5 .
k'gaL{df ;Demf}tf cg';f/ k'gaL{dfsf] cjlw ;fdfGotof Ps jif{sf] x'g] /
;Demf}tf /2 (Cancel) u/]df ;"rgf s'g} Ps kIfaf6 gcfP;Dd ;Demf}tf
lg/Gt/ eO/xG5 .
aLdf sDkgLn] k|:tfj u/]sf] aLdfnfO{ :jLsf/ ug] { jf gug] { k'gaL{dssf]
OR5fdf e/ kb{5 .
o;df k|To]s aLdfn]vsf] ;Dk"0f{ ljj/0fx¿ k7fO{ /xg' kb{5 .
of] k|foMh;f] ;dfg'kfltstfsf] cfwf/df k'gaL{df ug] { k|rng 5 .
o;sf] k'gaL{df cjlw aLdf n]vsf] cjlw;“u} z'¿ eO{ ;f]xL cg';f/
;dfKt x'G5 .

■ ;~hLj ;'j]bL*
g]kfndf l/OG:of]/]G; s+= ln=
cfw'lgs aLdf Joj;fosf] ;'?sf] cj:yfdf aLdf sDkgLx¿ :jo+n]
g} wf/0f ug{ ;Sg] hf]lvdx¿ lj?4 dfq aLdf ug] { rng /x]sf] lyof]�. t/
k'gaL{df sDkgLsf] cfjZostf eg] aLdf sDkgLx¿sf] :yfkgf x'gf;fy}
dgg ul/Psf] xf]�. ;fd'lıs aLdf cGtu{t ;a}eGbf klxnf] k'gaL{df s/f/
O=;+= !#&) df Genoa df ePsf] dflgPsf] 5 eg] clUg aLdf cGtu{t
eg] O=;+= !*@! df ;DkGg ePsf] dflgG5�.
t/ ;dosf] dfu cg';f/ Professional Reinsurers sf] cfjZostf
dx;"; ePsf]n] O=;+= !*$^ df The Cologne Reinsurance Company
sf] :yfkgf eP tfklg o; sDkgLn] O=;+= !*%@ af6 dfq cfapplegf] sf/f]jf/
z'? u/]sf] lyof]�. xfn;Dd df}h'bf /x]sf k'/fgf Reinsurance Companies
x¿dWo]df Swiss Reinsurance Company /x]sf] 5 h;n] cfapplegf] sf/f]jf/
O=;+= !*^# df z'? u/]sf] lyof]�. Pj+ k|sf/n] Munich Reinsurance
Company O=;+= !**) tyf Mercantile and General -O¨Nof08sf]
klxnf] Joj;flos k'gaL{df sDkgL_ O+=;+= !(!& df :yflkt ePsf lyP�.
;g\ !*%) df !$ b]zdf #)^ j6f k'gaL{df sDkgL, ;g\ !()) df
@^ /fi6«df !,@&@ j6f k'gaL{df sDkgL, ;g\ !(!) df @( /fi6«df @,%$)
k'gaL{df sDkgLx¿ lyP eg] cfhsf] ;dodf !)) eGbf a9L /fi6«x¿df
!),))) eGbf a9L k'gaL{df sDkgLx¿n] cf˚gf] sf/f]jf/ ;+rfng ul//fv]sf
5g\�.
Pj+ k|sf/n] xfd|f] l5d]sL /fi6« ef/tdf ;g\ !(%^ df Professional
Reinsurance Company sf] ¿kdf India Reinsurance Corporation
:yfkgf eof]�. ;g\ !(^! df ef/t ;/sf/n] ;a} aLdf sDkgLx¿nfO{
India Reinsurance Corporation df clgjfo{ hf]lvd k'gaL{df lbg'kg] {
Joj:yf ul/lbof]�. t/ ;g\ !(&! df ePsf] /fli6«os/0f kl5 General
Insurance Corporation of India nfO{ ef/tdf ;+rfngdf /x]sf rf/j6f
sDkgLx¿sf] holding company sf] ¿ksf ;fy} ef/tLo k'gaL{df sDkgLsf]
¿kdf :yflkt u/fO{ lbof]�. General Insurance Corporation of India n]
lghL{jg aLdf sDkgLx¿af6 @)∞ tyf hLjg aLdf sDkgLx¿af6 !)∞
statutory cession k|fKt ug] { ub{5�.
xfd|f] b]zsf] ;DaGwdf lj=;+= @))$ df >L g]kfn dfn rnfgL tyf
aLdf c•f -xfn g]kfn OG:of]/]G; s+= ln=_ :yfkgf ePkl5 dfq aLdf
sf/f]jf/ lgldQ ljlwjt ¿kdf g]kfnL aLdf sDkgL :yfkgf ePsf] xf]�.
ljleGg r/0fsf kl/0ffd :j¿k cfhsf ldlt;Dd hDdf @! j6f hLjg
tyf lghL{jg aLdf sDkgLx¿ :yfkgf eO;s]sf 5g\�.
t/ b]zdf k'gaL{df sDkgL :yflkt gePsf]n] k'gaL{df eg] ljb]zL
k''gaL{ds sDkgLx¿;+u g} ul/b} cfPsf] 5�.
* k|'8]lG;on OG:of]/]G; s+= ln= ;+u ;Da4 x'g'x'G5 .
Ps cWoog
g]kfnsf] ljBdfg k'gaL{df Joj:yf
g]kfnL aLdf sDkgLx¿af6 d''n's
aflx/ ul/g] k'gaL{dfsf] Joj:yf
k|foM Reinsurance Brokers dfkm{t\ g} x'g] u/]sf] kfO{G5�. s'g}s'g} aLdf
sDkgLx¿n] l;w} sDkgL;+u Direct Reinsurance Arrangement u/] tfklg
Reinsurance Brokers x¿sf] ;+nUgtf eg] clws g} /xg] u/]sf] kfOG5�.
g]kfnL k'gaL{df ahf/df aLdf sDkgLx¿sf] lgldQ sfo{/t s]xL k|d'v
reinsurance broking companies lgDgfg';f/ /x]sf] 5M
1. J.B. Boda, India 2. M. B. Boda, India
3. K. M. Dastur, India 4. Willis Faber
5. A-on Reinsurane 6. Marsh Ltd.
7. Tower Reinsurance Brokers P. Ltd., Inida
o;sf] cnfjf g]kfnL aLdf ahf/;+u cfj4 s]xL k|d'v reinsurance
lgDgfg';f/ /x]sf 5g\ M
1. GIC of India 2. Mitsui Sumitomo Reinsurance Ltd.
3. Tokio Marine Reinsurance Ltd. 4. Asian Reinsurance Corporation
5. Korean Reinsurance Co. 6. The Oriental Insurance Co.
7. Munich Reinsurance Co. 8. Swiss Reinsurance Co.
9. African Reinsurance Cor. 10. Arab Reinsurance Group (ARIG)
11. Milli Re 12. Kuwait Reinsurance Co.
13. Kenya Reinsurance Co. 14. Royal & Sun Alliance
s'g}–s'g} sDkgLx¿n] b]zleqs} aLdf sDkgLx¿nfO{ cfapplegf] Annual
Treaty Programme df ;+nUg u/fpg] u/]sf] klg kfOg'sf ;fy} Facultative
Reinsurance ;d]t Ps–cfk;df cfbfg–k|bfg ug]{ ul/Psf] kfOG5�. o;/L
:jb]zd} Facultative Reinsurance Placement ubf{ lgDg kmfObfx¿ k|fKt
x'G5 M
!= Risk Placement ug{ / confirmation k|fKt ug{ ;lhnf] x'g],
@= b]zleqs} hf]lvd x'g] ePsf]n] ;DalGwt hf]lvdsf] j:t'l:ylt
{ {
{
+
#=
dgg ug{ ;lhnf] x'g],
ljb]zL d'ıfdf aLdfz'Ns e'QmfgL ug' gkg] ePsf]n] ljb]zL d'ıf
ckrng gx'g'sf] ;fy} FOREX Procedure sf] cfjZostf gkg]
aLdf ;ldltåf/f k|sflzt k}lt;f} jflif{s k|ltj]bg @)^) cg';f/
cf=j= @)%(÷)^) df lgDgfg';f/n] aLdfz'Ns ;+sng ePsf] b]lvG5 M
hLjg aLdf M ¿= !,$!,@),)),)))
lghL{jg aLdf M ¿= @,#!,%*,)),)))
hDdf M ¿= #,&@,&*,)),)))
jflif{s c/af} +sf] sf/f]jf/ x'g] o; Joj;fodf v'b wf/0f zlQm eg]
sd} /xg] u/]sf] kfOG5�. o; cg';f/ b]zdf cjl:yt aLdf sDkgLx¿sf]
hf]lvd wf/0f zlQm sd g} /xg] u/]sf] ]n] aLdfz'Nssf] w]/} lx:;f k'gaL{df
aLdfz'Nssf] ¿kdf ljb]zLg] ub{5�.
19

]zdf haha aLdf Joj;fosf] sf/f]af/ a9\b} hfG5, ;f]xL cg'kftdf
aLdfz'Ns ;d]t lab]lzg] ub{5�. t/ olb b]zleq} k'gaL{df sDkgL :yfkgf
x'g ;s]df o;/L lab]lzg] /sddWo] s]xL dfq ePklg hf]ufpg
;lsG5�.
o;sf ;fy} pQm g]knL k'gaL{df sDkgLn] lab]zL k'gaL{df sDkgLx¿;+u
;d]t sf/f]jf/ ug{ yfn]kl5 ljb]zL d'ıfsf] ;d]t cfDbfgL ug{ ;Sb5�.
cGo d'n'sdf /x]sf] Joj:yf
xfd|f] b]zdf k'gaL{df sDkgL :yflkt gePsf]n] ;f] ;DaGwL s'g}
{
Joj:yf /x]sf] 5}g�. t/ :jb]zd} :yflkt sDkgLx¿n] Ps cfk;df
Facultative Reinsurance eg] cfbfg–k|bfg ug] ub{5g\�.
lab]zdf :yflkt aLdf–k'gaL{df sDkgLx¿aLr lgDgfg';f/sf]
Compulsory Cession sf] Joj:yf /x]sf] kfOG5 M
Bangladesh : 50% to SBC Brazil : 100% to IRB
China : 30% to PICC Re Egypt : 30% to Egyptian Re
India : 20% to GIC Kenya : 25% to Kenya Re
Kuwait : 23% to Kuwait Re Morocco : 10% to SCR
Pakistan : 20% to PIC Turkey : 20% to Milli Re
cfsl:ds aLdf sf]ifsf] :yfkgf
;+o'Qm /fho cd]l/sfsf] Go"of]s{df 36]sf] 9/11-WTC 36gfsf] kl/0ffd
:j¿k s]xL aLdf tyf k'gaL{df sDkgLx¿ aGb eP eg] sof} + sDkgLx¿sf]
;+lrt sf]if (Reserve Fund) ;d]t Go"gM cyjf ;f] ;/xdf kl/0ft x'g
k'Uof]�.
WTC sf] 36gf kl5 PML (Probable Maximim Loss) sf] wf/0ff
k|lt k'gM ljrf/ tyf dgg ug{ aLdf Joj;foLx¿nfO{ jfWo ul/lbPsf] 5�.
o;k"j{ dWo cfsfzdf b'O{ ofq'jfxs hxfhx¿ Ps cfk;df 7f]lSsg' g}
Largest Loss by a Single Peril sf] ¿kdf ;f]lrPsf] lyof]�.
;g\ @))! sf] ;]K6]Da/ dlxgfdf 36]sf] pQm 36gf kl5 ;g\ @))@
b]lvsf] k'gaL{df ;lGwdf cftÍjfb lj?4sf] ;'/If0f k|fKt x'g 5f]8\of]�.
o;}u/L ;f]xL jif{sf] clk|n dlxgfb]lv ef/tLo aLdf ahf/df tyf ;f]xL
jif{sf] dWo h'nfO{b]lv g]kfnL aLdf ahf/df klg pQm hf]lvd lj?4sf]
;'/If0f k|bfg ug{ c;dy{ x'g] cj:yf l;h{gf x'g k'Uof]�.
o;}sf] kl/0ffd :j¿k g]kfndf sfo{/t ;Dk"0f{ lghL{jg aLdf
sDkgLx¿sf] Market Agreement cg';f/ Nepal Market Pool dfkm{t\
GIC of India ;+u RSD/MD/ST hf]lvdx¿ lj¿4 70% RSD/MD/ST
Quota Share Treaty @$ dlxgfsf] lgdQ k'gaL{df ;Demf}tf ;DkGg x'g
k'Uof]�.
o;}aLr …cfsl:ds aLdf sf]if lgodfjnL @)^)Ú ldlt @)^) ;fn
sflt{s ! ut]b]lv nfu" ePkl5 cfsl:ds aLdf sf]ifsf] :yfkgf eof] t/
o;n] ljlwjt ¿kdf cfapplegf] sfo{ eg] ;Dk"0f{ lghL{jg aLdf sDkgLx¿nfO{
cfapplegf] ;b:otf k|bfg u/L @)^! ;fn >fj0f dlxgfb]lv dfq z'? u¥of]�.
o; sf]ifsf] :yfkgfsf nflu >L % sf] ;/sf/af6 ljlgof]lht ljh
/sd jfktsf] /sd ¿= % s/f]8 tyf aLdsx¿sf]tkm{af6 ;d]t pQm
¿= % s/f]8 a/fa/ x'g] u/L cf–cfapplegf] lx:;f jfkt rf}wj6f aLdsx¿;+u
20
;dfgtfsf] cfwf/df ¿= #%,&!,$@*.%& sf b/n] hDdf ¿= % s/f]8 u/L
hDdf ¿= !) s/f]8sf] k" “hL ;lxt >L cfsl:ds aLdf sf]if :yfkgf ePsf]
xf]�.
>L cfsl:ds aLdf sf]if :yfkgf x'“bf
hDdf !$ j6f lghL{jg aLdf
sf/f]jf/ ug]{ sDkgLx¿ sfo{/t ePsf]n] ¿= % s/f]8 !$ j6f aLdsx¿;+u
;dfg'kflts lx;fadf dfu ul/Psf] xf]�. o;kl5 >L lzv/ OG:of]/]G; s+=
ln=, >L n'lDaGL hg/n OG:of]/]G; s+= ln= tyf >L l;4fy{ OG:of]/]G;
lnld6]8 :yfkgf eO{ sf]ifsf] ;b:otf k|fKt ul/;s]sf 5g\�.
o; sf]ifn] RSD/MD/ST hf]lvdx¿sf] GIC of India ;+u k'gaL{df
;Demf}tf u/L b]zdf sfo{/t aLdf sDkgLx¿nfO{ pNn]lvt hf]lvdx¿
lj?4 aLdf ;'/If0f k|bfg ub} { cfO/x]sf] 5�. z'?df Fire/Engineering
Risks x¿sf] lgldQ ¿= #) s/f]8;Ddsf] lgldQ dfq aLdf ;'/If0f k|bfg
ub} { cfO/fv]sf]df xfn cfP/ oLg} Fire/Engineering risks x¿sf] lgldQ
¿= $) s/f]8;Ddsf] lgldQ aLdf ;'/If0f k|bfg ug{ ;Sb5 eg] cGo
Portfolios x¿sf] xsdf eg] Limits s]xL sd /x]sf] 5�.
cfsl:ds aLdf sf]ifsf] :yfkgfnfO{ g]kfnsf] aLdf Oltxf;df ;'gf}nf
cIf/n] s'“lbg]
5 tyf o; sf]ifn] k'gaL{df sDkgLsf] :yfkgf lgldQ
cu|;/ /x]sf] klg cfefif k|bfg ub{5�. ;dosf] cfjZostf cg';f/ cGo
gof“ If]q ;d]t klxrfg u/L ;/sf/L :t/–;+:yfgsf] bhf{ lbP/ 5'§} k'gaL{df
sDkgL v8f ug{ ;lsG5�.
Nepal Re sf] :yfkgf ePdf
k'gaL{df sDkgLsf] :yfkgf aLdf sDkgLx¿sf] h:tf] k" “hL ;+/rgfn]
;xof]u ub} {g�. k|:tfljt Nepal Re sf] :yfkgf k"j{ lgDg a'“bfx¿nfO{
Wofg lbg'kb{5 h;sf] cfwf/df dfq Go"gtd k"“hLsf] klxrfg ug{
;lsG5 M
!= k'gaL{df Joj;fosf] k|sf/–lghL{jg k'gaL{df dfq, hLjg aLdf
dfq cyjf b'j} lghL{jg tyf hLjg k'gaL{df Joj;fo tyf
@= ef}uf]lns If]q– g]kfnleq :yflkt aLdf sDkgLx¿sf] dfq k'gaL{df
Joj;fo ug]{ xf] of b]z aflx/ :yflkt sDkgLx¿;+u klg k'gaL{df
Joj;fo cfbfg–k|bfg ug] { xf], ;f] lgSof} {n ug'{kb{5�.
o;/L :yflkt x'g] k'gaL{df sDkgLsf] lgldQ r'Qmf k"“hL 36Ldf ¿=
! ca{ cfjZos kg]{ b]lvG5�. ¿= ! ca{ eg]sf] lghL{jg aLdf sDkgLsf]
cfjZos Go"gtd r'Qmf k" “hLsf] !) u'0f xf] eg] hLjg aLdf sDkgLsf]
xsdf dfq $ u'0ff xf]�. pQm /sd lgDgfg';f/n] h'6fpg ;lsG5 M
Nepal Re sf] :yfkgf lgldQ g]kfnsf] aLdf ahf/df sfo{/t ljb]zL
k'gaL{df sDkgLx¿;+u Technical Support Agreement (TSA) tyf Joint
Venture (J/V) lgldQ k|:tfj dfu ug{ ;lsG5�. ;fy} b]zdf sfo{/t aLdf
sDkgLx¿nfO{ klg clgjfo{ ¿kdf z]o/ k|bfg ug{ ;lsG5�. o; cg';f/
Nepal Re sf] k" “hL lgDg If]qx¿af6 ;+sng ug{ ;lsG5 M

1. Investment from GoN
2. Investment form the employees of insurance industry
3. Investment from the insurance companies
4. Investment from Insurance Pool, Nepal
5. Investment from foreign insurer/reinsurer- J/V
6. Investment from the financial institutions (banks & finance
companies)
7. Investment from the public shareholder
8. Combination of any kind from Sr. 1 to Sr. No. 7 as stated above
Sr. No. 5 /f]lhPdf Joint Venture cGtu{t ;fd]n x'g] sDkgLsf]
TSA sf] Go"gtd cjlw % jif{ x'g'kb{5 eg] nufgLsf] nflu @% jif{
x'g'kb{5�. olb pQm ljb]zL sDkgL x6]/ hfg rfx]df TSA tf]8\gsf] lgldQ
^ dlxgf tyf Investment Withdrawal lgldQ !=% b]lv @ jif{sf] k"j{
hfgsf/L lbg' cTofjZos x'g'kb{5�. J/V sf] lgldQ PseGbf a9L pQd
k|:tfjx¿ k|fKt x'g cfPdf tL b'j} sDkgLx¿nfO{ klg ;fd]n u/fpg
;lsG5�.
b]zdf :yflkt sDkgLx¿;+u k'gaL{df Joj;fo ;+rfng ug{sf] lgldQ
Nepal Re tyf k|To]s sDkgLaLr 5nkmn u/]/ Terms & Conditions
x¿ finalize ug{ ;lsG5 eg] ljb]zL sDkgLx¿;+u Joj;fo ug{sf] lgldQ
klg dfly pNn]lvt k|lqmof g} ckgfpg ;lsG5�.
Nepal Re sf] :yfkgfn] oxf“ :yflkt sDkgLx¿nfO{ k|ToIf cyjf
ck|ToIf ¿kdf lgDg kmfObfx¿ k'Ug hfG5 M
!= sDkgLx¿n] Nepal Re nfO{ Compulsorily cfapplegf] Annual
Treaty sf] s]xL k|ltzt cede ug] { Joj:yf ul/Pdf FOREX
Process cfjZos gkg] {�. ;fy} ;lhn};+u k'gaL{df aLdfz'Ns
e'QmfgL ug{ ;lsg'sf ;fy} Pj+ k|sf/n] bfjL Recovery ug{
;lsg],
@= aLdf sDkgLdf sfo{/t hgzlQmx¿nfO{ bIf agfpgsf] lgldQ
Nepal Re n] ljleGg tflndx¿ ;+rfng ug{ ;Sg],
#= k'gaL{df Placement lgldQ Ps yk sDkgLsf] :yfkgf x'gfn]
k'gaL{df ahf.df Risk Placement ug{ yk ;lhnf] x'g hfg] tyf
$= g]kfnnfO{ klg k'gaL{df ahf/df Ps k|d'v ahf/sf] ¿kdf k|:t't
ug{ ;lsg]
aLdf P]g tyf lgodfjnLdf ePsf] Joj:yf
b'O{k6s ;+zf]lwt aLdf P]gdf k'gaL{df sDkgLsf] :yfkgf lgldQ s'g}
Joj:yf ePsf] kfO“b}g eg] aLdf lgodfjnLsf] lgod ^ df hDdf b'O{j6f
pk–lgodx¿ ;lxtsf] l;ldt Joj:yf /x]sf] 5�.
;DalGwt P]g tyf lgodfjnLdf k'gaL{df sDkgLsf] :yfkgf k"j{
;j{k|yd aLdf P]g tyf lgodfjnL g} ;+zf]wg u/]/ k'gaL{df sDkgLsf]
lgldQ Joj:yf ug'{
cfjZos b]lvG5�. ctM o;/L P]g tyf lgodfjnL
;+zf]wg eO{ sDkgL :yfkgf lgldQ kof{Kt Joj:yf ul/P kl5 dfq btf{
k|lqmof cufl8 a9fpg ;lsg] b]lvG5�.
cGTodf,
s]xL jif{ cufl8 o;} klqsfdf “Why Reinsurance Company is
required in Nepal ?” k|sflzt ePsf] lyof]�. s]xL jif{ cufl8 k|sflzt
pQm n]vnfO{ cfwf/ dflg o; ljifonfO{ k'gM 5nkmnsf] ¿kdf k|:t't ug{
vf]lhPsf] 5�.
;/sf/L :jfldTjdf :yflkt aLdf sDkgL /fli6«o aLdf ;+:yfgsf]
klg k'gaL{df sDkgL :yfkgf ug]{ ;f]rfO{ ;fj{hlgs eO;s]sf] xfdL ;a}nfO{
ljlbt} 5�. o;nfO{ Ps ;XfgLo sfo{sf] ¿kdf lng ;lsG5�. ljb]zL
k'gaL{dssf] ;d]t nufgL x'g] elgPsf] o; sDkgLdf ljb]zL k'gaL{df
sDkgLn] g]kfnsf] aLdf ahf/nfO{ cfapplegf] ;~hfnleq kfg{ vf]Hg' o;
If]q;+u ;DalGwt ;a}sf] lgldQ ;'vb\ ;dfrf/ x'g ;Sb5�.
Psflt/ >L cfsl:ds aLdf sf]ifnfO{ g} g]kfnsf] k'gaL{df sDkgLsf
¿kdf :yflkt u/fpg ;lsG5 eg] csf] {tkm{ cfsl:ds aLdf sf]if tyf
Nepal Re Ps cfk;df ufleO{ Merger and Acquisition sf] gof“ pbfx/0f
ljBdfg aLdf ahf/df k|:t't ug{ ;lsG5�. aLdf ;ldltsf] r'Qmf k" “hL
a9fpg' kg]{ Dofb lbgfg'lbg glhlsPsf] cj:yfdf o; pbfx/0f cg's/0fLo
;fljt x'g ;S5�. ❐
hLjg jf ;DklQsf] aLdf u/fP
jfktsf] aLdfz'Ns a'emfPsf] /l;b k|fKt
gu/];Dd aLdf ;'/If0f gx'g] x'“bf
aLdfz'Ns lt/]/ /l;b k|fKt u/L aLdf
ug]{ u/f}+ .
hgwgsf] xflg–gf]S;fgLsf]
;DefjgfnfO{ d"Nofª\sg u/L ;f]xL
cg'¿ksf] hf]lvd lj?4 /Iffj/0f eP
gePsf] Plsg u/]/ dfq aLdf ug]{ afgL
a;fnf}+ .
aLdf bfjL e'QmfgL lng aLdf ubf{sf]
cj:yfdf aLdf sDkgLaf6 lglb{i6
ul/Psf sfuhftx? k]z ug'{kg]{ x'“bf
pQm sfuhft ;'/lIft /fvf}+ .
aLdf ;ldlt
rfjlxn, sf7df8f}+
kmf]g g+= $$^&!!*, $$^((*(
21

22
INSURANCE NEWS & VIEWS
ACTUARIAL AND ACCOUNTING STANDARDS FOR
EFFECTIVE INSURANCE SUPERVISION
■ Prakash Khanal*
Introduction
A financially sound insurance sector contributes to economic
growth and well-being of nation by supporting the management of
risk, allocation of resources and mobilization of long-term services.
Insurance markets, even in the most sophisticated economics,
have developed and continue to evolve at a much faster pace than
does the process of insurance supervision. However, the credibility
of insurance markets, in the eyes of both domestic consumers of
insurance services and international traders is influenced to a great
extent by the effectiveness of supervision.
The insurance supervisor is not in a position to control all the
factors and influences that will bear upon the effective functioning,
the competitiveness, and the integrity of the insurance markets in a
country.
Financial sector policy frame work, financial stability,
infrastructures, corporate governance and system of law enforcement
are factors which are not in the control of insurance supervisor.
Never- the-less, experience has shown that, by participating
in activities such as regular consultation with professionals such as
actuaries and accountants, organizing and assisting with the training
of insurance agents and surveyors, building relationships with law
enforcement authorities and conducting workshops with judges and
other public officials help to ensure that supervisors can have
considerable influence in certain areas that are not within their
immediate sphere of responsibility.
It is particularly important to establish the means for regular
consultation and dialogue with financial sector regulators
and supervisors on financial sector policy and market development
issues.
Financial infrastructure covers the legal system, accounting and
auditing standards actuarial standards, professional organizations
and economic, financial and social statistics.
This article is going to focus on actuarial standards and
accounting and auditing standards to be followed by insurance
industry of Nepal.
Actuarial Standards:
The financial statements of insurance companies are influenced
to a major extent by the estimates of its liabilities under insurance
contracts. In life insurance, the liabilities estimated by the actuary
may be the largest items on the balance sheet. In addition, the prices
(premium) that companies charge for their insurance products are
usually determined using actuarial techniques and assumptions. For
this reason, appropriate actuarial standards should be adopted and
applied consistently.
In reporting the operating results for a business years, the
increase in the liabilities is applied as an item of expenditure. Thus
if the actuarial estimates of the liabilities are set at a high or
conservative level, the operating gain will usually be smaller (or the
loss will be greater, if the overall results are reported to be in a loss
position). Likewise, if the actuarial estimates are set using more liberal
assumptions and methods, the gain on operations will usually be
greater.
In the past, acceptable standards that give adequate coverage
to the many techniques and assumptions that the actuary should
adopt were not set. As a consequence, actuaries followed a variety
of approaches, and selected different mortality tables and different
methods for valuing policies. The lack of consistency in the results
presented by the companies rendered comparisons between
companies less meaningful and supervision more challenging.
In order to respond to this situation Beema Samiti in going to
prescribe a specific set of rules to be followed. The standards to be
prescribed will be essentially finalized after consultation with the
companies.
Owing to the importance of actuarial estimates, Beema Samiti
has adopted a variety of measures in an attempt to verify the results
reported by the actuary. The retention of a consulting actuary by
Beema Samiti to review all of the returns filed is one of the important
measures. Thus regardless of the reporting or valuation standards
employed by the company's actuary, the consulting actuary could
provide an opinion on their acceptability and on the accuracy of
the results.
Some of the major points of Draft "Directives on Duties of
Actuaries and Valuation of Life Insurance, 2007" are as under-
1. An Actuary should render actuarial advice to the management
of the insurer, in particular in the areas of product design and
pricing, insurance contract wording, sales literatures,
investments, re-insurance, valuations and bonus distribution.
2. An Actuary should ensure solvency of the insurer at all times;
3. If the Actuary considers that the report contains matters of
significant concern about the solvency of the insurer, he or she
should present a copy of the valuation report direct to Beema
Samiti.
4. The Actuary should take all reasonable steps to ensure that the
data is accurate;
5. An internal annual valuation (the statutory valuation at present
is done tri-annually) should be done to determine solvency
and financial condition of the business;
6. Gross Premium Method should be applied;
7. Mortality rates to be used shall be with reference to a published
table as prescribed by Beema Samiti ( Beema Samiti is going to
prescribe a mortality table for the first time in Nepal),
8. The Actuary should ensure nothing of assets and liabilities;
9. The Actuary should advise the insurer about bonus rate(s);
10. The Actuary should state his or her opinion of how the
recommendations maintain fairness between different
* Deputy Director, Beema Samiti

categories of policy and between policyholders and
shareholders;
11. The Actuary of an insurer shall furnish valuation report in the
format prescribed.
For non-life insurance, the development of actuarial standards
is not so far advanced. However, the adequacy of the claim provisions
is one of the areas where actuarial input is necessary.
Accounting and Auditing Standards:
Crucial elements in the supervision of insurance company
include assessing the financial condition and monitoring its
operations. This information is obtained in the first instance from
the financial statements that the company presents to Beema Samiti.
The extents to which the supervisor can rely on published financial
statements depend on the quality of the accounting and auditing
standards in use and how effectively such standards are applied.
Financial reporting standards prescribed for all types of
corporations, including insurance companies should emphasize the
importance of timely and accurate disclosure of all relevant items
in the accounts of company.
Standards should deal with the following;
1. The form of presentation of results'
2. Valuation of individual asset and liability items;
3. Reporting of income and expenditure to prevent undue
deferment of losses and premature recognition of gains;
4. Methods for accrual of items of income and expenditure and
for amortization of changes in assets values;
5. Reliance on the work of other professionals such as actuary.
The disclosure requirements for supervisory purposes and for
proper disclosure to policyholders to shareholders may differ with
each other and are more comprehensive than those designed for
estimating taxes payable,
The International Accounting Standards Board has not come
with specific rules to cover insurance contracts. In the absence of a
complete set of international accounting standards, different
companies use different accounting practice to prepare the reports
field with the supervisory authority (Beema Samiti). This makes it
difficult to compare the results of the different companies and can
produce misleading result.
In order to avoid this situation, Beema Samiti is adopting a
number of measures. Among them formulation of accounting
standard and long form audit report for insurance companies with
the help of Institute of Chartered Accountants Nepal (ICAN) is the
most important one. When Accounting Standard Board of Nepal
will come out with complete set of accounting principles, as a caveat,
Beema Samiti may reserve the right to override any specific provision
that is perceived to have the effect of disguising the true financial
position of the company.
In addition, there are other issues to consider:
Liabilities on gross basis:
Till date accounting of insurance companies is done in net
basis on the assumption that the re-insurers will pay "all of their
share". In the case of 'inadequate transfer of risk' or 'unwillingness
or inability' to pay claim by the re-insurance the ceding company
has to bear the liabilities from its own account. Hence adequate
'provisioning' for this situation is an issue.
Investments in subsidiaries:
Accounting rules for insurance companies should also prescribe
what treatment is to be accorded to investments that companies
have made in subsidiary companies. Either deduction of capital or
a consolidation approach must be taken in order to avoid the risk of
'double-gearing of capital'.
Separation of shareholders and policyholders fund:
Life insurance companies have to separate shareholders fund
and policyholder's fund. To identify the items to be placed in each
fund and allocation of expenses of the company respectively is
another issue.
Responsibilities of the auditor:
The responsibilities of the auditor are in same respect similar
to those of the supervisory authority's inspectors, and efforts should
be made to promote collaboration between them, thus avoiding
duplication of effort. However, insurance supervisors are interested
in issues, such as technical provisions, assessment of risk, and quality
of the investment port-folio, that are not necessarily covered by an
external audit.
Conclusion:
The work of supervision in a country will have to be carried
out within the realities of the environment that exists in the country.
Beema Samiti is formulating regulatory framework in line with
emerging international best practices and ground realities. The
underlying philosophy of insurance supervision is evoluation rather
than revolution. ❐
hLjg jf ;DklQsf] aLdf u/fP jfktsf]
aLdfz'Ns a'emfPsf] /l;b k|fKt gu/];Dd aLdf ;'/If0f
gx'g] x'“bf aLdfz'Ns lt/]/ /l;b k|fKt u/L aLdf ug]{
u/f}+ .
hgwgsf] xflg–gf]S;fgLsf] ;DefjgfnfO{
d"Nofª\sg u/L ;f]xL cg'¿ksf] hf]lvd lj?4
/Iffj/0f eP gePsf] Plsg u/]/ dfq aLdf ug]{
afgL a;fnf}+ .
aLdf bfjL e'QmfgL lng aLdf ubf{sf] cj:yfdf
aLdf sDkgLaf6 lglb{i6 ul/Psf sfuhftx? k]z
ug'{kg]{ x'“bf pQm sfuhft ;'/lIft /fvf}+ .
aLdf ;ldlt
rfjlxn, sf7df8f}+
kmf]g g+= $$^&!!*, $$^((*(
23

■ Praveen Koirala*
1. SCOPE OF COVER:
The cover available under this policy is indemnification against
loss of gross profits due to:
a. Reduction in Turnover
b. Increase in cost of working
Definitions:
Gross Profit:
The sum produced by adding to the net profit the amount of
the insured standing charges or if there be no net profit, the amount
of the insured standing charges less such a proportion of any net
trading loss as the amount of the insured standing charges bears to
all the standing charges of the business.
Net Profit:
The net trading profit (exclusive of all capital receipts and
accretions and all outlay property chargeable to capital) resulting
from the business of the insured at the premises after due provision
has been made for all standing and other charges including
depreciation, but before the deduction of any taxation chargeable
on profits.
Turnover:
The money paid or payable to the insured for goods sold and
delivered and for services rendered in course of the business at the
premises.
Rate of Gross Profit:
The rate of gross profit earned on the turnover during the
financial year immediately before date of the damage. In the other
words, the rate of gross profit is the normal earning power of the
business expressed as the percentage.
Annual Turnover:
The annual turnover means during the twelve months
immediately before the date of the damage.
Standard Turnover:
The standard turnover means during that period in the twelve
months immediately before the date of the damage which
corresponds with the indemnity period.
Indemnity Period:
The period beginning with the occurrence of the damage and
ending not later than months thereafter during which the results of
the business shall be affected in consequence of the damage. This
period has to be selected by the insured. This is mainly influenced
by the time that would be necessary for reinstatement of the building
or replacement of the machinery for the purpose of commencement
of normal business activity.
Reduction in Turnover:
24
CONSEQUENTIAL CONSEQUENTIAL LOSS (FIRE) INSURANCE
The sums produced by applying the rate of gross profit to the
amount by which the turnover during the indemnity period shall, in
consequence of the damage, fall short of the standard turnover.
Increase in cost of working:
The additional expenditure necessarily and reasonable incurred
for the sole purpose of avoiding or diminishing the reduction in
turnover which but for that expenditure would have taken place
during the indemnity period in consequence of the damage but not
exceeding the Sums produced by applying the rate of gross profit to
the amount of the reduction thereby avoided less any sum saved
during the indemnity period in respect of such of the insured standing
charges as may cease or be reduced in consequence of the damage.
2. PERILS COVERED:
The perils covered under consequential loss (fire) policies are
those covered under the fire policies.
This policy may also be extended to cover those special perils
insured by the fire material damage policy at an additional premium
which must be shown separately on the policy.
Material Damage Provision:
It is important to note the following requirements for admission
of liability under the consequential loss (fire) Policy.
At the time of happening of the damage there shall be in force
an insurance covering the interest of the Insured in the property at
the premises against such damage and that payment shall have been
made or liability admitted therefore under such insurance.
3. SUM INSURED, PREMIUM RATING AND
CONDITION OF AVERAGE:
The sum insured under this policy will depend upon the gross
profit and the indemnity period selected by the insured.
Condition of Average:
If the sum insured under the policy be less than the sums
produced be applying rate of gross profit to the annual turnover, the
amount payable shall be proportionately reduced.
The basic rate for consequential loss insurance shall not be
less than the full “Average Fire Rate” of the items covered the contents
of the process blocks, of the premises occupied by the insured for
the purpose of the business.
The average fire rate shall be the percentage which the
aggregate net premium in respect of the whole of the annual fire
insurance of contents of the process blocks and/or the whole premises
as applicable, bears to the aggregate sums insured on such contents.
However, this rate will vary according to the indemnity period
and appropriate percentage of the basic rate is applied for different
indemnity periods.
For manufacturing risks carrying on a continuous process, the
profits rates for 12 months indemnity would be 125% of the basic
rate.
The profits rate for annual insurance shall not be less than the
* Associated with Prudential Insurance Co. Ltd.

following percentages of the basic rate for the perils to be covered:
Period of Indemnity Sum to be Insured Percentage of
the basic rate
6 months or less Equivalent of
Annual Gross Profit 75%
9 months 90%
12 months 100%
15 months One and quarter times
the annual Gross Profit 97.5%
18 months One and a half times
the Annual Gross Profit 95%
24 months Twice the Annual Gross
Profit 90%
30 months Two and a half times
the Annual Gross Profit 85%
36 months Thrice the Annual
Gross Profit 80%
4. EXCLUSION:
The following types of consequential losses are not covered
under the consequential loss (fire) policy:
a) Underinsurance against property damage under fire policies
b) The difference between value of stock at the time of the fire
and value at the time of subsequent replacement.
c) Depreciation of undamaged stock after a fire.
d) Cost of preparation of fire and consequential loss claims.
(Accountants fees for extracting and certifying particulars of
profit claims may be insured as a special items, in a
consequential loss policy at a small additional premium)
e) Litigation cost connected with fire or consequential loss
claims generally.
f) Third party claim.
g) Failure to recover book debts owing to destruction of records.
h) Loss of goodwill.
i) Deterioration or spoilage of goods or periodical nature or
goods in process which are not actually damaged by fire.
j) Fines and penalties payable due to delayed fulfillment or
cancellation of sale/service contract.
5. ADDITIONAL COVERS AVAILABLE:
Wages: The wages can be insured in any of the following
methods:
a. As an insured standing charge:
Insurance for all full indemnity period, by inclusion in gross
profit as a standing charge of Wages:
i. to all employees or
ii. to employees in specified categories or
iii. to the extent of …… percent or the total wage roll or
iv. to the extent of a stated maximum amount.
b. By a separate item on an annual basis:
Insurance for a shorter indemnity period of wages not insured
under (ii), (iii) and (iv) above, the sum insured representing the
annual amount of such wages or if the indemnity period be
over 12 months, the amount for the period.
c. By a separate item on period basis:
Insurance for a shorter indemnity period of wages not insured
under (i) or (ii) above, sum insured represent in the wages for
the indemnity period only ( commonly known as pro-rata wages
)
d. By a separate item on the dual basis:
i. Insurance of 100% wages for an agreed initial period (not
less than 4 weeks).
ii. Insurance for a lesser percentage for the remainder of the
indemnity period, this must not be less than 12 months.
iii. The proportion of wages insured for this following period
must not be less than 10%
A. Lay off and/or retrenchment compensation.
B. Auditors fees for their services in extracting and certifying
such particulars as are required by the company in
investigating a claim.
6. EXTENSION UNDER THE POLICY:
The loss of profits policy can be extended to cover the following:
a) Insured property stored at
i) other situations
ii) suppliers premises
iii) customers’ premises.
b) Electricity stations, Gas Works and Water Works.
7. PREMIUM ADJUSTMENT CLAUSE:
The full premium for the selected sum insured based on
estimated gross profits will be chargeable under all consequential
loss (fire) policies in advance.
Where it is desired to provide for the return of premium for the
actual gross profits being lower than selected sum insured, the
following clause is used:
“If the insured declares, at the latest nine months the expiry of
any period of insurance, that the Gross Profits earned ( or a
proportionately increased multiple thereof where the maximum
indemnity period exceeds 12 months) during the accounting period
of 12 months most nearly concurrent with any period of insurance,
as certified by the insured’s Auditors, was less than the sum insured
thereon, a prorate return of premium not exceeding 50% of the
premium paid on such sum insured for such period of insurance
shall be made in respect of the difference.
If any damage has occurred giving rise to a claim under this
policy, such return shall be made in respect only of said difference
as is not due to such damage”.
❐
25

■ Rama Dahal*
When I was a student in University doing MBA, my
professors used to tell us that there was a crying need
for good, educated professionals in the industry and more so in the
insurance sector.
In their opinion, there were too many agents who were
insufficiently trained for the complex world that we were living in.
And they further assured us that with the insurance education we
were receiving we were destined to great success, both professionally
and financially, in our future careers. They were so focused on the
academic side of insurance and in creating knowledgeable, welltrained
insurance professionals that it never occurred to them that
our future success could be dependent on any other skills outside of
those offered by our university's insurance department. They could
not fathom that in the coming decades I would live to see numerous
"competent and well-educated insurance agents" go broke because
they did not have the management skills to run an insurance agency
as a business. They could analyze risks and design coverage programs
with high levels of sophistication but they couldn't manage either
cash flow or people.
One consistent trend throughout the country is the difficulty in
finding people to fill job openings. No matter where I travel, I hear
this lament from agency owners and managers. In some areas of the
country, there are price wars for service people fueled by the
competition for good talent. Not only is it difficult to recruit skilled
workers, but also to retain them. In the past, companies expected
job loyalty, but today, we hear stories of employees accepting other
job offers only weeks after being hired. We have to wonder if people
have changed or is it that employers are not able to satisfy employees.
Although many segments of the economy have a surplus of qualified
people, the insurance industry has a shortage of people. To win the
battle for workforce share, companies must rethink their strategies
to effectively recruit, motivate, and retain committed employees.
Unfortunately, there is a critical shortage of management talent
at the organizational level. There is a great deal of competent
insurance knowledge but there truly are very few sophisticated
insurance professionals who are also truly great managers. Powerful
forces of change are shaping the insurance industry of the 21st
century. Aging populations in the Western world, an emerging middle
class in developing countries and other socioeconomic shifts are
redefining markets. The need for Regulatory changes are required
to lead industry consolidation, the introduction of new competitors
and the formation of cross-industry alliances have to be thought
about in time. Bearing Point’s experienced team of insurance
professionals can help your company transform to meet these
challenges.
With that said, the insurance companies that will dominate in
the first half of the 21st century will be those that are nimble and
quick, interconnected and diverse, committed to service delivery
while location independent. The most successful ones will thrive in
a state of continuous transformation, ever changing to remain
competitive.
26
Management’s Role in Attracting & Retaining
Employees 21 st Century Insurance Industry
Insurance companies recognize they must operate differently
to succeed in this dynamic environment. They need greater flexibility
and agility to address new market demands, roll out innovative
products and meet compliance requirements. They must quickly
scale operations as opportunities emerge.
Many carriers have worked hard to adapt legacy systems to
today’s needs using a combination of Business Process Management
and Service-Oriented Architecture to move to a next-generation
policy administration, claims processing and commissions solution.
This approach is required to truly streamline operations, improve
service, lower costs and align IT resources with business needs.
Running an agency today is a very sophisticated art that requires
skills far greater than any of those learned in classes we took on
insurance. And the larger we get, the more complex and difficult it
becomes to run an agency. One of my favorite quotes, to paraphrase,
says that, "Running a business today is like your kid's video game.
You work harder and harder to get to the next level only to find out
that when you do, the game becomes infinitely more difficult."
The problem that is endemic to our business is that we see as
company owners all to often run the businesses like "Mom and Pop"
shops. We are still, basically, a raw industry with far too little talented
management. The problem, of course, is that the insurance company
managers are far too focused on their next quarter's profits to be
involved in assuring their future through continued success. Can
you ever imagine a company coming to you and announcing that,
rather than implementing another cut or deductions, the company
was actually going to increase your commissions or pay so that you
could invest in your savings, build for the future so that there is a
extra drive, and thus maintain a steady stream of revenue for the
insurance company? I know that there are some readers who will
recommend that I be drug tested just because I dared to dream of
such a happening!
And when will insurance company executives become
sophisticated enough to know that they need to differentiate
themselves in the marketplace in order to have a unique competitive
advantage? I once challenged a group of insurance company
professionals to try and answer the simple question, "Why should a
customer buy from us?"
Today's high-performing employees are looking for more than
compensation packages and benefits. So the first step in attracting
talent is to examine the agency's strengths and determine if
employees have benefits to sell. Employees today might move to
another job for better compensation, but they are also looking for
growing, successful companies which provide an employee friendly
environment where they can participate in the decision-making and
be part of the team. Some agencies have found creative rewards,
such as providing breakfast foods or fruit in the kitchen or free soft
drinks, not just coffee and tea. The key is to have a positive work
environment where employees are recognized and rewarded for
good performance, where there is good communication, and where
everyone shares in the excitement of being part of a successful
firm.
* Associated with Everest Insurance Co. Ltd.

The management plays an important role in attracting; selecting
and recruiting qualified, dedicated and committed professionals.
Some of the methods that can be adopted for recruitment are
mentioned here.
Recruiting through referrals
Most agencies use a variety of methods to attract job candidates,
including newspaper ads, Internet job sites, referrals and recruiters.
I have known of a few organizations whose turnover is minimal. In
fact, they have a waiting list of talented people who have the desire
to work for their agency. These agencies realize that attraction and
retention are both marketing issues. They have developed a positive
image in the marketplace and are constantly selling prospective job
candidates on the advantages of working for their agency as well as
reminding their employees of these advantages. They have also made
a commitment to create a workplace with purpose, excitement, and
mutual alignment and re-focused their energy on the needs of their
employees from a whole-life prospectus. In these organizations, the
most effective method for recruiting people is employee referrals.
The company employees can interest their friends and associates in
working at the agency and selling them on the many benefits of
working for it.
To gain full benefit from these referrals, a formal process should
be put in place to regularly identify candidates and keep the pipeline
full. The employees should know the story they can tell about the
benefits, working environment, perks, or advancement opportunities
the organization offers. To help them identify what the agency
benefits are, ask them to help you make a list of why they like working
at the agency and what they appreciate about their jobs or their coworkers.
While you're at it, consider whether employees have a
good relationship with their managers. Studies have shown that
managers play a significant role in influencing the employee's
commitment to the work place and the agency's likelihood of
retaining them.
Some agencies actually develop a PowerPoint presentation to
tell the company story, its capabilities, introduce its staff, and provide
customer testimonials. Knowing what makes the agency unique and
communicating that message effectively is the foundation for building
a workforce that is energized and committed to achieving the
organization's goals. Agencies that are community leaders are also
more successful in attracting talent as job applicants form impressions
about agencies from various sources. The agency's support of local
and civic organizations, not only attracts business prospects but job
candidates, as well. Its involvement in the community sends a
message about its values and increases the likelihood of attracting
candidates who are a good match with its culture and values.
Agencies that can align their recruiting strategy with their marketing
strategy are successful in developing brand identity and are able to
establish a clear picture of what sets them apart. It's also the best
way for smaller companies to compete against big ones for talent.
Other recruiting methods
Another effective method of finding new employees is to use
recruiters who will search for job candidates in the area. If you enter
into these agreements, it is important to find recruiters who can
source quality people, rather than merely provide resumes. Company
managers should work with the recruiter to provide a profile of the
skills and qualities the recruiter should look for and expect that the
candidate be pre-screened. There should also be an agreement that
the recruiter will not solicit the agency's employees for other clients.
Internet sites can be effective for identifying candidates who may
be moving into the area.
Newspaper ads are usually the least effective methods of
recruiting, as the people who may be the best candidates does
generally not read them. With critical skills in high demand, top
performers who want to make a job change are not looking in the
classifieds but are seeking out employers who provide outstanding
work environments and continual learning and advancement
opportunities. Studies have shown that employees and potential
employees rank career development as their number one priority in
determining which employer they will commit their skills and longterm
loyalty to. Feeling valued, having open communication and a
fun workplace are also key factors in their selection criteria.
Selecting employees
Too many hiring decisions are made because a manager has a
"gut feeling" about the candidate that is not substantiated. When
new employees are hired, agency managers will spend time training
and coaching them. An employee who never should have been
hired will cost the company, not just in salary and benefits, but also
in the time of other employees who are involved with them. Poor
performers drain overall productivity because they force managers
to allocate additional resources to get the job done. They also create
resentment in good performers.
Two tools that can help managers make better hiring decisions
are behavioral interviewing and pre-employment assessment tools.
Behavioral interviewing requires, first, that the interviewer spend
an adequate amount of time with the candidate. It is difficult to
determine a person's suitability for a job if you spend only an hour
with them and if only one person interviews the candidate. Since
past experience is a good indication of qualification for the job, the
interviewing questions should be directed at behavior. For example,
if an interviewer who wants to assess sales skills might ask them to
describe a difficult sales situation that resulted in a successful sale.
To assess service skills, the interviewer might ask how the CSR
handled a difficult client or provided assistance to someone else in
the agency. Creating a standard list of questions used which is used
by all the agency interviewers assures that good interviewing is
accomplished, but also that the interviewing team can compare
notes.
Pre-employment assessment tools can also avoid costly hiring
mistakes. Insurance tests can identify the level of knowledge an
individual has, but you can also ask an employee to demonstrate
their proficiency with the computer system or other software
commonly used. Candidates for CSR positions can be further
qualified when their peer CSRs interview them to assess their
knowledge and skills. Psychological testing can help assess sales
capability and predict the individual's ability to succeed with the
agency's sales approach. Since sales skills are necessary, not just for
producers and marketers, but also for CSRs, these assessment tests
should be used for various agency employees.
Even with good screening, employees will turn down offers. In
some cases, their compensation expectations may be beyond what
is realistic or they may just be testing the marketplace. But in other
27

cases, the offer is rejected because the company made a poor
impression on the employee. Companies known for their ability to
attract and hire good employees go to great lengths to maintain an
upbeat, positive relationship with all applicants, even those not hired.
They treat applicants like their customers, provide them with
feedback in a timely manner, and are always recruiting (selling),
even during the job interview.
Reward systems
Every agency today is aware of the need to manage
compensation costs. The challenge, however, is to also make sure
employees are paid competitive wages. Finding sources of salary
information, conducting your own salary surveys or sharing
information with a group of competitors can help retain employees
who might leave because they are underpaid. Without accurate
survey data, agency owners risk overpaying or underpaying
employees. Many agencies are adapting a pay for performance
compensation system, which rewards employees for achieving results
related to the agency's business goals. An agency's compensation
plan should connect employee performance to overall business
goals.
To reduce the costliness of annual merit plans, agency owners
are looking at creative ways to reward employees for contributing
to a Company's success. In transitioning from traditional merit and
performance-based systems, two viable incentive options are profit
sharing and gain sharing. Profit sharing is tied to an organization’s
increase in profitability.
Gain sharing is tied to increases in operational efficiency and
may be an interim step to a long-term profit-sharing program. No
matter which option best fits your company’s business plan, goals
must be established so employees can determine what they have to
do to achieve the reward. But employees also value rewards that
are not monetary. Surveys indicate employees ranked interesting
work, employer flexibility, feeling valued, having training, and
advancement opportunities as top factors influencing their decision
to change jobs.
In smaller organization, promotional opportunities may be
fewer, but there should always be new skills to learn and the
opportunity to feel job satisfaction. Setting milestones for education
and developing performance-based criteria can enhance the job
and help reduce turnover. Higher-level positions, such as the Senior
CSR position, can also be used to reward performance that is beyond
normal expectations. Higher-level skills or additional job duties
should be the criteria for promoting an individual to a senior position.
Offering perks can also be a cost-effective way to attract and
retain employees. For example, casual dress, flexible starting times,
earning time, job sharing, or using part-time positions provide the
company with a powerful advantage in the job market.
Communication
The best performers welcome high expectations and want to
know they are on a team with exceptional people. A good method
for defining and communicating individual expectations is through
the performance review process. Through periodic feedback,
28
employees can gain a better idea of how they are doing and what
training opportunities they should pursue to develop their skills and
knowledge. Communication in general is important to modern
employees. They want to know how their work fits into the big picture
of the company's vision and mission. They appreciate monthly
meetings that provide updates on plans and new developments and
address their questions and concerns. They are also motivated by
public and personal recognition. And finally, they respect
organizations that ask for feedback on management and on the
agency overall.
Attracting and retaining employees is as much a marketing issue
as it is a management issue. Developing and promoting a positive
organization and reminding employees of the value of being part of
it is critical to getting those referral sources and keeping the talent
that you have.
What our industry needs is a greater emphasis on management
training from top to bottom. We do little to educate ourselves
industry-wide in the science of running our businesses.
I would invite you to look around your own offices and in
particular, at your management team. Then dig deep and ask yourself
if you were starting in business today, would you hire the same
managers? All too often we promote and retain managers because
"they have been with us a long time" rather than because they possess
management skills that are both current and effective.
And then take the really hard test and self-examine the job that
you are doing as a manager. Have you changed with the times or
are you still making the same speeches to your staff that you made
five or 10 or even 20 years ago? I'll never forget attending my excompany
meeting when the chairman of the board looked out at
the staffs and said, "If you are doing the same things today that you
did last year then you are doing them wrong!" That was a great
insight into how rapidly our businesses are changing and how quickly
we need to change to keep pace with the times.
We need to hone our skills and be willing to invest in the
education of our management teams far beyond what we spend on
the normal insurance continuing education requirements. And last
but not least, we need to work together as insurance professionals
to exchange data, share successes and failures and band together to
insure our mutual success.
To paraphrase that concept, I think that more than ever our
businesses will not succeed because of our insurance knowledge,
not because of the companies we represent, not because of a hard
market but rather as a result of how well we manage them. And
how well we manage them will be a function of how well we prepare
ourselves for the future. With more and more companies coming
into the market, where do they get the professionals from, when the
existing one’s doesn’t have as many required with them? To make
the situation worse it’s the same people moving around who are
thought to be professionals and saleable, has anyone of us thought
about where this will take us 5 years down the line? Are we preparing
ourselves to face the challenge when the foreign companies enter
the market, with whom we need to compete? The question remains
unanswered…………….. ❐

Glossary of Insurance Terms
Basis risk: the risk that yields on instruments of varying credit
quality, marketability, liquidity and maturity do not move together,
thus exposing the insurer to market value variation that is
independent of liability values.
Source: IAIS Guidance paper on investment risk management, October 2004
Catastrophe reinsurance (life and health): This provides for
payment by the reinsurer when the ceding company’s aggregate net
retained claims resulting from a single accidental event exceed the
insurer’s retention under the reinsurance agreement. Commonly the
reinsurer pays something less than 100% of such excess, the balance
being retained by the insurer, and a limit is placed on the amount
the reinsurer will pay on any one catastrophe. An annual limit may
also be placed on the total amount to be paid by the reinsurer. The
coverage may be purchased on the ceding company’s entire portfolio
of retained risks or on any readily definable category, such as all
retained individual risks, a particular group case, a category of group
cases, etc. Normally, both the regular life insurance risk and the
accidental death risk will be included.
Source: IAIS Guidance paper on risk transfer, disclosure and analysis of
finite reinsurance, October 2006
Catastrophic risk: the risk that a single event of major magnitude
leads to a significantly higher than usual number and/or amount of
claims on an insurer. [Related definitions: Accumulation risk].
Source: IAIS Issues paper on solvency, solvency assessments and
actuarial issues, March 2000
Claims fraud: Fraud against the insurer in the execution of an
insurance product by obtaining wrongful payment.
Source: IAIS Guidance paper on preventing, detecting and
remedying fraud in insurance, October 2006
Claims incurred: an insurer’s total liability arising from
insurance events related to an accounting period either on an
accident year basis or on an underwriting year basis. Other related
definitions: loss ratio, accident year basis, underwriting year basis.
Source: IAIS Standard on fit and proper requirements and assessment for
insurers, October 2005
Claims provision: amount set aside on the balance sheet to
meet the total estimated ultimate cost to an insurer of settling all
claims arising from events which have occurred up to the end of the
reporting period, whether reported or not, less amounts already paid
in respect of such claims. [Equivalent terms: Provision for outstanding
claims/claims outstanding, Claims reserve, Total claim liability].
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000
Currency risk: the risk that arises from movements in foreign
currency exchange rates. This can arise if the assets and liabilities of
an insurer are not in the same currency, or if contracts for
administrative and other services are contracted in a currency
different to the currency implied in the premium determination. Also,
in some jurisdictions, the sale of contracts in other than the local
currency leads to an impact on rates of persistency / discontinuance
in the event that the policyholders are exposed to a mismatch.
[Equivalent terms: Foreign exchange risk] ]
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000
Custody risk: the risk arising from the failure to hold secure
custody of assets or to incur loss in failing to obtain or release the
correct secure custody when conducting purchase and sale
transactions. [Related definitions: Operational risk, Non-technical
risks]. ]
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000
Conglomerate risk: insurance companies that are participants
in financial groups can be exposed to some additional sources of
risk. For example:
• Intragroup exposures;
• Contagion;
• Risk concentration.
These are but three examples. There is a great deal of work
being carried through on the issue of conglomerate supervision by
other parts of the IAIS as well as the Joint Forum on Financial
Conglomerates. [Related definitions: Concentration risk, Contagion,
Intragroup exposures, Risk concentration] [Source: IAIS Issues paper
on solvency, solvency assessments and actuarial issues, March 2000;
IAIS Guidance paper on investment risk management, October 2004;
IAIS Guidance Paper on anti-money laundering and the combating
of financing of terrorism, October 2004; IAIS Standard on disclosures
concerning investment risks and performance for insurers and
reinsurers, January 2005]
Default risk: the risk that an insurer will not receive the cash
flows or assets to which it is entitled because a party with which the
insurer has a bilateral contract defaults on one or more obligations.
[Source: IAIS Guidance paper on investment risk management,
October 2004]
Depreciation risk: the risk associated with a depreciation of
the value of investments due to various changes in the capital
markets, to changes in exchange rates or to the non–payment by
the debtors of the insurer (e.g. the credit and market risks). [Source:
IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000]
Deviation risk: the risk emerging when the actual development
of claims frequencies, mortality, interest rates, inflation etc. does
not correspond to the bases of premium calculations. [Related
definitions: Evaluation risk] [Source: IAIS Issues paper on solvency,
solvency assessments and actuarial issues, March 2000]
Downgrade or migration risk: the risk that changes in the
probability of a future default by an obligor will adversely affect the
present value of the contract with the obligor today. [Source: IAIS
Guidance paper on investment risk management, October 2004]
Economic group: refers to a cohering complex of companies
under (almost) common governance. [Source: IAIS Standard on group
coordination, October 2000]
Effective duration: is defined as the approximation
D ˜ (-1/P) ((P + – P -)/(r + – r -))
where P is the price of the instrument before any parametric
shift. In the case of interest rates this represents the unshifted yield
curve. r+ represents a parallel up shift whereas r- represents a parallel
29

down shift. P+ represents the value for the positive shifted scenario
r+ and P- the value for the negative shifted r-. This concept is very
sensitive to the size of the shift of the yield curve.
Source: IAIS Issues paper on asset-liability management, Oct. 2006
Eligible capital element: on or off–balance sheet element which,
in accordance with domestic regulations, is suitable to cover the
required solvency margin (i.e. eligible for inclusion in the available
solvency or regulatory capital, i.e. allowable for solvency purposes).
As a general rule, these elements are either assets free of all
foreseeable liabilities, or, if they represent liabilities, the latter should
be subordinated to any other liabilities, i.e. in the event of a winding–
up or bankruptcy, they are to be paid only after the claims of all
other creditors have been satisfied. The eligible capital elements
correspond to items in TPd, OLd or I in the solvency formula.
[Equivalent terms: Regulatory capital element, Admissible capital
item]
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000
Equalization provision: amount set aside on the balance sheet
in compliance with legal or administrative requirements to equalize
fluctuations in loss ratios in future years or to provide for special
risks. It depends on the purpose of this amount if the term “reserve”
or “provision” is used. Amounts set aside for specified types of
business (e.g. hail, pollution liability or credit insurance) may be
referred to as “provisions”, whereas amounts set aside to cover
fluctuations of the entire portfolio may be referred to as “reserve”.
This item may include catastrophe provisions. [Equivalent terms:
Fluctuation provision (claims) Fluctuation reserve, Stabilization
reserve].
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000
Equity capital: potential surplus resulting from an evaluation
based on the principle of lower-of-cost-or-market-value as long as
the market values exceed the purchase prices of the assets. This
item may correspond to the revaluation reserve if assets are valued
on the basis of the current market price. [Equivalent terms: Share
capital, Subscribed capital, Paid-in capital, Capital subscribed by
members (of mutual societies), Hidden reserves].
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000
Evaluation risk: the risk of invalid evaluation of balance sheet
items. When relating to assets / investment risk this is that investments
are being evaluated at a disproportionally high price. When related
to technical risks then it would be the risk of technical provisions
being insufficient to meet the liabilities of the insurer.
Source: IAIS Issues paper on solvency, solvency assessments and actuarial
issues, March 2000]
Excess per risk reinsurance: This reinsurance method provides
indemnification to the ceding company for each covered risk up to
a predetermined limit. The ceding company is required to meet the
obligations of the claim up to a preset dollar amount before the
reinsurer becomes liable.
Source: IAIS Guidance paper on risk transfer, disclosure and analysis of
finite reinsurance, Oct. 2006
Enterprise Risk Management (ERM): some insurers use ERM
as part of their strategic decision-making framework to exploit
30
opportunities to create value and optimize their risk/reward profile.
ERM considers all sources of risk to an insurer. ALM is a vital element
within an ERM framework.
Source: IAIS Standard on asset-liability management, Oct. 2006
Exotic contract: an investment contract with a new or complex
structure.
Source: IAIS Issues paper on asset-liability management, Oct. 2006
Expense ratio: the ratio of expenses to earned premiums.
Expenses are the sum of commissions, administrative expenses and
other technical charges. This ratio could vary depending on the way
an insurer allocates its general costs. It can be used to assess how
well premiums cover expenses incurred.
Source: IAIS Standard on disclosures concerning Technical performance
and risks for non-life insurers and reinsures, Oct. 2004
❐
Source: International Association of Insurance Supervisors
China Regulator: To
issue New Insurance
QDll Rules In 1-2
Months
Beijing -(Dow Jones)-China plans to introduce new measures
in the next one to two months widening the scope of overseas
investment for insurance companies under the Qualified
Domestic Institutional Investor program, an insurance regulatory
official said Thursday.
Sun Jianyong, director general of the China Insurance
Regulatory Commission's fund management regulatory
department, said regulators are encouraging insurers to look
beyond the Hong Kong stock market to diversify their overseas
stock holdings.
Chinese insurers should be able to invest on the New York
Stock Exchange and London Stock Exchange this year, he said.
"We should see that the overall trend is to deregulate step
by step," he said.
China is encouraging insurance companies to expand their
overseas investment scope to ease pressure on China's currency
to appreciate and boost their competitiveness.
Sun said China will continue to increase the flexibility of
foreign exchange transactions for insurance companies.
Under the QDII program, insurers are currently allowed to
exchange yuan into foreign currencies to invest in overseas bond
and money markets. ❐

Socially Responsible Investment Opportunity
for Insurance Companies
■ Binesh Maskey*
Insurance companies have a lot of fund to invest and we
simply look at the areas where we can get maximum return
on investment staying with in the parameters set by the regulatory
body. When I came across an article on the socially responsible
investment it did put me to thinking that we can still contribute in
our own ways to the society even when making our investments
and getting the desired return.
Socially responsible investment (SRI) combines the social,
ethical and environmental considerations of the investor with their
financial objectives. In general terms ethical or socially responsible
investment seeks to invest in companies, which make a positive
contribution to the world, and seeks to avoid companies, which
harm society or the environment. Therefore, on the surface, defining
SRI might seem a no-brainer for anyone with a modicum of social
conscience, but this masks a number of complexities:
Different approaches to SRI - It can be difficult for an individual
investor to judge whether a company is socially responsible or not.
As a result, most ethical investing is done through a managed
investment fund such as a unit trust or pension fund or life insurance.
There are funds, which take a 'negative screening' approach, merely
excluding investment in specific sectors such as gambling,
armaments, alcohol or tobacco. Other funds take a more pro-active
stance and in addition employ 'positive screening', actively seeking
to invest in companies involved in socially or environmentally
progressive businesses. A third way, sometimes called 'engagement'
or 'best of sector' or 'active shareholding' evolved in the late 1990s.
Here, rather than applying screening criteria to investment choices,
the fund manager creates a dialogue with companies in their portfolio
and uses his or her power as a shareholder to push for change and
the adoption of ethical business practices. Some funds use a mixture
of these approaches. 'Cause-based' investing is a much narrower
approach, which enables investors to support a particular cause or
activity such as organic farming or regeneration of disadvantaged
communities.
The subjectivity of personal values - Different people have
different ideas of what is 'ethical' and to cater for this SRI funds can
differ greatly in their objectives. For example the classification of
'human rights' as good but defence/weapons companies as 'bad' is
an ambiguous issue. Some would argue that blindly embracing
pacifism isn't the best solution for achieving peace and point to
historical examples such as the rise of the Nazis to support their
point.
Screening out companies involved in alcohol, one of the
traditional 'sin' categories doesn't reflect the reality of how many
people now live. And it also results in excluding some very
progressive companies.
For example companies which makes beer, but for decades it
has regularly contributed more than 1% of its pre-tax profits to charity,
been involved in community projects and has a reputation for
generous wage and benefit packages. There are other contradictions:
* Associated with Shikhar Insurance Co. Ltd.
These differences in what constitutes 'social responsibility' can also
be seen on an international level. For example, in Canada, where
resource companies make up more than 40% of the Toronto Stock
Exchange, ethical investors have had to rethink US screening criteria
that often exclude 'messy' industries such as timber, paper products,
mining and oil production. The adoption of an SRI 'best of sector'
approach in Canada means many of these firms have pioneered
environmental programmes while offering well paid jobs in a difficult
economy.
In 1991 in South Africa, black trade unions surveyed members
on how to invest their $175 million pension fund, The Community
Growth Fund. Rather on relying on 'ethical' categories popular in
North America and the UK, such as animal testing, alcohol and
tobacco, the Community Growth Fund's most important criteria are
product quality, jobs, working conditions, safety, benefits and equal
opportunity. The unions felt that the creation of well paying jobs is
the greatest need in the South African economy and worker-related
issues make up more than 75% of the screening criteria.
Why should we be interested in SRI?
If you have deeply held beliefs and values or you care about
society, the environment and the world around you (or both!), then
socially responsible investment is likely to be the right option for
you. There are two main reasons why you may be interested in SRI:
1. First, you may feel it's important that your financial plans
should reflect your own personal values and beliefs. Socially
responsible investment allows you to invest according to your
principles.
2. Second, socially responsible investing means you can use
your power as a shareholder to encourage companies to
improve their ethical record. It's a fact of life that money
makes the world go round. If companies discovered that poor
or irresponsible behavior caused investors to withdraw their
funds, it would make them think twice.
Where do we start?
1. Review your present savings and investments to find out what
your money is currently supporting:
• Your bank and other financial service providers make use of
any money in your account, investing it to earn interest while
you are not using it. Question them about their codes of
business ethics and social and environmental policies, and
how these are applied when investing your money. You can
ask for information on their investment policies, and whether
investments are screened for their social, ethical and
environmental impact, both positive and negative. Also ask
about corporate governance - the standards of business
conduct that apply to the board of directors, which oversees
the company's business.
• If you hold company shares directly, ask these same questions
of the company and find out if they produce a social or
environmental report.
31

• If you are a member of a pension scheme ask for a copy of
the 'Statement of Investment Principles' relating to your fund.
If this does not include social or environmental
considerations, ask them why not.
2. Seek investment advice from a financial adviser who specializes
in socially responsible investment. Specialist SRI advisers offer
all the services of a mainstream adviser, but can also advise
you on aligning your financial plans with your values and
beliefs.
3. Whether you have a lump sum to invest or are putting away
savings regularly, consider investing in a socially responsible
investment fund or funds.
4. Consider moving your current bank account (or savings
account) to a socially responsible bank like the co-operative
banks. Building societies, which have not demutualised also
offer current bank accounts. If you are reluctant to move your
account, ask your bank for a copy of their policy.
5. Buy shares and invest directly in companies with strong
corporate social responsibility so you can encourage and
support them. Alternatively, invest directly in those companies
that need to change, and influence their corporate conduct
through shareholder resolutions and voting with your shares.
6. If you invest in gilts, keep in mind that they are government
loans and are used to finance a wide range of public spending.
As well as health and education this also includes defence. If
you are concerned about the arms trade, it's up to you to decide
whether financing areas such as hospitals and schools
outweighs this.
7. Think about moving your car insurance to an insurer with an
ethical track record.
What are the origins of SRI?
The roots of SRI can be traced back to the nineteenth century
and to religious movements including the Quakers and Methodists
who were concerned with issues such as temperance and fair
employment. At the beginning of the 1900s the Methodist Church
decided to invest in the stock market, purposely avoiding companies
involved in alcohol and gambling. During the twentieth century,
more churches, charities and individuals began to take ethical
considerations into account when investing.
America very much pioneered the ethical investment ideology
(and still does with currently 1 in every 8 US dollars invested in SRI)
and in 1971 the Pax Fund was set up which excluded companies
associated with the Vietnam war. The first ethical fund in the UK
was launched in 1984 by Friends Provident. The ranks of socially
concerned investors grew dramatically through the 1980s as millions
of people focused investment strategies on pressuring the South
African government to dismantle its apartheid regime. Then the
Bhopal, Chernobyl and Exxon Valdez incidents and new information
about climate change made the environment a key concern for many
SRI investors. More recently issues of human rights, fair trade and
third world exploitation have also become rallying points for ethical
investors.
What is cause-based investment or social investment?
Socially responsible investment isn't confined to shares traded
on the world's stock exchanges. Many investors prefer to back
32
particular projects or causes. This type of directed investment is
sometimes described as 'cause-based', 'alternative', 'social' or
'mission-based'. Investors should be aware that many cause-based
investments specifically offer a below-market financial return in order
to allow the delivery of a higher social return, bringing benefits to
the causes they support. This type of investment take many forms
but typically helps encourage regeneration by providing cheaper
loans to enterprises in under-invested communities, assists organic
farmers during their conversion period, invests in the regeneration
of tropical hardwoods or helps producers in the developing world
to export their goods to fair-trade markets.
How do we buy shares directly in socially responsible
companies?
An SRI financial adviser should be able to advise you on buying
shares in ethical, socially responsible or environmentally friendly
companies. Some ethical investors also buy shares in companies
they wish to change and then use their rights as shareholders to put
pressure on companies to improve their policies and practices.
However, unless you are familiar with buying individual shares, this
can be time-consuming and expensive. In this case it may be better
to ask your financial adviser to recommend a socially responsible
fund where the manager can do the research, stock selection and
management for you.
Finding out which companies have ethical or socially
responsible policies - Many companies have strict disclosure policies,
which means information about their business practices is freely
available to the public. You can access this on websites or company
literature. Unfortunately, not all companies do this and without
access to this information it's difficult to make an informed choice
about investing in the company.
❐
China: PICC completes
Earthquake Exposure
Analysis
To understand the full extent of its earthquake exposures,
PICC Property and Casualty Company Limited (PICC) has just
completed its first earthquake risk analysis using AIR Worldwide
Corporation (AIR)'s engineering based modelling approach.
With 40-50% of its total earthquake exposures found in
CAR/EAR policies, PICC is using the AIR model to capture the
vulnerability of buildings under construction, from excavation
to project completion. the model also incorporates a full
complement of well-documented engineering studies,
information about China's building codes, structural analyses,
as well as extensive historical earthquake experiences that dates
back to 780 BC.
❐
Source: Asia Insurance Review, Apr. 2005

■ Sushil Dev Subedi*
LIFE INSURANCE MARKETING SYSTEM
Insurance is a risk related of business; therefore, its products
are needed to encompass by marketing principals and practices. In
insurance marketing, agents are the main doers of sale. Since
insurance came as a business, agents have been doing the role of
selling insurance products. So, insurance marketing system hovers
around the agents.
Every system can be divided into three components, viz; input,
process and output. Marketing is a more than selling a good, which
starts before production and does not end even after selling the
products.
Life insurance is remarkably different form non life insurance.
So it ought to be seen on the basis of its own practices and principles.
Traditionally life insurance companies have been selling their
products through agents. In emerging insurance market agents are
unanimous medium to reach to the customers. Mature insurance
markets have been applying mainly three types of life insurance
marketing system.
1) Agency Building Marketing System
2) Direct Non Building Marketing System
3) Agency Building Marketing System
1. Agency Building Marketing System
Insurer produces more and more agents to increase it agency
power in the market. The more the agency power increases the more
the market is captured. Training is provided as the basic tool to
convert a layman into on agent. Agents are motivated through
different refreshment training time and again. One agent can
represent only one insurance company. The team of agents is
surprised by the management.
Agency building marketing system can be divided into two
categories.
• General Agency System
• Managerial System
Under the general agency an agent is an independent
contractor, can make a contract with any customer on behalf of his
company. He can represent only one company. General agent is
liable to increase more agents to train and them and to help them.
General agent receives commission for this task. Organization helps
general agent financially and technically as well. In Nepal, ALICO
is introducing general agency system. Unit Manager, a kind of agent
of ALICO can be said categorized in this group.
Under the managerial system insurance company opens branch
offices in different areas. Branch managers train the crude people to
change them as an agent. Branch mangers supervise the agents and
they themselves do not have right to sell the products to strengthen
the position of agents. Branch manager receives salary and agent
receives commission for their job. Agent can not do business of
other than his own company. The big insurance companies which
have many branches apply this method. The Agency building
marketing system is presented in the following diagram
* Associated with Beema Samiti
INSURERS
➞ ➞ ➞ ➞ ➞ ➞
SOLE AGENTS AS
FLOW OF RISK FLOW OF SALE
A CHANNESLS
CUSTOMERS
2. Agency Non Building Marketing System
In this marketing system, organization does not make or
produce agents. The products of life insurance companies are sold
through the famous local agents. Those famous local agents work
for more than one companies. They do agreement with insurance
companies to sell the product. They do have their own fee or
commission rate of selling products. These types of agents are freelancer,
so, they bear their all costs by themselves. They operate their
business institutionally and sell products of many companies in the
same time. Those agents have big power to mobilize general agents.
Specially, new companies in the market adopt this method,
nevertheless, many companies in the mature market, have been
utilizing this system. The agency non building marketing system is
presented in the following diagram.
INSURERS
FLOW OF RISK
FREELANCHER
AGENTS AS A
CHANNELS
FLOW OF SALE
CUSTOMERS
3. Direct Response Marketing System
Direct response system is the method of not creating any agents.
Generally public media and promotion activities are applied to
increase the number of insured people. Television, Radio, Paper,
Magazines, Websites, Tele-Network etc. are used as a promotion
tools to find out the target customer. This kind of system reduces the
cost of agency. It is very successful information collection and
INSURERS
FLOW OF RISK
PROMPTION
ACTIVITIES AS A
CATALYST
FLOW OF SALE
CUSTOMERS
feedback suppression mechanism. It is useful to sell common
products, but complex products are difficult to sell through this
system. The companies which are well known in the market can
apply it very successfully. In Nepal, we can see than LIC Nepal and
Nepal Life Insurance Company have come to market with promotion
programmes like advertisement. ❐
33

■ Dr. J. Ghosh*
It’s hardly news that the world’s glaciers are melting-- a
phenomenon widely attributed to gradually rising global
temperatures. But the possible consequences in terms of human
deaths and loss of property have reached greater urgency in light of
the findings of the new study. Site studies of lakes and lake lets have
become more crucial since the U.N. Environment Programme
(UNEP) sounded the alarm the nearly 50 lakes in the Himalaya are
at high risk of bursting their banks. UNEP warned in April 2002 that
20 glacial lakes in Nepal and 24 in Bhutan may burst their banks
within five to the years unless urgent action is taken.
There are currently 3,252 glaciers and 2,323 glacial lakes in
the Nepalese Himalaya. It is not just people downstream who are at
risk. UNEP said, but many millions of dollars worth of property
tourism facilities trekking trails, roads, bridges and hydropower plants
that are the economic lifeblood of many countries in the region.
As rising temperatures accelerate glacier melting-- raising the levels
of glacier lakes--many rivers and freshwater systems could run
dry.
What is Glacial Lake Outburst Flooding (GLOF)
One of the most tangible manifestations of climate change is
the fact that may glaciers are melting.
The Third Assessment Report of the Intergovernmental Panel
on Climate Change (IPCC) states that there is a high measure of
confidence that in the coming decades many glaciers will retreat
and smaller glaciers may disappear altogether. This has already been
seen in the Alps, where a I degree C increase in temperature has
caused glaciers to shrink 40% in mass and 50% in volume since
1850 (IPCC, 2001). Analysis of local and regional records of glacier
fluctuations in the Hindu-Kush-Himalayan (HKH) region during the
same period shows that, wile examples exist of both advance and
retreat, the glacier have mostly been retreating (Chalise, 1992).
Glacial lake outburst floods (GLOFs) were first observed in
Iceland and identified under the name jokulhlaup, Icelandic for
“glacier leap”. Ives (1986:2) observes: “The catastrophic discharge
of large volumes of water is characteristic of many mountain regions,
and especially glaciated areas. Such discharges usually result from
the collapse of unstable natural dams formed when stream channels
are blocked by rock fall, landslide, debris flow, or ice and snow
avalanches. Another cause is the outburst of lakes dammed by glacier
ice or by glacier moraines… Depending upon the availability of
loose material, the outbursts may be flood surges with a high
sediment load, or actual debris flows.” Richardson and Raynolds
(200:31) further describe the phenomenon in the Himalays: “As
glaciers recede in response to climate warming, the number and
volume of potentially hazardous moraine-dammed lakes in the
Himalayas is increasing. These lakes develop behind unstable ice-
34
GLOF Threats on Hydrel Projects
in Nepal
cored moraines, and have the potential to burst catastrophically,
producing devastating Glacial Lake Outburst Floods (GLOFs).
The Namche Hydel Tragedy-1985
The most significant GLOF event in terms of recorded damages
occurred in 1985 in Nepal. This GLOF caused a 10 to 15 meter
high surge of water and debris to flood down the Bhote Koshi and
Dudh Koshi Rivers for 90 kilometers. At its peak, 2,000 m3/sec
discharged, two to four times the magnitude of maximum monsoon
flood levels. It destroyed the Namche Small Hydel Project, which
was almost completed at the time and cost approximately NPR 45
million. The Namche Hydel site sustained such damage that it was
deemed unlikely to be salvageable for any reconstruction of the
plant. Severe erosion destroyed the weir and headrace canal where
water would flow into the plant. The flood plain was extensively
widened. This damage was not the only damage that occurred that
day on 4 August 1985. Damage occurred all along the length of the
Langmoche Khola-Bhote Koshi-Dudh Koshi for a total of 90 km
(Ives, 1986), including: 14 bridges, including new suspension
bridges, were destroyed; at least 30 houses, likely the only property
the families had; erosion, undercutting, and destabilization of long
stretches of the main trail form the airstrip at Lukla to Mount Everest
base camp.
An earlier GLOF in 1977 was recorded at Dudh Koshi. This
event killed two or three people, destroyed bridges for 35 km
downstream, and triggered many debris flows. Construction material
for a hotel that were kept 10m above the river were swept away.
With regard to a lake outbrust, there are many trigger
mechanisms, including earthquakes, spontaneous breakage of the
moraine dam, and events such as the collapse of a large “hanging
glacier” into the lake However, climate change and higher
temperatures are contributing to a very rapid increase in the volume
of glacial lakes, which significantly increase the probability of
catastrophic failure of lake walls as a result of these triggers.
Richardson and Reynolds (2000) report that ice avalanches triggered
more than half of all the recorded GLOFs in the Himalayas
Furthermore, all of the events occurred between the monsoon months
of June and October when lake levels were at their highest. Therefore,
increased intensity of monsoon precipitation which has been
observed in recent years (and is consistent with climate change
projections) could be an additional climate induced risk, in addition
to rising temperature that result in higher lake levels. Empiricial
evidence on the frequency of GLOF outbreaks seems to support
this. Richardson and Reynolds (2000:36) note: “Historical records
* Associated with …………… Insurance Co. Ltd.

compiled by the authors of 33 Himalayan GLOFs indicate that the
frequency of events appears to be increasing. It is also known that
many existing lakes are growing in size as glaciers retreat and their
moraine dams degrade. The potential for larger and more frequent
floods in undoubtedly increasing.”
The Impact of GLOFs in Hydropower Projects:
The impact of the future GLOFs on hydropower will be
proportional to the amount of water in the lakes, slope of its path
downstream, debris and sediment picked up, and proximity of the
hydropower plant.
In the high Himalayan, riverbanks are very steep and highly
variable over short distances. It is likely that a GLOF would cause
both vertical and lateral erosion. This would spark off further debris
flows and landslides. The loss of the Namche hydropower plant in
1985 did indeed serve as a catalyst for the government and donors
to begin to pay attention to GLOF risks in sitting and construction
decisions for hydropower facilities. For example, in developing the
Arun-III project funded by the World Bank, the threat of a GLOF
was brought to the attention of donors during the later stages of
decision-making.
Lessons from Namche Episode
Documents from the Namche Project that was destroyed in
the 1985 GLOF event do not give evidence that any “special attention
was paid to the possible occurrence of catastropchic geomorphic
events, despite the fact that the project was being sited in one of the
highest and most precipitous mountain regions in the world” (Ives,
1986: 18). However, after the Namche disaster in 1985, the Austrian
Government relocated the plant and built it in another location. It
has since been under continuous operation and the risk of GLOF is
estimated to be low. However, in relocating hydropower plants, there
is the question of whether the generating capacity is lowered, or if
transmission costs increase. With the potentially reduced generating
capacity, is it still possible to promote industrial and commercial
growth at a rapid enough pace? Another concern is that, given the
general uncertainty on GLOF risks at this time, investors and energy
planners may be reluctant to relocate plants when it is only one of
many factors in choosing a site.
Catchment-wide analyses should be undertaken to determine
the vulnerability downstream of hazardous glacial lakes.
Furthermore, secondary damming resulting from the initial GLOF
can pose just as great a risk to hydropower plats by formatting large
reservoirs, which may then burst themselves. In fact, the risk may
be even greater, since the reservoirs are much closer to the another
plant. An integrated risk management approach is therefore
needed to supplement satellite based risk mapping of the lakes
themselves.
Viability of Smaller Hydropower Plants
Hydropower in Nepal is divided into 4 categories:
Micro : up to 100 kW Small : 101 kW to 10 MW
Medium : 10 MW to 35 MW Larger: greater than 35 MW
One adaptation response to GLOF risks is to promote the
development of smaller plants would also spread the risk of a
catastrophic flooding event and avoid damage to huge plant with
significant sunk costs. Micro-hydropower has the potential to fulfil
a large amount of the rural demand for energy. Water wheels (ghatta)
have already been used in Nepal for hundreds been used in Nepal
for hundreds of years to process agricultural products.
Nepal has 6,000 rivers and rivulets, with 25,000 traditional
ghatta in use. Current micro-hydro plants range from 1 to 56 kW,
and there are currently 924 units in the country, totalling
approximately 10 MW. In additional, there is now a move to privatize
hydropower plants with less than 10 MW capacity. For small and
medium plants, the Ministry of Finance announced in the budget
speech of 2001/02 that HMG will promote private investment in
them as a “priority sector.” This would encourage private
development and increase the skills base of entrepreneurs and
workers.
One issue is whether small hydropower or smaller scale plants
would be sufficient to fuel industrial growth in Nepal. Further
investigation is needed to determine this. On the other hand, one of
Nepal’s uppermost priorities is rural development, and small and
micro-hydropower will play a much more important role in the
regard. The small hydropower plant is under the control of the district,
and can be managed more efficiently. Local expertise and technology
is more readily available than for large projects, which often call for
foreign assistance. Also, it is not necessary to build dams or storage
reservoirs for small plants, so there is less risk of environmental
damage.
With regard to whether micro and small hydro facilities will
suffice to meet Nepal’s electricity demand, the current situation is
that Nepal cannot currently absorb the electricity generated by mega
plants.
However, it is important to note that Nepal is currently at only
about 15% electrification, and significant increase in its electricity
demands are likely in the coming decades as industries develop
and as a significant portion of its population moves from biomass to
electricity. It is not clear whether such future demands could be
adequately met by small and micro-hydro alone.
Finally, while micro and small hydro offer a suitable
diversification to GLOF risks, they might not be a good safeguard
against variable and low flow situations that are anticipated under
certain climate change scenarios.
Reduction in GLOF Risks
A set of adaptation responses to GLOF hazards revolves around
the physical reduction in the flooding risks of glacial lakes. Rana
et al. (2000) list several solutions, including:
35

A. During the lake by siphon or pump B. Cutting a drainage
channel for the lake to periodically drain C. Flood control measures
downstream to mitigate the effects of the flood D. Developing a
GLOF early warning system.
An added benefit of GLOF mitigation measures is that the
“methods of remediation can ne harnessed to facilitate safe
management of the water resource for hydro-electric power at a
local scale (micro-hydro power) and for export (major hydro-electric
power generation facilities).” (Reynolds and Richardson, 1999). In
addition to hydropower, the siphoned water could also be used to
supplement dry season flows, maintain adequate water levels in
downstream ecosystems to protect valuable fish stocks, supply water
for local usage, and even provide recreational facilities.
GLOF mitigation measures however each have their own
disadvantage. Pumping is expensive; because of the remote location
at high altitudes, heavy infrastructure must be flown by helicopter
to the site. Flood control measures are less desirable because Nepal’s
topography with steep gradients makes the flood behave
unpredictably as it moves downstream, the flood can carry on for
200 km. Further, in effect, it is treating the symptoms rather than the
cause, as it does not prevent a GLOF form happening in the first
place. GLOF early warning systems tend to be expensive to set up
and maintain, and only benefit populations downstream enough to
have sufficient lead time.
These disadvantages notwithstanding, there is one instance in
Nepal where such responses have in fact already been implemented
in an integrated manner. The Tsho Rolpa glacial lake project in one
of the most significant examples of collaborative anticipatory
planning by the government, donors, and experts in GLOF mitigation.
Thso Rolpa was estimated to store approximately 90-100 million
m3, a hazard that called for urgent attention. A 150-meter tall
moraine dam held the lake, which if breached could cause a GLOF
event in which a third or more of the lake could flood downstream.
The likelihood of a GLOF occurring at Tsho Rolpa, and the risks it
posed to the 60MW Khimto hydro power plant that was under
construction downstream, was sufficient to spur HMG to initiate a
project in 1989, with the support of the Netherlands Development
Agency (NEDA), to drain down the Tsho Rolpa glacial lake. This
effort was led by the Department of Hydrology and Meteorology
(DHM), with the technical assistance of Reynolds Geo-Sciences Co.,
Ltd. of Britain, supported by the UK Department for International
Development (DFID). To mitigate this risk, an expert group
recommended lowering the lake there meters by cutting an open
channel in the moraine. In addition, a gate was constructed to allow
water to be released as necessary. While the lake draining was in
progress, an early warning system was simultaneously established
in 19 villages downstream of the Rolwaling Khola on the Bhote/
Tama Koshi River to give warning in the event of a Tsho Rolpa GLOF.
36
Local villagers have been actively involved in the design of this
system, and drills are carried out periodically. The World Bank
provided a loan to construct the system. The four-year Tsho Rolpa
project finished in December 2002, with a total cost of USD 2.98
million from the Netherlands and an additional USD 231,000
provided by HMG.
The goal of lowering the lake level was achieved by June 2002,
which reduced the risk of a GLOF by 20%. The complete prevention
of a GLOF at Tsho Rolpa necessitates further the lake water, perhaps
by as much as 17 meters. Expert groups are now undertaking further
studies, but it is obvious that the cost of mitigating GLOF risks is
substantial and time consuming. The cost, however, is much less
than the potential damage that would be caused by an actual event
in terms of lost lives, communities, development setbacks, and energy
generation.
Above all, the rage of GLOF depends as much as we seriously
take the issue of global warming globally as well as locally.
References
Asian Economics News, 10 June 2002 Feature : Rising glacial lakes
threaten Nepal.
Chalise, S.R., 1994. “Mountain Environments and Climate Change
in the Hindu Kush-Himalayas,” in M.
Gyawali, D., 2001. Water in Nepal. Kathmandu: Himal Books
ICIMOD and UNEP, 2002, Inventory of Glaciers, Glacial Lakes, and
Glacial Lake Outbrust Floods Monitoring and Early Warning Systems
the Hindy Kush - Himalayan Region: Nepal International Center for
Integrated Mountain Development, Kathmandu.
IPCC, 2001. Climate Change 2001: Impacts, Adaptation, and
Vulnerability Summary for Policymakers.
Ives, J.D., 1986. Glacial Lake Outbrust Floods and Risk Engineering
in the Himalaya. ICIMOD Occasional Paper No. 5. International
Center for Integrated Mountain Development, Kathmandu.
Rana, B., A.B. Shreshta, J.m. Reynolds, R. Aryal. A.P. Pokhrel, and
K.P. Budhathoki, 2000. “Hazard assessment of the Tsho Rolpa Glacier
Lake and ongoing remediation measures,” in Journal of Nepal
Geological Society, 2000. Vol. 22, pp. 563-570.
Reynolds, J, and S. Richardson, 1999. “Geological Hazards: Glacial”
J. and S. Richardson, 1999. “Geological Hazards: Glacial” in J.
Ingleton (ed) Natural Richardson, S, and J. Reynolds, 2000. “An
overview of glacial hazards in the Himalayas,” in Quaternary
International 65/66 (2000): 31-47. ❐

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ICP 5 Supervisory cooperation and information sharing
The supervisory authority cooperates and shares information
with other relevant supervisors subject to confidentiality
requirements.
Explanatory note
5.1. Efficient and timely exchange of information among supervisory
bodies, both within the insurance sector and across the financial
services sector, is critical to the effective supervision particularly
in the case of internationally active insurers, insurance groups
and financial conglomerates. This is also essential in the context
of the effective supervision of the financial system as a whole.
5.2. Information sharing arrangements should facilitate prompt and
appropriate action in situations where material supervisory
issues need to be addressed. Increasingly supervisors need to
share information on matters relating to fraud, anti-money
laundering and the combating of financing of terrorism.
5.3. The supervisory authority maintains the confidentiality of the
supervisory information it receives from another supervisor.
Without adequate safeguards on confidentiality, supervisors will
find that their access to confidential information is denied or
delayed and their ability to carry out supervisory responsibilities
severely diminished.
Essential Criteria
a. The existence of a formal agreement with another supervisor
is not a prerequisite for information sharing.
b. The supervisory authority, at its discretion, can enter into
agreements or understandings with any other financial sector
supervisor (“another supervisor”) to share relevant supervisory
information or to otherwise work together.
c. When reasonably requested and with appropriate safeguards,
the supervisory authority is able to exchange with another
supervisor (refer to ICP 7 EC e) the following:
- relevant supervisory information, including specific
information requested and gathered from a supervised entity
- relevant financial data
- objective information on individuals holding positions of
responsibility in such entities.
d. Information sharing, whether carried out under formal or
informal arrangements, allows for a two-way flow of
information without requiring strict reciprocity in terms of the
level, format and detailed characteristics of the information
exchanged.
e. The home supervisory authority provides relevant information
to the host supervisor.
f. The supervisory authority is required to take reasonable steps
to ensure that any information released to another supervisor
will be treated as confidential by the receiving supervisor and
will be used only for supervisory purposes.
g. The supervisory authority consults with another supervisor if it
proposes to take action on the evidence of the information
received from that supervisor.
h. The home supervisory authority informs relevant host
supervisors of any material changes in supervision that may
have a significant bearing on the operations of foreign
establishments operating in their jurisdictions.
i. Where possible, the home supervisory authority informs the
host supervisor in advance of taking any action that will affect
the foreign establishment in the host supervisor’s jurisdiction.
j. Where possible, the host supervisory authority informs the home
supervisor in advance of taking any action that will affect the
parent company or headquarters in the home supervisor’s
jurisdiction.
4. The supervised entity
ICP 6 Licensing
An insurer must be licensed before it can operate within a
jurisdiction. The requirements for licensing are clear,
objective and public.
Explanatory note
6.1. To protect the interest of policyholders a jurisdiction must be
able to determine which insurers are allowed to carry out
insurance activities within its area. Licensing refers to the formal
authority given to an insurer to carry on insurance business
under the domestic insurance legislation. It does not refer to
any approval granted in terms of the general domestic company
or business legislation.
6.2. When the licensing procedure meets internationally accepted
standards and is effective and impartial, confidence in the
supervisory system will grow and may facilitate mutual
recognition of supervisory systems and thus the further
liberalisation of market access for foreign insurers. Licensing
procedures and conditions are in place for supervisory
purposes; they should not in themselves act as a barrier to
market access.
37

Essential Criteria
a. The insurance legislation:
- includes a definition of insurers
- requires licensing of insurers, and prohibits unauthorised
insurance activities
- defines the permissible legal forms of insurers
- allocates the responsibility for issuing licences.
b. Clear, objective and public licensing criteria require:
- the applicant’s board members, senior management, auditor
and actuary both individually and collectively to be suitable,
as specified in ICP 7
- the applicant’s significant owners (refer to ICP 8 EC a) to be
suitable, as specified in ICP 7
- the applicant to hold the required capital
- the applicant’s risk management systems including
reinsurance arrangements, internal control systems,
information technology systems, policies and procedures to
be adequate for the nature and scale of the business in
question
- information on the applicant’s business plan projected out
for a minimum of three years. The business plan must reflect
the business lines and risk profile, and give details of projected
setting-up costs, capital requirements, projected development
of business, solvency margins and reinsurance arrangements.
The business plan must present information regarding primary
insurance and inward reinsurance separately
- information on the products to be offered by the insurer
- information on contracts with affiliates and outsourcing
arrangements
- information on the applicant’s reporting arrangements, both
internally to its own management and externally to the
supervisory authority
- input from the applicant’s home supervisory authority when
the insurer or its owners are not domestic and a home
supervisory authority exists (refer to ICP 5).
c. The supervisory authority requires that no domestic or foreign
insurance establishment escape supervision.
d. All insurance establishments of international insurance groups
and international insurers are subject to effective supervision.
The creation of a cross border establishment should be subject
to consultation between the host and home supervisor.
e. The insurance legislation determines the method by which a
foreign insurer can carry on business in the jurisdiction. This
may be by way of a local branch or subsidiary that must be
licensed, or on a services basis only.
f. If a foreign insurer is allowed to carry on business in the
jurisdiction the supervisory authority must be provided with
the following data:
- confirmation from the home supervisory authority that the
insurer is authorised to carry on the types of insurance
business proposed
- information from the home supervisory authority that the
insurer is solvent and meets all the regulatory requirements
in the home jurisdiction
- in the case of a branch office: the name and address of the
branch
- the name of the authorised agent in the local jurisdiction in
38
the case of insurance offered on a services basis (i.e., where
a local branch or subsidiary is not established)
- the information and documentation normally required to be
licensed in the local jurisdiction, when appropriate these
information requirements might be waived if insurance is
offered on a services basis only.
g. An insurer licensed to underwrite life insurance business must
not also be licensed to underwrite non-life insurance business,
and vice versa, unless the supervisory authority is satisfied that
the insurer has satisfactory processes requiring that risks be
handled separately on both a going-concern and a windingup
basis.
h. The supervisory authority imposes additional requirements,
conditions or restrictions on an applicant where the supervisory
authority considers this appropriate. This might include
restrictions on non-insurance activities.
i. The supervisory authority assesses the application and makes
a decision within a reasonable time. No licence is issued
without its approval. The applicant must be informed of the
decision without delay and, if the licence is denied or
conditional, be provided with an explanation.
j. The supervisory authority refuses to issue a licence where it
considers the applicant not to have sufficient resources to
maintain the insurer’s solvency on an on-going basis, where
the organisational (or group) structure hinders effective
supervision, or where the application is not in accordance with
the licensing criteria.
k. As necessary, after an insurer has been licensed, the supervisory
authority evaluates and monitors the degree to which the insurer
satisfies the relevant licensing principles and requirements of
the jurisdiction.
ICP 7 Suitability of persons
The significant owners, board members, senior management,
auditors and actuaries of an insurer are fit and proper to fulfil
their roles. This requires that they possess the appropriate
integrity, competency, experience and qualifications.
Explanatory note
7.1. An important element of the supervision of insurers is the initial
and on-going assessment of the fitness and propriety of an
insurer’s significant owners and key functionaries such as board
members, senior management, auditors and actuaries. In the
case of significant owners, fit and proper requirements relate
to the persons and their financial soundness. A significant owner
is defined as a person (legal or natural) that directly or indirectly,
alone or with an associate, exercises control over the insurer
(refer to ICP 8 EC a). The main responsibility for assessment of
the fitness and propriety of key functionaries lies with the
insurers themselves.
7.2. The supervisory authority should be satisfied that significant
owners and key functionaries have the level of competence
for their roles, and should ascertain whether they have the
appropriate ability and integrity to conduct insurance business,
taking account of potential conflicts of interests. Appropriate
ability can generally be judged from the level of a person’s
professional or formal qualifications or relevant experience

within the insurance and financial industries or other related
businesses.
Essential Criteria
a. Legislation identifies which key functionaries must meet fit and
proper requirements. The key functionaries identified may differ
depending on the legal form and governance structure of the
insurer.
b. In cases where significant owners no longer meet fit and proper
requirements, the supervisory authority must be able to take
appropriate action, including requiring that the owners dispose
of their interests.
c. The supervisory authority disqualifies the appointment of key
functionaries including auditors and actuaries of insurers that
do not comply with fit and proper requirements
d. The insurer should be required to demonstrate to the supervisory
authority the fitness and propriety of key functionaries by
submitting documentation illustrating their knowledge,
experience, skills and integrity upon request, or where there
are changes in key functionaries. The knowledge and
experience required depends on the position and responsibility
of the functionary within the insurer.
e. The supervisory authority exchanges information with other
authorities inside and outside its jurisdiction where necessary
to check the suitability of persons. The supervisory authority
uses this information as an additional tool to effectively assess
the fitness and propriety of, or to obtain information on, a key
functionary of an insurer (refer to ICP 5).
f. The supervisory authority disallows actuaries, auditors, directors
and senior managers, from simultaneously holding two
positions in an insurer where this could result in a material
conflict.
g. Where the insurer becomes aware of circumstances that may
be relevant to the fitness and propriety of its key functionaries,
it is required to notify the supervisory authority as soon as
possible.
Advanced Criteria
h. Criteria to assess the fitness and propriety of auditors’ and
actuaries’ include qualifications, professional proficiency,
appropriate practical experience and updated knowledge on
developments within their profession and membership of
professional bodies.
i. In the case of auditors and actuaries, the supervisory authority
may give regard to or rely on professional bodies that set and
enforce standards of professional conduct.
ICP 8 Changes in control and portfolio transfers
The supervisory authority approves or rejects proposals to
acquire significant ownership or any other interest in an
insurer that results in that person, directly or indirectly, alone
or with an associate, exercising control over the insurer. The
supervisory author ity approves the portfolio transfer or
merger of insurance business.
Explanatory note
8.1. The supervisory authority must be able to grant or deny approval
to a person (legal or natural) that wants to acquire significant
ownership or a controlling interest in an insurer, whether
directly or indirectly, alone or with an associate. The concepts
of significant ownership or control should be defined in
legislation.
8.2. Notification should be required for changes in ownership or
control according to the percentages of an insurer’s issued
shares. These established percentages typically range between
5 and 10 percent. Where supervisory approval is required in
addition to notification, specific thresholds (equal to or higher
than those for notification) should be set.
8.3. The supervisory authority must require that the proposed owners
have the resources to provide the minimum capital required as
well as the ability to provide further capital or other support
for the insurer when needed.
8.4. Owners should not expose the insurer to undue risks or hinder
effective supervision. The supervisory authority should be
satisfied about what constitutes an insurance group or
conglomerate and which entities are considered to be part of
such a group. The structure and risk profile of the group to
which the insurer belongs should not damage the insurer’s
stability and solvency (refer to ICP 17).
8.5. Changes in control have an indirect effect on the contractual
arrangements between insurer and policyholder, whereas a
portfolio transfer will have a direct effect on this relationship.
For this reason supervisory authorities should closely monitor
portfolio transfers.
8.6. Insurance policies are legal contracts between an insurer and
its policyholders. An insurer should not be able to unilaterally
alter the terms of a contract by merging with another insurer,
mutualising or demutualising or transferring some of its policy
liabilities to another insurer. In order to protect the interests of
policyholders, legislation should restrict the ability of insurers
to transfer their policy liabilities. The supervisory authority must
ensure that policyholders’ reasonable benefit expectations and
existing policy values will not normally be lessened as a result
of liability transfer. This should apply whether the transfer
involves a single policy or a portfolio or the transaction is
considered a part of normal business, a merger or part of a
winding-up procedure in a situation where the insurer is no
longer financially viable or is insolvent (refer to ICP 16). Changes
in control
Essential Criteria
a. The term “control” over an insurer is defined in legislation and
it addresses:
- holding of a defined number or percentage of issued shares
or specified financial instruments (such as compulsory
convertible debentures) above a designated threshold in an
insurer or its intermediate or ultimate beneficial owner
- voting rights attached to the aforementioned shares or
financial instruments
- power to appoint or remove directors to the board and other
executive committees.
b. The supervisory authority requires that the potential controlling
owners apply for approval for the acquisition, or change in
39

control, of the insurers. The insurer must inform the supervisory
authority of any acquisitions or changes in control.
c. The supervisory authority approves any significant increase in
shareholdings above the predetermined control levels in an
insurer by legal or natural persons, whether obtained
individually or in association with others. This also applies to
any other interest in that insurer or its intermediate or ultimate
beneficial owners.
d. The requirements in criteria b and c above also refer to the
acquisition or change of control where the intermediate or
ultimate beneficial owner(s) of an insurer is (are) outside the
jurisdiction where the insurer is incorporated. Supervision of
changes in control may require coordination with supervisors
in other jurisdictions (refer to ICP 5).
e. The supervisory authority must be satisfied that those seeking
control meet the criteria applied during the licensing process.
The requirements in ICP 7 – Suitability of persons – will apply
to the prospective owners in control of insurers.
f. The supervisory authority requires that the structures of the
financial groups containing potential controlling owners of
insurers be sufficiently transparent so that supervision of the
insurance group will not be hindered (refer to ICP 17).
g. The supervisory authority rejects applications of proposed
owners to control insurers if facts exist from which it can be
deduced that their ownership will be unduly prejudicial to
policyholders. The supervisory authority should know who is
the intended beneficial owner.
h. To assess applications for proposed acquisitions or changes in
control of insurers the supervisory authority establishes
requirements for financial and non-financial resources.
Advanced Criteria
i. Upon request insurers provide the supervisory authority with
information on their shareholders and any other person directly
or indirectly exercising control. The supervisory authority
determines the content and format of this information.
Portfolio transfer
Essential Criteria
j. The supervisory authority requires that insurers get approval
from the authority before they transfer all or any part of their
insurance business.
k. The supervisory authority establishes requirements to assess
insurers’ applications to transfer all or any part of their insurance
business.
l. The supervisory authority requires that the interests of
the policyholders of both the transferee and transferor be
protected when insurance business is transferred (refer to ICP
15 EC c).
ICP 10 Internal control
The supervisory authority requires insurers to have in place
40
internal controls that are adequate for the nature and scale
of the business. The oversight and reporting systems allow
the board and management to monitor and control the
operations.
Explanatory Note
10.1. The purpose of internal control is to verify that:
· the business of an insurer is conducted in a prudent manner
in accordance with policies and strategies established by
the board of directors (refer to ICP 9)
· transactions are only entered into with appropriate authority
· assets are safeguarded (refer to ICP 21)
· accounting and other records provide complete, accurate,
verifiable and timely information
· management is able to identify, assess, manage and control
the risks of the business and hold sufficient capital for these
risks (refer to ICP 18 and 23).
10.2. A system of internal control is critical to effective risk
management and a foundation for the safe and sound operation
of an insurer. It provides a systematic and disciplined approach
to evaluating and improving the effectiveness of the operation
and assuring compliance with laws and regulations. It is the
responsibility of the board of directors to develop a strong
internal control culture within its organisation, a central feature
of which is the establishment of systems for adequate
communication of information between levels of management.
10.3. It is an essential element of an internal control system that the
board of directors receive regular reporting on the effectiveness
of the internal control. Any identified weakness should be
reported to the board of directors as soon as possible so
appropriate action can be taken.
Essential Criteria
a. The supervisory authority reviews the internal controls and
checks their adequacy to the nature and the scale of the business
and requires strengthening of these controls where necessary.
The board of directors is ultimately responsible for establishing
and maintaining an effective internal control system.
b. The framework for internal controls within the insurer includes
arrangements for delegating authority and responsibility, and
the segregation of duties. The internal controls address checks
and balances; e.g. cross-checking, dual control of assets, double
signatures (refer to ICP 9 EC b).
c. The internal and external audit, actuarial and compliance
functions are part of the framework for internal control, and
must test adherence to the internal controls as well as to
applicable laws and regulations.
d. The board of directors must provide suitable prudential
oversight and establish a risk management system that includes
setting and monitoring policies so that all major risks are
identified, measured, monitored and controlled on an on-going
basis. The risk management systems, strategies and policies
are approved and periodically reviewed by the board of
directors (refer to ICP 18).

e. The board of directors provides suitable oversight of market
conduct activities.
f. The board of directors should receive regular reporting on the
effectiveness of the internal controls. Internal control
deficiencies, either identified by management, staff, internal
audit or other control personnel, are reported in a timely manner
and addressed promptly.
g. The supervisory authority requires that internal controls address
accounting procedures, reconciliation of accounts, control lists
and information for management.
h. The supervisory authority requires oversight and clear
accountability for all outsourced functions as if these functions
were performed internally and subject to the normal standards
of internal controls.
i. The supervisory authority requires the insurer to have an ongoing
internal audit function of a nature and scope appropriate
to the business. This includes ensuring compliance with all
applicable policies and procedures and reviewing whether the
insurer’s policies, practices and controls remain sufficient and
appropriate for its business.
j. The supervisory authority requires that an internal audit
function:
- has unfettered access to all the insurer’s business lines and
support departments
- assesses outsourced functions
- has appropriate independence, including reporting lines to
the board of directors
- has status within the insurer to ensure that senior management
reacts to and acts upon its recommendations
- has sufficient resources and staff that are suitably trained and
have relevant experience to understand and evaluate the
business they are auditing
- employs a methodology that identifies the key risks run by
the institution and allocates its resources accordingly (refer
to ICP 18).
k. The supervisory authority has access to reports of the internal
audit function.
l. Where the appointment of an actuary is called for by applicable
legislation or by the nature of the insurer's operations, the
supervisory authority requires that actuarial reports be made
to the board and to management.
China Market
Features Prominently
In AEGON’s Asia
Strategy
China: AEGON, one of the world’s largest life insurance
companies, views as an important region in terms of market
opportunity and growth. Its presence in Asia dates back to the
1940s when Transamerica Occidental Life Insurance - an AEGON
subsidiary - first began providing insurance to affluent in Hong
Kong.
The Netherlands-headquartered company is focusing on
the key markets of Taiwan, China, India and Japan to develop
and grow full-fledged life insurance operations, while also
targeting high-end customers in Hong Kong and Singapore.
China is a particularly exciting market. What the country’s
rapid emergence as an economic powerhouse is welldocumented,
its citizens increasingly realise that responsibility
for their long-term welfare rests with them, rather than the State.
While this simply brings China in line with the global trend, it
creates attractive opportunities for insurance companies.
In May 2003, AEGON launched a life insurance joint
venture with China National Offshore Oil Corp. (CNOOC), with
headquarters in Shanghai. This is proving to be a strong
partnership as it provides the venture. AEGON-CNOOC, with a
well-recognised local name, access to capital and the scope to
attract high-quality local management is one of the biggest
challenges of operating in china, according to the company.
The insurance market to the mainland is rapidly expanding
beyond the cities. AEGON-CNOOC’s multi-channel distribution
network puts the company in a good position to capture this
growing market, via agency networks, bank branches, brokers
and telemarketing.
Indeed, China is a key component of AEGON’s overall
strategy. It will expand to the Chinese capital with the opening
of a branch in Beijing in April 2005, representing an important
step in the company’s national expansion plan in the country.
Currently, AEGON-CNOOC sells more than 2,000 policies a
month and has ambitious targets for growth. However, it is not
prepared to simply buy market share. Mr. Alex Wynaendts,
member of AEGON’s Executive Board, said: “We in China for
the long term, and we’re committed to growing profitably.”
❐
Source: Asia Insurance Review, Jan. 2005
41

42
BRIEF NEWS
Public sector insurance players are
up in arms over the insurance
renewal of Air-India's (A-I) 45- aircraft fleet.
The state-owned general insurance
companies-the New India Assurance
Company, Oriental Insurance Company,
National Insurance- allege that the General
Insurance Corporation of India (GCI) does
not meet the tender norms put out by A-I.
The GIC, on the other hand, said it has not
tied up with ICICI Lombard, but has simply
given its quote to the private insurer for the
$2.6 billion cover. "There is a technical
objection in that GIC is not an internationally
reputed insurer, which has been known to
lead in the aviation market for aircraft the
size of that A-I's feet," said the chairman and
A liberal
marke with tightly
controlled prices that was the
perception of the general insurance industry
December last year. Then came detariffing.
It was expected to give much-needed help
to the indus flexibility and offer respite to
public-sector insurance companies, which
have been reeling under heavy in areas like
motor insurance.
Four months on, however, private
players are feeling the heat. Insurers say
detariffing has triggered a wars, with both
public and private insurers vying to give he
highest discounts on insurance premium that
detafiffing would give insurers the freedom
to give discounts on products, based on their
risk-asse categories to people. Contrary to
that, however, companies are
indiscriminately offering maximum d
Ramlingam, head of underwriting at Bajaj
Alianz General Insurance.
This, he feels, may lead to an overall
loss of profitability in the industry.
Currently, the general insurance
business is divided among three major
categories. At 50 percent. it commands the
highest market share, with fire cover at 30
percent and engineering, and health and
cent. Of this, the biggest loss maker has been
managing director of one of the public sector
insurance companies. This was one of the
technical conditions laid down in A-I's
tender Though A-I's cover expired in March,
it has been seeking a time extension every
month and the final date given today is that
the new cover has to be in place by June 1.
This followed the Central Vigilance
Commissioner (CVC) deciding to allow
private insurance companies as well as
public sector insurers to bid for the account.
If ICICI Lombard wins the bid, this could set
a precedent for the insurance industry and
public sector players could well start losing
their edge when it comes to underwriting
large-sized policies. Though public sector
Detariffing has triggered
Detariffing has triggered
a new wave of price wars
GIC role in Air -India cover raises
general insures’ hackles
the motor sector. "The fire and engineering
space has the profitable for insurers, with
margins of 15-25 per cent. However, with
insurers now offering discounts cent in the
segment, it won't be too long before it goes
the motor way,"says a manager of corporate
m Insurance Brokers, Darvesh Panchal.
A similar concern dogs the case of the
commercial vehicles own damage (OD)
segment of business be profitable. It is
expected that when private companies start
targeting the OD busienss of common
resultant competition would lead to a slash
in rates. This, in turn, would negatively
impact bottom lines.
Private insurers says the rate cuts are a
result of competitive pressure in the industry.
"There are 27 pla and most of them are
offering maximum discount-that is 51.25 per
cent to gain mrket shre. Since are able to
offer the lowest rates, private sector insurers
are compelled to follow," says Ramlingam.
Yogesh Lohia, general manager at
Oriental Insurance Company agrees "We
have the financial stre discount, but it may
not be viable for private companies to offer
the kind of prices that we do. In the
companies cannot afforrd to lose market
share, even if it eats into their profits."
insurers feel that GIC is not qualified to lead
the A-I programme, industry sources said that
GIC has been leading it nevertheless since
the last 27 years – from 1973 to 2000. So
there is no question of GIC not having the
experience, they added. The ultimate
decision on awarding the cover will be based
on the lowest price as is the norm in all
government transactions. Though A-I has yet
to announced the lowest bid, both the public
sector players and sources close to GIC told
Business Standard that the renewal of A-I's
cover will be lower than last year's premium
rate of $12 million. The market has softened
and Air India has a very good track record,
said New India officials. ❐
Not all privates players are
complaining, however. While Antony Jacob,
MD, Royal Sundaram Allia margins in some
protfolios have been eroded due to
competitive prices and undercutting of rate
maintain a buoyant outlook for the industry,
post-detriffing-"As and when the industry is
permitted to and align prices to customer
requirements and risk profile, the boom
being experienced by this mainfold as will
customer satisfaction."
Others feel that detariffing will be a
potent tool to align prices and promote
innovation in insurance pro jain head of
marketing at ICICI Lombard General
Insurance - "Earlier, many companies
preferred to commercial vehicle third
party(TP) segment as it was loss making. But
now rates have been hiked by segment. ❐
CIRC Tighens
Entry
Requirements for
Foreign Insurers
The CIRC has issued a new proposal
requiring foreign insurers to have at least
20 years of experience in insurance
business before they can apply for a
licence to set up a representative office in
China. ❐
Source: Asia Insurance Review, Mar. 2005

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P.O.Box 12211, Ktm
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