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Sharad Ojha appointed as chairman of Nepal Insurance Authority

KATHMANDU: Sharad Ojha has been appointed as the new Chairman of the Nepal Insurance Authority. The decision was finalized during a cabinet meeting on Monday, following a competitive selection process that included 12 candidates. Ojha, 33, is now the youngest person to hold the position in the history of the regulatory body.

Ojha surpassed 11 other contenders, including Ramsharan Pudasaini and Damodar Basaula, who were also shortlisted for the role. Earlier, five candidates—Ojha, Pudasaini, Basaula, Chiranjibi Chapagain, and Kamal Prasad Regmi—were selected from the initial pool of applicants after rigorous presentations and interviews. Ultimately, the cabinet chose Ojha for the leadership role.

A native of Krishnapur-8 in Kanchanpur, Ojha has an impressive professional background spanning 12 years in communication, law, and corporate management. Additionally, he has experience as a lecturer and has provided expertise to various private organizations such as CNI and FNCCI.

Ojha’s appointment marks a significant milestone, as he is not only the youngest chairman of the Nepal Insurance Authority but also one of the youngest executive heads ever appointed to a regulatory body in Nepal. His expertise lies in financial policy, monetary policy, revenue administration, and economic analysis, making him a strong candidate for the role.

The new chairman has close ties with the founding faction of the Nepali Congress. His ancestral roots trace back to Dadelhdura, the hometown of former Prime Minister and Congress leader Sher Bahadur Deuba. Ojha currently resides in Kanchanpur and is said to have secured the position through connections within Deuba’s network.

The appointment comes at a critical time for the Nepal Insurance Authority, which plays a vital role in regulating the country’s insurance sector. With growing demands for transparency and efficiency in the industry, stakeholders are hopeful that Ojha’s youthful energy and diverse experience will bring positive changes to the authority.

Experts believe that Ojha’s background in communication and corporate management could help modernize the authority’s operations. His expertise in policy and administration positions him well to address the challenges facing the insurance sector.

As chairman, Ojha will be tasked with ensuring compliance among insurance companies, addressing consumer grievances, and promoting sustainable growth in the sector. His leadership will also be crucial in implementing reforms to enhance transparency and accountability within the authority.

The appointment has sparked mixed reactions, with some praising the decision to bring in younger leadership, while others question whether his limited experience in the insurance sector could pose challenges. Despite these concerns, Ojha’s track record in administrative roles and policy analysis suggests he may be well-equipped to tackle the responsibilities ahead.

With his tenure beginning immediately, all eyes are on Ojha as he steps into this pivotal role. The coming months will reveal whether his leadership can drive meaningful progress in Nepal’s insurance industry.

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