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INSURANCE NEWS & VIEWSToll Free No.: 1660-01-56789Website: www.bsib.org.np

jif{ &, c+s @^, ebf} – d+;L/ @)^$ Vol. 7, No. 26, Aug. - Dec. 2007

2

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aLdf pBf]u ljZjf;df cfwfl/t ;]jf xf]]�. bfjL ePsf] avt Ifltk"lt{ kfpg]

p2]Zo /fvL aLdf ul/Psf] x'G5�. t;y{ cfly{s bfloTj lgjf{x ug{ aLds ;b}j ;an

/ ;Ifd x'g'kg]{ dfGotf /x]sf] 5�. aLds cfly{s ?kdf :j:y 5 5}g eGg] hfgsf/L

aLldtn] aLdssf] cfly{s sf/f]jf/ ;DaGwL kf/bzL{ 9+uaf6 k|jfx ul/Psf] ;"rgfaf6

dfq k|fKt ug{ ;Sb5�. o;sf nflu aLdssf] sf/f]af/ ;DaGwL ;"rgf kf/bzL{ x'g

clgjfo{ 5�.

k/d ;b\ljZjf;sf] l;4fGt (Utmost Good Faith) df cfwfl/t o; pBf]udf aLldt

/ aLdsaLr k"0f{ ljZjf; / ;b\efj x'g' kb{5�. To;sf nflu aLdssf] cfly{s

sf/f]af/sf] kf/bzL{tf Pp6f s8Lsf] ?kdf /x]sf] x'G5�. aLds / aLldtaLrsf] cGof]Gofl>t

;DaGwdf g} aLdf pBf]usf] ljsf; lge{/ x'g] x'“bf aLdsn] o; dd{nfO{ a'em]/ cfgf]

cfly{s sf/f]af/ tyf aLdf;DaGwL cGo ljj/0f hf] aLldt;“u k|ToIf ;DaGw /fVg] x'G5

To;nfO{ kf/bzL{ ?kdf k|jfx ug'{ lgtfGt cfjZos x'G5�.

aLdf sDkgLsf] cfly{s sf/f]af/;DaGwL lx;fa ljj/0f af/]sf] ;xL ;"rgf k|jfx

ug'{ eg]sf] pQm lx;fa ljj/0fnfO{ kf/bzL{ lsl;dn] ;lhn};“u a'lemg] u/L n]vfsf]

cGt/f{li6«o dfkb08 cg'?k /fVg' xf]�. aLdssf] Jofj;flos k|ult af/]sf] ;xL ;"rgf

o;} dfkb08 cg'?k x'g] x'“bf ;f]sf] cfwf/df aLds g} cfly{s ?kdf slt ;an /

;Ifd 5 eGg] dfkg ug{ ;lsG5�. ;f] af/]sf] ;"rgf kfpg' aLdf;“u ;DalGwt ;d:t

Stakeholder x?sf] ;d]t clwsf/ xf]�. o;} cfwf/df nufgLstf{x?n] cfgf] lxt

;'/lIft / ;+/lIft 5 5}g Plsg ug]{ ub{5g\�. oL tYox?nfO{ a'em]/ aLdf lgodg

lgsfon] cfgf] k|d'v sfo{x?dWo] ahf/ ;+rfng (Market Conduct) sfo{nfO{ r':t,

k|efjd'vL, bIf, kf/bzL{ tyf pknlAwd"ns agfpg k|oTgzLn /x“b} cfPsf] x'G5�.

aLdf ;ldlt g]kfnsf] aLdf lgodg lgsfo xf]�. ;ldltn] cfgf] k|d'v p2]ZonfO{

cfTd;ft ub}{ xfn}sf lbgdf aLdsx?sf] cfly{s sf/f]af/ ;DaGwL lx;fa ljj/0ftkm{

ljz]if rf;f]sf ;fy lgu/fgL ub}{ ljleGg ljifodf lgodg tyf cg'udg / hf“ra'em

u/]sf] 5�. of] sfo{ lgZro klg aLldt / aLdssf ;fy} ;Dk"0f{ Stakeholder x?sf] lxt

Pj+ ;'/Iffsf nflu u/]sf] Pp6f hdsf]{ dfGg' kb{5�. o; lgoldt sfo{af6 aLdssf]

cfly{s sf/f]af/ ;DaGwL lx;fa ljj/0fdfly lgu/fgL ug]{ pQm sfo{nfO{ cem z;Qm /

ljZjfl;nf] agfpg d2t ldn]sf] 5�. o;sf ;fy} aLdsx?sf] lx;fa ljj/0fdf

Ps?ktf Nofpgsf nflu aLdfsf] cGt/f{li6«o dfkb08 cg'?ksf] n]vf k|0ffnL International

Accounting Best Practiced sf] ljsf; ug{sf nflu ljj/0fx?sf] 9frf ;d]t tof/ kf/L

;du| aLdf pBf]usf] ljsf;df uxg e"ldsf k|fKt x'g] ljZjf; /x]sf] 5�.

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sfo{sf/L lgb]{zs– aLdf ;ldlt

;b:o/3' kGt

k|d'v sfo{sf/L clws[tk|'8]lG;on OG:of]/]G; s+= ln=

8f= uf]kfn k|;fb >]i7d'Vo sfo{sf/L clws[t

PnfOG; OG:of]/]G; s+= ln=

lgd{n s'df/ a/fnk|aGw ;+rfns

g]kfn OG:of]/]G; s+= ln=

;b:o ;lrj8f= clgn /fh e§/fO{lgb]{zs– aLdf ;ldlt

;xof]uL>Ldfg sfsL{

pk–lgb]{zs– aLdf ;ldlt;'B'Dg pkfWofo

jl/i7 k|aGws– Pe/]i6 OG:of]/]G; s+= ln=

k|sflzt n]vx¿n]vssf lghL ljrf/ x'g\1.

k|sfzs

aLdf ;ldltrfjlxn, sf7df8f}+

kmf]gM $*!)(*(, $*!)*!*6n lk|m g+= !^^)–)!–%^&*(

ofS;M $*!)$()

d'b|sM

o'gfO6]8 u|flkms lk|G6;{ k|f=ln=Go" Knfhf, /fdzfxky, sf7df8f}+, g]kfn

˚f]gM $$@!$!)

3

!= ljb]zdf sfo{/t g]kfnLx?sf] aLdf;DaGwdf cGtlqmofM

ldlt @)^$ ;fpg ( ut] aLdf ;ldltdflab]zdf sfo{/t g]kfnLx¿sf] aLdf ;DaGwdfPp6f cGt/lqmof sfo{qmdsf] cfof]hgf ul/of]1.>d ljefu tyf /fli6«o aLdf ;+:yfgsf] kxndfaLdf ;ldltn] cfof]hgf u/]sf] ;f] sfo{qmddf;a} aLdf sDkgLsf k|d 'v tyf jl/i7clws[tx¿sf] ;+nUgtf lyof]1. ljutdf klgo; k|sf/sf] cGt/lqmof cfof]hgf ul/Psf] lyof]1.lab]zdf sfo{/t g]kfnLx¿sf] aLdf gePsf] /pgLx¿n] aLdf jfktsf] /sd gkfPsf]sf/0f g]kfn ;/sf/sf] cfu|xdf ;f] ;d:of;dfwfgsf nflu pQm cGt/lqmof cfof]hgful/Psf] xf]1.

@= dWod :t/Lo k|jGwsx?sf] nflutflnd ;DkGgM

ldlt @)^$ ;fpg @& ut]b]lv ;fpg #!ut];Dd aLdf ;ldltdf hg/n 6«]lg¨ k|f]u|fdkm/ ld8 n]jn Dofg]h/ laifos tflndsf]cfof]hgf ul/of]1. aLdf ;ldlt tyf aLdfsDkgLx¿df sfo { /t dWod :t/LoJoj:yfksx¿sf] nflu cfof]hgf ul/Psf] ;f]sfo{qmddf laleGg aLdf sDkgLx¿af6 !% hgftyf aLdf ;ldltaf6 @ hgfn] k|ltlglwTjug'{ePsf] lyof]1. ;f] sfo{qmddf bLk k|sfz kf08],k|sfz dfg t'nfw/, v]d k|sfz a/fn, Pd= s]=sk"/, ladn /fh g]kfn, ef]h/fh zdf{, e'kfneQm >]i7 / Pd= P;= s'df/ u/L hgf & hgfk|lzIfsn] k|lzIf0f lbPsf lyP1.

cfGtl/s ;dfrf/ aLdf ;ldltsf] cToGt h¿/L ;"rgf

aLdf ;ldltdf btf{ geO{ aLdf Joj;fo ug{ gkfOg]

aLdf ;ldltrfjlxn, sf7df8f}+

6f]n lk|m g+= !^^)–)!–%^&*(Website: www.bsib.org.np

aLdf P]g, @)$( sf] b˚f !) adf]lhd xfn aLdf ;ldltdf btf{ ePsf b]xfosfaLdsx¿ jfx]s cGo ;+:yf jf JolQmn] g]kfnleq s'g} klg lsl;dsf] aLdf Joj;fo ug{u/fpg gkfpg] Joxf]/f ;j{;fwf/0fsf] hfgsf/Lsf nflu ;"lrt ul/G5 .

pNn]lvt aLdsx¿;+u aLdf u/fPsf aLldtx¿n] bfaL e'QmfgL gkfPdf jf sd kfPdf aLdf P]g,@)$( sf] bkmf * -3!_ adf]lhd ;ldltdf ph'/L nfUg] / plrt 5fglag u/L z'? km};nf ug]{clwsf/ ;ldltdf /x]sf] 5 . t/ pNn]lvt aLdsx¿ afx]s s'g} JolQm jf ;+:yfn] s'g};+:yf;+u aLdf u/]sf] sf/0f kl5 bfaL e'QmfgLdf ;d:of cfOk/]df aLdf ;ldltdfTo;sf] ;'g'jfO{ x'g] 5}g .

pko'{Qm aLdsx¿ jfx]s cGo ;+:yfn] aLdf Joj;fo u/]df aLdf P]g, @)$( n] u/]sf]sfg"gL Joj:yf ljkl/t x'g] Joxf]/f ;d]t ;DalGwt hfgsf/L u/fOG5 .

lghL{jg aLdf Joj;fo ug]{ aLdsx¿

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@_ >L lb cf]l/P06n O{G:of]/]G; s+= ln=

#_ >L g]zgn O{G:of]/]G; s+= ln=

$_ >L lxdfnog hg/n O{G:of]/]G; s+= ln=

%_ >L o"gfO6]8 OG:of]/]G; s+= -g]kfn_ ln=

^_ >L lk|ldo/ OG:of]/]G; s+= -g]kfn_ ln=

&_ >L Pe/]i6 OG:of]/]G; s+= ln=

*_ >L g]sf] OG;'/]G; ln=

(_ >L ;u/dfyf OG:of]/]G; s+= ln=

!)_>L PnfOG; OG:of]/]G; s+= ln=

!!_ >L Pg= la= OG;'/]]G; s+= ln=

!@_ >L k|'8]lG;on OG:of]/]G; s+= ln=

!#_ >L lzv/ OG:of]/]G; sDkgL ln=

!$_>L n'lDagL hg/n OG:of]/]G; s+= ln=

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!^_ >L l;4fy{ OG:of]/]G; ln=

hLjg aLdf Joj;fo ug]{ aLdsx¿

!_ >L g]zgn nfO{˚ OG:of]/]G; s+= ln=

@_ >L g]kfn nfO˚ OG:of]/]G; s+= ln=

#_ >L nfO˚ OG:of]/]G; skf]{/]zg -g]kfn_ ln=

#_ >L cd]l/sg nfO˚ OG:of]/]G; s+= (ALICO)

hLjg tyf lghL{jg b'j} aLdf Joj;fo

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cfkm"n] ltg{ ;Sg] aLdfz'Ns;Ddsf]

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^(,)^

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#,#^,%

@,!!)

!@,#&

,#@,!!

)

&=Pe

/]i6

O= s

+= ln

=$)

,)),))

)^,*

@,)),)

))!,@

!,)),)

))*,$

#,)),)

))#,!

!,)),)

))#$

,**,^#

##,$

%,**,^

##!!

,**,**

,^##

*=g]s

f] O= ln

=!,^

!,@(,$

%^%,&

!,)),)

))!,)

),)),)

))*,#

@,@(,$

%^!,%

%,)),)

))#%

,&!,$@

(!,(

),&!,$

@(!)

,@#,))

,**%

(=;u

/dfy

f O= s+= ln

=!,^

^,%),)

))*,&

#,%&,@

*)!,%

^,)),)

))!!

,(^,)&

,@*)

!,#@,$

),)))

@,(^,*

(,&!%

!,)),@

%,^#%

%,@(,%

%,#%)

!&,@%

,^@,^#

)

!)=

PnfOG;

O= s+= ln

=$%

,@%,))

)%,^

*,)),)

))@,$

@,)),)

))*,%

%,@%,)

))!,%

%,)),)

))!,%

%,)),)

))!)

,!),@%

,)))

!!=

Pg=lj

=O=s

+=ln=

$%,@%

,)))

#,@%,)

),)))

#^,%)

,)))

$,)^,&

%,)))

#&,$(

,%&%

$,^#,*

$,()#

%,)!,#

$,$&*

(,)*,)

(,$&*

!@=

k|'8]lG;

on O

=s+=ln

=!,*

),&%,)

))%,^

),)),)

))!,*

),)),)

))(,@

),&%,)

))$*

,$),))

)%)

,)),))

)#*

,&!,$@

(!,#

&,!!,$

@(!)

,%&,*^

,$@(

!#=

lzv/

O=s+=ln

=%!

,@^,$^

**,%

%,%*,^

(&@,@

%,)),)

))!!

,#!,*%

,!^%

%),))

,)))

!,!^,%

),)))

!,!^,%

),)))

!@,(*

,#%,!^

%

!$=

n'lDa

gL h

g/n

O=s+=ln

=*,%

#,)),)

))!,!

^,)),)

))(,^

(,)),)

))!,*

@,)),)

))!,*

@,)),)

))!!

,%!,))

,)))

!%=

Pg=Pn=

hL= O=s+=ln

=!)

,!),))

,)))

@%,))

,)))

!),#%

,)),))

)!)

,)),))

)!)

,)),))

)!)

,$%,))

,)))

!^=

l;4fy{

O= ln

=%,*

),)),)

))%%

,)),))

)^,#

%,)),)

))!,&

%,)),)

))#%

,&!,$@

(@,!

),&!,$

@(*,$

%,&!,$

@(

hDdf

!&,%$

,$#,&

&#!,^

),^^,^

&,%&

&@#

,%#,#)

,)))

(,(),%

),)))

@,!!,^

$,(!

,#%)

$,@&

,#),))

)@%

,)^,%!

,#@)

!@,!*

,&(,$

(&$!

,%@,^)

,*!&

@,%#,!

&,%@

,!^&

jfl0fHo

a}+ssf] d'2t

LlgIf]k

(b)

ljsf;

a}+ssf]

d'2t

L lgIf]k

(c)

clgjfo{

nuf

gL s

f]if

(e)=

(a+b

+c+d

)

jfl0fHo

a}+ssf]

cu|f

lwsf/

z]o/ (f)

ljQ

sDk

gLsf]

d'2lt

lgIf]k

(g)

cGo

klAn

ssDk

gLsf]

;fw

f/0f z

]o/(h

)

:j]lR5s

nuf

gLsf]

hDd

f(i)

= (f

+g+

h)

s"n n

ufgL

(j) =

(e +

i)

gful

/snuf

gL s

f]if

(d)

* /fli6

«o aL

df ;+:y

fg j

fx]s

qm=;

+=

7

lghL{jg aLdf Joj;fo ug]{ aLdsx¿sf] sf/f]jf/sf] ljj/0fcf=j= )^$÷)^% sf] k|yd rf}dfl;s

* /fli6«o aLdf ;+:yfgsf] ckl/is[t ljj/0f ;dfj]z ul/Psf]

ljj/0f clUg ;fd'lıs xjfO{ df]6/OlGh= tyf

7]=hf]=ljljw hDdf

aLdfn]vsf] ;+Vof !,#%@ !*@ — $,*^* $! %** &,)#!PnfOG; O= s+= ln= bfjL e'QmfgL -¿=_ @@,&%,))) #,&%,))) — !,@!,*&,))) (),))) ^^,#&,))) @,!%,^$,)))

aLdfz'Ns cfh{g -¿=_ !,@^,)@,))) &,!@,))) — %,&&,**,))) &,(^,))) !,#),(*,))) *,$(,(^,)))aLdfn]vsf] ;+Vof !,#@$ !,!@^ @ @,*(% &^^ !,&*& &,())

Pe/]i6 O= s+= ln= bfjL e'QmfgL -¿=_ !!,^),)&^ &,)^,^^% — $^,@*,&!) !^,)),^!# #&,#$,&^# !,!*,#),*@&aLdfz'Ns cfh{g -¿=_ #,)*,!@,(#( ^@,^%,(#( *#,@&,!!$ #,#(,^%,@*% !,!^,!!,@^) @,&),(@,(#) !!,*),&%,$#&aLdfn]vsf] ;+Vof $(( @&& — #,!)* @% !,^%# %,%^@

lxdfnog hg/n bfjL e'QmfgL -¿=_ !%,(*,&@) %,&*,!$* — *%,$@,!(* #,%$,#$* @!,*(,%!! !,#@,^@,(@%O= s+= ln= aLdfz'Ns cfh{g -¿=_ @,$&,&&,$%^ !&,$#,#)& — @,$&,$*,%(! !,$%,&%,@*) #,&@,%),@&) !),#),($,()$

aLdfn]vsf] ;+Vof !,$$! @@# $ $,*@& %# !,)$* &,%(^n'lDagL hg/n bfjL e'QmfgL -¿=_ $!,@)% @#,#^& — ^^,%(,&&% %*,*#! !),($,&$( &*,&&,(@&O= s+= ln= aLdfz'Ns cfh{g -¿=_ (!,)$,&(# !!,*(,*%$ $^,!#,^#( $,#&,^(,*&@ !@,%^,@&# *&,^&,^!$ ^,*&,)@,)$%

aLdfn]vsf] ;+Vof — — — — — — —Pg=Pn=hL=O= s+= ln= bfjL e'QmfgL -¿=_ $,%*,*!* ^,%^,*%) — #&,%^,%%) — @$,!^,*^# &@,*(,)*!

aLdfz'Ns cfh{g -¿=_ !,!^,*@,!@& !$,%%,&#$ — @,^$,^^,&!( $,(@,!*) @,(#,^*,*(* ^,($,^%,^%*aLdfn]vsf] ;+Vof ^#@ *@% ! !,$*@ #% *)$ #,&&(

g]zgn O= s+= ln= bfjL e'QmfgL -¿=_ *&,(*,^$$ @),&@,%^^ — &#,$!,*$^ ^),@!,)@@ (,$^,$$( @,%!,*),%@&aLdfz'Ns cfh{g -¿=_ @,%(,#@,^^# !,*%,&#,!() @(,(%,&$$ @,^^,(),^$* #&,)@,$$( $(,@$,%$( *,@*,!(,@$#aLdfn]vsf] ;+Vof $(% !#* — (*$ ! !#& !,&%%

PgaL= O= s+= ln= bfjL e'QmfgL -¿=_ #,%!,*#( *,!!# — !,)(,*#,#*! — !),!*,*#! !,@#,^@,!^$aLdfz'Ns cfh{g -¿=_ !(,)$,%$# $,#^,$&& — *#,^),()& ^$% $,(*,*&& !,!@,)!,$$(aLdfn]vsf] ;+Vof @,(^^ @*! ! !,##( #! !,!@) %,&#*

g]sf] O= ln= bfjL e'QmfgL -¿=_ !*,#!,@@) ^,$!,%@& — $),)),^(% $,#$,!(^ @&,)(,^!$ (^,!&,@%@aLdfz'Ns cfh{g -¿=_ !,%%,!(,$#( @),)(,^)& @,^),^!^ !,$(,&),@&$ $),$&,**! !,^),@^,($% %,@*,#$,&^@aLdfn]vsf] ;+Vof #,^$) $%^ — @,(*) #^ %@# &,^#%

g]kfn O{= s+= ln= bfjL e'QmfgL -¿=_ #),)&,))) @$,(^,))) — #,&!,(@,))) !,)*,))) @,)@,))) $,#),)%,)))aLdfz'Ns cfh{g -¿=_ @,*@,@%,))) #),(#,))) — %,)(,^#,))) ^,)),))) !,^(,)$,))) (,(&,*%,)))aLdfn]vsf] ;+Vof &)@ !)% — %#& !( ^@& !,(()

lk|ldo/ O{+= s+=-g]kfn_ ln= bfjL e'QmfgL -¿=_ !&,@&,#!@ #$,$@! — %#,^!,^@^ ^,^@,*@) @),@#,($! (*,!),!@)aLdfz'Ns cfh{g -¿=_ !,$!,$!,$(( &,)),#^@ — *!,*&,@$# $,(!,)^^ !,%#,^*,%#@ #,**,**,&)@aLdfn]vsf] ;+Vof $*( !,!^* — &%$ @( @&# @,&!#

k|'8]lG;on O= s+= ln= bfjL e'QmfgL -¿=_ #,*(,)!& %*,#!,^*^ — !&,@%,$%$ #$,)!,$)# #,!^,)@% !,!^,^#,%*%aLdfz'Ns cfh{g -¿=_ !,)%,!*,%&@ !,!*,$!,$@@ — *@,#^,*(& !@,)(,@&! !,$!,%),)$$ $,%(,%^,@)^aLdfn]vsf] ;+Vof !@$ @)$ @ %%^ @ *&$ !,&^@

/fli6«o aLdf ;+:yfg* bfjL e'QmfgL -¿=_ !,^^,^() $^,@$,#^* @$,&&,$$^ !,!%,!!,)$) — @$,*(,#(^ @,!@,^*,($)aLdfz'Ns cfh{g -¿=_ @,!%,(*,@$* !,$%,#&,(#( #,)%,#(,$@@ (%,#@,%$^ @,)*,@@( ^,&#,%&,$$# !$,#&,&#,*@&aLdfn]vsf] ;+Vof @,^(( !,!!% — #,^(* %& !,)(& *,^^^

;u/dfyf O= s+= ln= bfjL e'QmfgL -¿=_ !@,!@,))) @$,@^,))) — @,!$,%^,))) !(,))) *,*),))) @,%(,(#,)))aLdfz'Ns cfh{g -¿=_ @,@^,%$,))) !,)),*(,))) — $,!#,)#,))) @$,!@,))) !,@&,@@,))) *,(!,*),)))aLdfn]vsf] ;+Vof (*) &&% $ @,@@^ ^# !,#%( %,$)&

lzv/ O= s+= ln= bfjL e'QmfgL -¿=_ — ^#,))) — $&,*(,))) — (,((,))) %*,%!,)))aLdfz'Ns cfh{g -¿=_ !,$^,)*,))) ^*,*^,))) %,^@,)@,))) #,!*,%&,))) !&,%(,))) !,%!,$*,))) !@,^$,^),)))aLdfn]vsf] ;+Vof ^@* *!! — !,)&# $@ $&# #,)@&

l;4fy{ O= s+= ln= bfjL e'QmfgL -¿=_ (,^#,#@& @(,&),!%( — !&,%!,!*@ !,$*,#*) %,#%^ %*,#*,$)$aLdfz'Ns cfh{g -¿=_ (%,@^,&!! (@,)&,%#) — !,^@,$@,%*@ !$,%@,%^@ $!,^^,(($ $,)%,(^,#&(aLdfn]vsf] ;+Vof ^%* &$# ^ !,@@( ^! $,!@* ^,*@%

lb cf]l/P06n O=s+=ln= bfjL e'QmfgL -¿=_ !,)@,*#,))) &%,!%,))) !,$!,(),))) ^*,!(,))) #%,@^,))) %&,%%,))) $,*),**,)))aLdfz'Ns cfh{g -¿=_ $,)$,$$,))) !,#(,)#,))) !,&@,!!,))) !,%#,$!,))) &#,%@,))) ^%,#^,))) !),)&,*&,)))aLdfn]vsf] ;+Vof !,!)% &)@ — %,)&) #( !,*!! *,&@&

o'gfO6]8 O=s+= bfjL e'QmfgL -¿=_ !,(@,%$,))) !*,%),))) — !,)&,(@,))) ^,*#,))) #@,$),))) #,%*,!(,)))-g]kfn_ ln= aLdfz'Ns cfh{g -¿=_ (#,^$,))) ##,*#,))) — #,#&,*&,))) !*,#(,))) !,&(,*%,))) ^,^#,%*,)))

aLdfn]vsf] ;+Vof !(,&#$ (,!#! @) #&,^@^ !,#)) !*,#)@ *^,!!#hDdf bfjL e'QmfgL -¿=_ %,#%,!&,*^* #,@*,&@,*&) !,^^,^&,$$^ !%,($,(&,$%& !,&!,)&,^!# #,^^,%*,$(* #!,^#,@!,&%@

aLdfz'Ns cfh{g -¿=_ #),#$,!%,(^) !),^),@&,#^! !@,)!,$(,%#% $%,@@,!),%^$ %,#*,)%,)(^ #),&#,^^,)(^ !,#$,@(,&$,^!@

PnfOG; O= s+= ln=

Pe/]i6 O= s+= ln=

lxdfnog hg/n

n'lDagL hg/nO= s+= ln=

PgPnhL O= s+= ln=

g]zgn O= s+= ln=

Pg=lj= O= s+= ln=

g]sf] O= ln=

g]kfn O{= s+= ln=

lk|ldo/ O{+= s+=-g]kfn_ ln=

k|'8]lG;on O= s+= ln=

/fli6«o aLdf ;+:yfg*

;u/dfyf O= s+= ln=

lzv/ O= s+= ln=

l;4fy{ O= ln=

lb cf]l/P06n O=s+=ln=

o'gfO6]8 O=s+=-g]kfn_ ln=

hDdf

8

lgjGw

:ju{sf] au}+rfaf6 kmn rf]/]/ vfPsf]n] k[YjLdf of“lsPsf]

dfG5]n] cfgf] pTklQ;“u} ;w}+ hLjgnfO{ lgofNg] sf]lz; ul//x]sf] x'G51.

k|ToIf k|s[lt / hLjgsf] cf/f]x–cj/f]xnfO{ cjnf]sg u/]/ dflg;n] lhpg]

k|of; ul//x]sf] x'G51. æhLjg Ps ultzLn 5fof“ xf]Æ eg]/ z]S;lko/n]

eg]sf 5g\ eg] o;sf] kl/efiff lbgnfO{ x/]s dflg;n] sf]l;; ul//x]s}

x'G51. t/ kf7]3/b]lv uLhf{3/;Ddsf] of] ofqf Pp6f clj/n gbL em}“

alu/x]s} x'G5, lg/Gt/ rln/x]s} x'G51.

uLtfdf elgPsf] 5– ægf;tf] ljwt] efjf] gfefjf]ljBt] ;tMÆ cyf{t\

c;n j:t'sf] s'g} ;Qf x'“b}g / ;Tosf] slxNo} cGt x'“b}g1. h'g rLh

lqsfnf/fWo 5, To;nfO{ ;To elgG51. k/d]Zj/sf] l;h{gfTds sNkgfn]

k"0f{tfdf sfd h;/L u5{, To;/L g} ;Ton] cfgf] k|sfzg ub{51. t/ ha

hLjgsf] Jojxfl/s / bfz{lgs ;Tosf] s'/f cfp“5, d[To' g} hLjgsf]

k|antf xf], clg b'3{6gf ;w}+ Pp6f 8/nfUbf] ;Defjgf1. aUbfaUb} gbL

slxn] efl;G5, slxn] ;'S5 t slxn] wldlnP/ cfkm"nfO{ cToGt} ljrlnt

kfb{51. cfgf] ;'/n] rln/x]sf] 8'¨f slxn] a]un] pQfgf] kb{5 t slxn]

ToxL gbLaf6 ag]sf] 5x/fdf v;]/ cfgf] b'Mvb\ cGt cfkm}+n] ef]Ug klg

;S51. dfG5]n] cfj]z, ljt[i0ff, pGdfbsf If0fx¿df cfk}+mnfO{ lal;{G5,

clg cGwj]u;“u cfkm"nfO{ d[To' jf b'3{6gfsf] d'v;Dd k'¥ofO{/x]sf] x'G51.

cem To;dfly klg dflg; k|s[ltsf] bf; g xf]1. h+unaf6 efUb}

jGohGt'af6 ;'/Iff kfpg ;+3sf] z/0fdf dflg; cfOk'Uof]1. ljj]sL ePsf]]n]

cfuf]sf] cfljisf/ u¥of], vfgnfO{ cGgsf] v]tL ug{ yfNof]1. k|ultsf]

lzv/df k5fl8 gkmls{sg pm nlDsg yfNof] clg x]bf{x]b}{ rGb|dfnfO{

5f]of]1. kfgLdf t}l/g ;Sg] / xfjfdf p8\g ;Sg] oGqx¿sf] cfljisf/

u¥of]1. t/ an]sf] lbof] d'lgg} c“Wof/f] eP h:t} sl7gfO / cj/f]wx¿

p;sf] cu|j]u sd ug]{ r]i6f ug{ yfn]1. kfgLdf uof] 8'Ag] vt/f, p8\bf

vl;g] vt/f, Gofgf] kfg]{ cfuf]n] cfkm"n] l;“r]sf] ;+;f/ 89fpg] vt/f oL

ofjt\ sf/0fx¿n] ubf{ dflg;n] cfgf] ljsf;df k"0f{tf kfpg ;s]sf]

5}g1. cem To;dfly klg k|s[lts} if8\oGqem}+ b]vfkg]{ e"O“rfnf], af9L,

klx/f] clg cGo k|sf]ksf sf/0fn] dflg;n] cem}+ cfgf] ljho>L k|fKt

ug{ ;s]sf] 5}g1.

k|s[lQ t cfgf] xft aflx/sf] s'/f] xf]1. t/ dfG5]n] cfkm"nfO{ dflg;af6

klg vt/f ePsf] dx;"; ul//x]sf] 51. dfG5]sf] hGd kfkaf6 ePsf] xf]

eg]/ elgG51. hGd}b]lv kfk af]s]/ cfPsf] dfG5]n] ljsf; ub{}{ ;+;f/nfO{

sf]N6] km]g{ afWo kf¥of], t/ p;n] cfgf] g}ltstf / ;bfrf/ lal;{b} uof]1.

cfhsf] ;do;Dd cfOk'Ubf wd{n] lgif]w u/]sf k~r dxfkfts ;fdfGo

ePsf 5g\1. xTof, ;'/fkfg, rf]/L, k/:qL udg, oL dxfkfkx¿n] ljifj[Ifem}+

h/f] uf8]/ ;dfhdf km}lng] cj;/ kfPsf 5g\ s]jn dflg;sf] IfL0f

ePsf] g}ltstfsf] sf/0f1. To;}n] t 8«fOe/n] /S;L vfP/ uf8L rnfP/

;Dk"0f{ ofqLx¿nfO{ hLjg d/0fsf] bf];f“wdf k'¥ofPsf], Ifl0fs l/l;OjLsf]

cfj]usf sf/0fn] dfG5]x¿sf] Hofg lng] cyjf c+ue+u ul/lbPsf 36gfx¿

;fdfGotof ;'Gg kfOG51. cem a9\bf] lx+;fsf sf/0f klg dflg;n] cfgf]

k"0f{ hLjg kfPsf 5}gg\1. s]nfp“b} uP dflg;sf] hLjgdf k|fs[lts Pj+

ck|fs[lts sf/0fx¿n] ubf{ cfOkg]{ hf]lvdx¿ tyf cGo ;d:ofx¿sf]

3]/f] Pp6f bnbnn] el/Psf] e'ne'n}ofeGbf sd x'g] 5}g1. t/ s] cfk"m

dfq} af“Rg'df clxn] lhpg'sf] ;fy{stf /x]sf] 5 t < cfkm" / cfgf]

kl/jf/sf] ;'/Iff ug'{ x/]s dflg;sf] bfloTj xf]1. ljz]iftM cfly{s ¿kn]

kl/k"0f{ x'g' / cfgf] kl/jf/df s'g} klg sfd cf“6\bf lz/ e'msfP/ k5fl8

x6\g gk/f];\ eGg] rfxgf klg ;a}nfO{ x'G51. kl/jf/sf] d"n h/f cyf{t\

sdfpg] ;b:on] cfkm"n] sdfOGh]ndfq xf]Og, sdfpg 5f8]kl5 klg

plQs} ;Ddfg / ;b\efj /xf];\ eGg] OR5f /f]v]sf] x'G51. æ5 u]8L ;a}

d]/L, 5}g u]8L ;a} 6]9LÆ– xftv'§f b¥xf] eP/ sdfOGh]n t df“of / cfb/

kfOG5 g}, ha v'§f sfDg yfNb5g\, ta lgM:jfy{ ;]jf ug{ cfg} ;Gtfg;d]t

lxlRsrfp“5g\1. s]xL u/]/ cfgf] z/L/, 3/ cyjf cGo ;DklQsf] Ifo

ePdf dflg; 6f6 klN6g ;S5, ax'nfpg ;S5 / slxn]sfxL“ ;dfhn]

cfkm"nfO{ x]g]{ b[li6sf]if ablnPsf] b]v]/ lg/fzfk"0f{ tl/sfn] cfTdxTof ug{

;Sb51. o;/L cfOk/]sf] b'3{6gfn] pAhfPsf] g}/fZotf, Unflg / cGwsf/sf]

e"d/Ldf lklN;P/ Pp6f dfG5]sf] dfq xf]Og, pm dfly cfl>t p;sf]

kl/jf/sf] klg cGTo x'g ;Sb51. cflv/ a; b'3{6gfdf a'af laTg' /

To;kl5 vfg gkfP/ 5f]/f5f]/L dfUb} lx“8\g'df vf;} 7"nf] cGt/ 5}g

lsgls s]jn ;f; km]g'{ dfq lhpg' xf]Og, :jfledfg ;fy hLpg' aNn

hLpg' xf]1.

o;y{ cfkm"nfO{ cfly{s ¿kn] ;an kfg{ / hLjgdf cfOkg]{

hf]lvdx¿nfO{ lg/fs/0f ug{ jf To;sf] ult sd ug{ dflg;n] pkfox¿sf]

;f]r ug{ yFNof]1. cFTd}j WofTdgf] aGw' /fTd}j /Lk'/fTdgM -cfkm" g} cfgf]

zq' / ldq b'j} xf]_1. To;}n] cfgf] /fd|f] g/fd|f]sf] ;f]r ub}{ hf““bf dflg;n]

of] ;d:ofsf] lg/fs/0f ug{ aLdfsf] k|rng z'? u¥of]1.

aLdfsf] d'Vo p2]Zo dflg;sf] sfa' aflx/sf] b'3{6gfaf6 x'g] Iflt

lj?4 xsbf/sf] cfly{s ;+/If0fsf ;fy;fy} clgjfo{ jrt / C0f lj?4sf]

;'/If0f k|bfg ug'{ xf]1. dflg;sf] hLjgdf cfO/xg] hf]lvdx¿ k|ToIf jf

ck|ToIf ¿kdf jxg ug{sf nflu hf]lvd Joj:yfkg ug]{ pkfo aLdf xf]1.

aLdf ubf{ cfgf] bfloTjsf] af]em ;DalGwt aLdf sDkgLnfO{ ;b{5 cyf{t\

cfly{s ef/ aLdf sDkgLdf ;g]{ sf/0fn] Iflt k'Ug] JolQmdf Ifltsf] ef/

sd x'G51. To;}n] aLdf eg]sf] cfgf] bfloTj aLdf sDkgLdf ;fg]{ s/f/

xf]1. of] b'O{ kIfLo x'G5 aLds / aLldt1. aLdf ;]jf k|bfg ug]{ sDkgL

aLds xf] eg] ;]jf kfpg] dfG5] aLldt1. aLldtn] aLdfz'Ns k"0f{¿kdf

ltg'{kb{5, h;n] ubf{ p;sf] bfloTj aLdf sDkgLnfO{ x:tfGt/0f x'G51.

aLdsn] eg] ;f] z'Ns lnP jfkt aLldtnfO{ s'g} Iflt ePdf cfly{s

� gd|tf a/fn*

aLdfsf] dxTj-lgjGw k|ltof]lutf -sIff ( b]lv k|jL0ftf tx;Dd_ df låtLo 3f]lift lgjGw_

aLdfsf] dxTj

9

Ifltk"lt{ ltg'{kb{5 cyjf ;Demf}tfg';f/ ;dofjlw ;dfKt ePdf klg

cfly{s bfloTj lgjf{x ug'{kb{5 o;/L aLdf s/f/n] k|fs[lts / ck|fs[lts

hf]lvdx¿af6 cfOkg]{ cfly{s ;+s6sf] lg/fs/0f ub{51.

k|frLg cjwf/0ff cg';f/ s'g} Ps JolQmn] jxg ug{ g;Sg] hf]lvd

ef/ ;d"xdf ljefhg ug]{ lqmofsnfk aLdf xf]1. k|frLg ;dodf aLdf

;xsfl/tf of]hgfdf cfwfl/t lyof]1. t/ z'Nssf] clu|d hfgsf/Lsf]

cefj tyf Ifltk"lt{sf] e'QmfgL ;dodf clglZrttf h:tf sf/0fx¿n]

;xsfl/tfdf cfwfl/t aLdf k|0ffnL cfhsf] o'udf Tolt Jojxfl/s b]lv“b}g1.

cfhsf] Jofj;flos o'udf aLdf Joj;fo ;+rfng ug{sf nflu cfw'lgs

aLdf sDkgLx¿ v'n]sf 5g\1. clxn] aLdf Joj;fo eGgfn] hLjg aLdf

Joj;fo jf lghL{jg aLdf Joj;fonfO{ ;Demg' kb{5 / o;n] k'gaL{dfnfO{

;d]t hgfp“b51. h] xf];\– k|frLg ;dodf ;xsfl/tfdf cfwfl/t eP klg

cfhsf] Jofj;flos o'udf of] s/f/ Jofj;fosf] ¿kdf ¿kfGtl/t ePsf]

51.

aLdfsf] sfof{Tds wf/0ffdf aLdf lglZrt hf]lvdnfO{ cfkm";“u

;Dj4 JolQmx¿sfaLr af“8\g] ;xsf/L ¿k xf] eg] s/f/ut wf/0ffdf

k]6/;gsf cg';f/ aLdf Pp6f s/f/ xf], h;df Pp6f kIfn] lglZrt

k|Jofhsf] abnfdf csf]{ kIfsf] ljlzi6 hf]lvdnfO{ u|x0f ub{5 / eljiodf

s'g} pNn]lvt 36gf 36]df p;nfO{ Ifltk"lt{ lbg] jrg lbPsf] x'G51.

h:tf] wf/0ff rn]klg aLdf Ps ;Demf}tf xf], h;n] hf]lvdsf] ljefhg

ub{5, o;df JolQmx¿ :j]lR5s ¿kn] cfj4 x'G5g\ / o;af6 ;+s6sfnLg

e'QmfgL x'G51. o;n] clglZrttfnfO{ lglZrttfdf abNg] x'gfn] of] h'jf

xf]Og lsgls o;n] ;d'bfosf] lrGtf tyf ljkb x6fP/ pTkfbsTj a9fpg

;xof]u ub{51. o;n] k|foM z'4 hf]lvdnfO{ dfGotf lbG5 h:t} csfn

d[To', af9L, cfuhgL, e"sDkaf6 x'g] Iflt, To;}n] of] ;xof]u klg xf]Og1.

lgwf{/0fof]Uo / dfkgof]Uo IfltnfO{ aLdf ul/G5 / ljleGg k|sf/sf

aLdfx¿sf] dflg;sf] hLjgsf x/]s kf6fdf ;xof]u ul//x]sf x'G5g\1.

rfx] ;]K6]Da/ !! sf] sxfnLnfUbf] b'3{6gf xf];\ of s'g} ;fdfGo k;ndf

ePsf] rf]/L, aLdfn] b'j}tkm{ ;xof]u u/]s} x'G51.

o;}n] t aLdf Ps kljq, sNof0fsf/L Joj;fo xf] h;n] cfly{s

;'/Iff k|bfg ub{5, clg ;dfh / dflg; b'j}sf] ljsf;df of]ubfg k'¥ofp“b51.

5'§f5'§} aLdfsf] 5'§f5'§} dxŒj /x]sf 5g\1. k|d'v aLdf Joj;fox¿df

kb{5g\M-s_ hLjg aLdf,-v_ ;DklQ / bfloTj aLdf, h; cGtu{t

;fd'lb|s aLdf, clUg aLdf, df]6/ aLdf, xjfO{ aLdf, JolQmut hf]lvdaLdf, dfu{:y gub aLdf, ;]wdf/L aLdf, >lds d'cfAhf aLdf,lgi7f hdfgL aLdf, hgbfloTj aLdf, k|fljlws hf]lvd aLdf, kz'aLdf, Pj+ cGo aLdfx¿ kb{5g\1.

-u_ ;fdflhs aLdf

-3_ cGo ;/sf/L aLdf

-s_ hLjg aLdfM

dflg;sf] hLjg;“u ;DalGwt hf]lvdx¿sf lj?4 ul/G51. o;n]

kl/jf/sf cfl>t ;b:ox¿nfO{ 3/d"nLsf] crfgs d[To'af6 x'g ;Sg]

cfly{s kL8faf6 ;'/Iff k|bfg ub{51. kl/jf/df sdfP/ kfNg] afa'sf]

c;fdlos lgwg ePdf 5f]/f5f]/Lsf] lzIff, lax]jf/L, cflb h:tf cToGt

dxŒjk"0f{ sfdx¿df aLdfn] el/k"0f{ ;xof]u ub{5, kl/jf/dflysf] cfly{s

ef/ sd x'G5 / b]xTofu u/]/ hfg] dfG5]sf] :yfg lng g;s] klg p;sf

bfloTjx¿ aLdfaf6 k|fKt /sdn] k"/f ug{ ;lsG51. aLldtsf] d[To' geP

klg lglZrt aLdf cjlwkl5 hLjg aLdfsf] /sd k"/} lkmtf{ x'G51. o;/L

hLjg aLdf eljiosf] nflu Pp6f cf/If0f h:tf] x'G5, rfx] kl/jf/

h:tf];'s} lsg gxf];\1. hLjg aLdf Ifltk"lt{sf] s/f/ gePsf]n] of] cem

nfebfos l;4 ePsf] 51.

-v_ ;DklQ / bfloTj aLdfM

hf]lvdn] 5fof“ h:t} dflg;sf] x/jvt kL5f ul//x]sf] x'G51. cem

To;df klg ;DklQsf] ;'/Iff Pj+ bfloTj jxg ug'{ cem lrGtfsf] ljifox¿

x'g\1. elgG5, ælrGtf ;d+ gfl:t z/L/ zf]if0fdÆ lrGtfn] h;/L z/L/sf]

gfz c¿ s]xLn] klg ub}{g1. o:t} bfloTjx¿ jxg ug{ / ;DklQsf]

;'/Iffsf lgldQ tn pNn]lvt aLdfx¿ ul/G5g\1.

!= ;fd'lıs aLdfM

;fd'lıs oftfoftsf] l;nl;nfdf x'g] hf]lvd lj?4 ;'/Iff k|bfg

ug{ ;fd'lıs aLdf ul/G51. o;n] ;fd'lıs hf]lvdsf] cltl/Qm :yn

hf]lvdsf] klg cfly{s lxt ;+/If0f ub{51. b'O{ b]zaLr ljlgod b/df x'g]

crfgs kl/jt{gaf6 pTkGg x'g] xfgL lj?4 ;'/Iff k|bfg ub{5 / ljz]iftM

o;n] j}b]lzs Joj;fodf 6]jf k'¥ofp“b51.

@= clUg aLdfM

cfuf] dflg;sf] c;n gf]s/ t/ bfgjLo dflns xf]1. ;g\ !^^^ sf]

n08g cfunfuL o;sf] HjnGt pbfx/0f xf]1. To:tf] eljtJo cfkm"dfly

knf{ ls eGg] ;f]r]/ To;sf] hf]lvd lj?4sf] cfly{s ;'/Iff ug{ clUg

aLdf ul/G51. o; leq cfuhgL, r6\ofª, x'nb+uf, lj:kmf]6, e"sDk,

cf“wLa]x/Laf6 x'g] hf]vLdx¿ ;dfj]z x'G5g\1. cfuf]åf/f x'g ;Sg] ljWj+zsf]

lj?4df clUg aLdfn] ef}lts / g}lts ;+s6 b'j}af6 ;'/Iff k|bfg ub{51.

#= df]6/ aLdfM

s'g} b'3{6gfaf6 df]6/ uf8L jf t];|f] kIfnfO{ x'g] gf]S;fgLsf] Ifltk"lt{

of] aLdfn] ub{51. b'3{6gf, rf]/L / 7Ss/af6 uf8L cyjf t];|f] kIfnfO{

x'g] Iflt lj?4 of] aLdfn] sfd ub{51.

$= xjfO{ aLdfM

xjfO{ oftfoft zL3| tyf cf/fdbfoL ePtf klg a9L hf]lvdk"0f{

x'G51. s'g} b'3{6gf ePdf xjfO{ hxfhnfO{ x'g] xfgL–gf]S;fgL, t];|f] kIfsf]

xfgL–gf]S;fgL jfktsf] bfloTj, ofq'x¿ b'3{6gfdf k/]sf] sfg"gL bfloTj

/ aLdfn]v cGtu{t cGo bfloTjx¿ xjfO{ aLdfn] ub{51. o:t}u/L JolQmut

hf]lvd aLdfn] b'3{6gfsf] sf/0faf6 aLldtsf] c+ue+u eO{ hLjge/ sfd

ug{ g;Sg] u/L ckf¨ ePdf jf d[To' ePdf aLdf k|n]vdf pNn]v eP

cg';f/ Ifltk"lt{ ub{51. dfu{:y gub aLdfn] Ps 7fp“af6 csf]{ 7fp“df

ljz]if sfd k/L gub Nofp“bf jf n}hf“bf af6f]df kg{ ;Sg] rf]/L, 8s}tL,

7uL, df]6/ / xjfO{jhxfh cflbsf] b'3{6gfsf] sf/0faf6 gubnfO{

10

xfgL–gf]S;fgL x'g uPdf To;sf] Ifltk"lt{ ub{51. of] aLdf vf;u/L

pBf]u, jfl0fHo / a}+lsu sf/f]jf/df nfu]sf JolQmnfO{ pkof]uL x'G51.

;]+wdf/L aLdfn] rf]/Lsf] lj?4 / kz' aLdfn] kz'wgsf] hf]lvd lj?4

cfly{s ;'/Iff k|bfg ub{5g\1. snsf/vfgfdf d]l;g;“u sfd ubf{ c+ue+u

eP/ >lds hLjge/ g} ckf¨ x'g ;Sb5 jf b'3{6gfsf] sf/0fn] p;sf]

d[To' ePdf p;sf cfl>tx¿nfO{ cfly{s ;+s6 cfOkg{ ;Sb51. o;af6

;'/Iff >lds d'cfAhf aLdfn] k|bfg ub{51. o:t} lgi7f hdfgL aLdf,

hgbfloTj aLdf, k|fljlws hf]lvd aLdf, cflbx¿n] lgi7fxLgtfaf6 jf

nfk/jfxLaf6 clg k|ljlwo'Qm cf}hf/af6 x'g] vt/fsf] lj?4 ;'/Iff k|bfg

ub{5g\1. oltdfq sxf“ xf] / < JolQmut dfq geO{ ;fdflhs aLdfn] klg

xfd|f] hLjgdf 7"nf] e"ldsf v]n]]sf] x'G51. ;fdflhs aLdfsf] sfo{qmdx¿

lgDgfg';f/ 5g\–

� j[4f cj:yf, czQmtf h:tf ;fdflhs ;'/Iff

� d]l8s]o/

� a]/f]huf/L aLdf

� >lds d'cfAhf

� clgjfo{ c:yfoL czQmtf aLdf

� /]n/f]8 a]/f]huf/L aLdf

rfx] h:tf];'s} ¿k of k|s[lt xf];\, aLdf ;dfh / JolQm b'j}sf nflu

cToGt dxŒjk"0f{ 5 eGbf s'g} cTo'lQm gxf]nf1. aLdfsf] sf/0fn] gf]S;fgsf]

Ifltk"lt{ x'gfn] s'g} JolQmsf] jf kl/jf/sf] ;DklQ cfsl:ds ljklQdf

k/L gf]S;fg ePdf klxn]s} ljQLo cj:yf sfod ug{ kl/jf/ ;an

aGb51. o;n] ubf{ kl/jf/nfO{ ljQLo ;xof]usf] nflu s;};“u xft

km}nfpg' kb}{g, / :jfledfg;fy 86]/ hLjgofkg ug{ ;lsG51. aLdfn]

dflg;sf] lrGtf / 8/df sdL u/fP/ p;sf] cfTdljZjf;nfO{ cem dfly

k'¥ofpg d2t ub{5 / efjL b'3{6gfsf] 8/sf] e'ª\u|f]df lklN;P/ p;nfO{

OGt' / lrGt' x'g' kb}{g1. aLdf nufgL sf]ifsf] >f]t klg aGb5, h;n]

;dfhsf] cfly{s ljsf; x'g'sf] ;fy} /f]huf/Lsf] cj;/x¿ klg l;h{gf

ub{51. aLdf sDkgLx¿n] hf]lvd :jLsf/ u/]sf] x'gfn] pgLx¿ Iflt

/f]syfd sfo{qmddf ;lqmo ¿kn] ;xefuL x'G5g\ h;af6 k|ToIf tyf

ck|ToIf Ifltdf sdL cfp“b5 / ;dfhnfO{ kmfObf k'Ub51. aLdfn] JolQmsf]

;fvdf klg j[l4 ub{5, clg ;DklQsf] ;'/Iff k|bfg ug'{sf ;fy} cfjZos

k"“hL pknAw u/fP/ b]zsf] cfly{s ljsf;df dxŒjk"0f{ ;]jf k'¥ofp“b51.

clg aLdf sDkgLn] k|Aofhsf] ¿kdf k|fKt u/]s} d'b|fnfO{ pTkfbgzLn

sfo{df nufgL ug]{ ePsf]n] d'b|f:kmLltdf lgoGq0f x'g hfG51.

cfly{s If]qdf dfq geP/ aLdfn] ;dfhsf ljleGg kf6fx¿df klg

cfgf] cld6 5fk 5f]8]sf] 51. b}jL k|sf]k, dxfdf/L, o'4, d[To', a]/f]huf/L

h:tf sf/0fn] ;dfhdf ljleGg v/faLx¿ Nofp“b5g\ t/ hf]lvd lj?4

;+/If0f k|bfg u/]/ aLdfn] ;fdflhs d"No tyf dfGotfdf j[l4 ug{

hfG51.

s] hf]lvd lj?4 cfkm"nfO{ tof/ /fVg aLdf eGbf plrt c¿ s]xL

x'g ;Sb5 < aLdf t hf]lvd lgoGq0fsf] nflu /fdjf0f g} l;4 ePsf] 51.

kz'n] vfnL x]b{5, t/ dflg; ljj]sL ePsf]n] x/ rLhsf] d'6' 5fDg]

sf]l;; ub{5, To;sf] ;fx; /fVb5, p;nfO{ ;Ldf dg kb}{g, pm p8\g

aLdf ;ldltsf] cg'/f]wo; ;ldltaf6 lgoldt ¿kdf k|sfzg x'“b} cfPsf] æaLdf;dfrf/ / ljrf/Æ klqsfsf] nflu aLdf ;DaGwLcg';GwfgfTds n]v lgDg 7]ufgfdf k7fO{ ;xof]u k'¥ofpgx'g ;DalGwt ;a}df cg'/f]w ul/G51. slDtdf !,%)) zAb/x]sf] k|sflzt n]vsf] nflu kfl/>ldssf] Joj:yf /x]sf]s'/f ;d]t ;"lrt ul/G51.

;Dkfbg ;d"xkmf]g g+= $*!)(*(, $*!)*!*, ofS;M $*!)$()

6n lk|m g+= !^^)–)!–%^&*(Od]nM bsib@wlink.com.np

rfxG5 / :ju{sf] cfuf] rf]g]{ sNkgf ub{51. ;kgf ljkgfdf kl/0ft x'g

klg ;Sb5, gx'g klg ;Sb5, t/ aLdfn] xfdLnfO{ ;kgf b]Vg] xf};nf /

9f8; lbG5, h'g cToGt} dxŒjk"0f{ 5 lsgls hf]lvdn] xfdLnfO{ lgofln/x]sf]

x'G5– xfdL b]Vg rfxG5f}+ / pHofnf]sf] cg'e"lt ug{ rfxG5f}+, t/ cf“vfsf]

gfgL pHofnf] x'“b} v'lDrG51. oflGqstfdf cNem]sf] hLjg / cy{df cl8Psf]

dfg;DdfgnfO{ sfod /fVg aLdfsf] hlQsf] 7"nf] of]ubfg c¿ s]xLsf]

x'g} ;Sb}g1. wd{sf rf/ kfpdWo] Ps kfpdf dfq cl8Psf] Ifl0fstf Pj+

Ifltn] el/k"0f{ xfd|f] hLjgdf hf]lvd lgoGq0f u/]/ cfly{s / ;fdflhs

ljsf;nfO{ b|"tultn] cufl8 a9fpg] kIfdf aLdf Joj;fosf] k|rng

Pp6f sf]z]9'+uf ;flat ePsf] 51.

k/fk"j{sfnb]lv cfhsf] o'u;Dd cfOk'Ubf ;do, ;+;f/ / ;dfhn]

h'g ultn] sf]N6] km]]/]sf] 5, To; ultdf hf]lvd cToGt} a9L 51. t/

r'r'/f]df k'Ug] cf“6 ePsfx¿ To;sf] prfO b]v]/ 8/fp“b}gg\, a¿ s]xL

;fjwfgLx¿ ckgfP/ cfkm"nfO{ lzv/;Ddsf] ofqfsf nflu tof/ kfb{5g\1.

cfgf] hLjgdf cfly{s ¿kn] ;an x''g'nfO{ ToxL lzv/;“u bf“Hg

;lsG5 / aLdf To;nfO{ k"/f ug{ rflnPsf] ;fjwfgLk"0f{ sbd1. aLdf

u/]sf] dfG5]n] ljho>L em08f cjZo nx/fp“b51.

aLdfsf dxŒjx¿ cj{0fgLo 5g\1. x/]s dflg;n] cfgf] eljiosf]

;'lglZrttfsf nflu aLdf ug'{ cfjZos b]lvG51. aLdf xfd|f] nflu

s0f{sf] ;"o{ sjr h:t} dxŒjk"0f{ 5 hf]lvdaf6 x'g] Iflt lgjf/0fsf

nflu1. To;}n] ;dfhdf hfu[lt NofP/ aLdfsf] af/]df ;a}nfO{ yfxf

lbnfpg ;lsPdf w]/} xb;Dd w]/} 3/x¿nfO{ cfsl:ds Ifltsf sf/0f

aaf{b x'gaf6 arfpg ;lsG5 cfTdxTofnfO{ /f]Sg ;lsG5, w]/}

dflg;x¿nfO{ levf/L x'gaf6 /f]Sg ;lsG51. plrt k|rf/–k|;f/ Pj+

r]tgfd"ns sfo{qmdx¿ u/]/ aLdfnfO{ ;a} ;fd' lrgfpg'kb{51. o;f] ug{

;s]df JolQm, ;dfh / b]zsf] Ps;fy pGglt x'g ;Sg]51. s'g} ;'gf}nf]

laxfgLsf] kl/sNkgf ug'{eGbf klg To;sf nflu plrt kxn ug'{ >]os/

b]lvG51. To;}n] aLdfnfO{ x/]s 3/b}nf];Dd k'¥ofpg ;s]df aNn ;d'Ggt

;dfhsf] :yfkgf x'g ;Sb51. o:tf] x'g ;s]df b]z aGg ;do nfUg]

5}g1. clg t s] g} af“sL ef] / < xfdLn] slxNo} klg k5fl8 kmls{g' kg]{

5}g1. ❐

11

� s'a]/ g]kfnL*

aLdfsf] dxTjhf]lvd Joj:yfkgdf

;+;f/ kl/jt{gzLn 51. ;fpg] e]n tg{ g;s]/ lsgf/df 6\jfNn

k/]/ a:g] dflg; ;ft ;d'Gb| kf/ Jofkf/ ug{ yfn]sf] klg lgs} ztfAbL

lalt;s]sf] 51. k/]jfsf] v'§fdf af“w]/ va/ k7fPsf] ev{/} h:tf] nfU5,

Go"/f]8df a;]/ Go"of]s{df s'/f ug]{ k|ljlw …k'/fgf] k|ljlwÚ nfU5, gof“

k':tfnfO{1. rGb|dfdf kfOnf 6]s]sf] ;dfrf/ ca tftf] ax;sf] ljifo

/x]g1. ;Eotfsf y'k|} 9'“u]o'ux¿ kf/ ug]{ qmddf ;kmntfx¿ dfq xft

sxf“ nfu]sf] xf] / < ;“u;“u} dfgj hutnfO{ g} r'gf}tL lbg] 36gf, b'3{6gf

ePsf 5g\ clg cl:tTj / ;f}xfb{ dfly wfjf af]Ng] s7f]/ k|j[lQsf

sf/sx¿sf] Pskl5 csf]{ u/L hGd eO/x]sf] 51. cfljisf/sf gof“–gof“

Oltxf; /Rb} ;kmntfsf y'k|} Okm]n 6fj/ 78\ofO;s]sf] lj1fgn] k|s[ltdfly

ljho k|fKt ul/;Sof] elgP klg k|s[ltsf s]xL ckl/jt{gLo, lgb{oL /

clk|o lgodx¿ leq af“lwP/ af“Rg' kg]{ ePsf]n] tL s6' oyfy{nfO{ …„'j;ToÚ

eg]/ xfdL :jLsfl//x]sf 5f}+1.

xfdL hf]lvdk"0f{ ;dfhdf af“r]sf 5f}+1. s'gj]nf s] x'G5 < s;}nfO{

yfxf x'“b}g1. o;sf] HjnGt pbfx/0f ;]K6]Da/ !! sf] 36gf xf]1.

OlGhgLol/¨sf k|flKt (Achievement) sf] ¿kdf lgld{t uugr'DaL h'DNofxf

ejgx¿ kne/d} Wj:t x'g' sNkgfeGbf aflx/ lyof]1. o:t} ;g\ @))$

l8;]Da/df ;'gfdLaf6 # nfv dflg;sf] Hofg uPsf] lyof]1. !($* sf]

ef]kfn Uof; b'3{6gf, hf]G;g P08 hf]G;g ;fOgfO8 ljiffbL b'3{6gf

!(*@, ;f;{ / j8{ n'sf] dxfdf/L km/s–km/s sf/0faf6 ePklg dfgj

Oltxf;df b'Mvb\ 36gfsf] ¿kdf kl/lrt 5g\1. ebf} !^ ut] @)^! sf]

36gf xfd|f] dl:tisdf tfh} 51. hftLo, eflifs, /fhgLlts, wfld{s /

cfly{s sf/0fn] klg åGå pTkGg eO{ ef}lts tyf dfgjLo hf]lvd

cfOkb{5g\1. Psflt/ l:6nsf] ;+/rgf (Structure) ePsf]n] hxfhsf]

7Ss/af6 pTkGg tfk ;xg g;sL h'DNofxf ejgdf cTolws Iflt x'g

k'Uof] eGg] lgisif{ ;lxt cem pRr kUng] ljGb' (Melting Point) ePsf]

ld> wft' (Alloy) sf] cWoog cg';Gwfg eO/x]sf] 5 eg] csf]{lt/

;[li6sf] lg/Gt/tfdf g} k|Zg p7fpg] P8\;n] xhf/f}+nfO{ lgdf]7L /x]sf] 5,

clg …;f;{Ú sf sL6f0f'n] Zjf; km]g{ ;d]t r'gf}tL lbO/x]sf 5g\1. oL s]xL

b[ZofjnLaf6 s] lgisif{df k'Ug ;lsG5 eg] ljsf;, k|ult / ;ts{tf ;“u}

dflg;n] Joxf]g'{ kg]{ hf]lvd, r'gf}tL sd ePsf] 5}g a¿ a9]sf] 51.

hLjg lxhf] klg ;+3if{k"0f{ lyof], cfh klg 5 / ef]ln klg ;+3if{zLn x'g]

kSsf 51.

;fdfGo cy{df ;DefJo xfgL–gf]S;fgLnfO{ hf]lvd elgG51. hf]lvdsf]

s'g} ;j{dfGo kl/efiff 5}g≤ cy{zf:qL, Jojxf/ut j}1flgs, hf]lvd

l;4fGtsf k|ltkfbs, tYofÍzf:qL / aLdf;“u ;DalGwt JolQmsf]

cf–cfg} kl/efiff 5g\1. ;fdfGotof hf]lvdnfO{ clglZrttfsf] cy{df

kl/eflift ug{ ;lsG5 lsgeg] ha eljiosf] af/]df clglZrttf x'G5

Toxf“ hf]lvd x'G51. ;8s b'3{6gfdf d[To' x'g] hf]lvd /xG5, lxdfn r9\bf

n8\g] hf]lvd /xG5 lsgeg] Toxf“ clglZrttf /xG51. clglZrttfn]

hf]lvd pTkGg u/fp“b5 eg] hf]lvdn] cgfjZos ljQLo tyf dfgl;s

ef/ pTkGg u/fpg] x'gfn] o;nfO{ af]emsf] ¿kdf x]l/G51. hf]lvdaf6

;dfhdf pTkGg x'g] d'Vo af]em a[xt ;+s6sfnLg sf]if xf]1. olb k"j{jt

Joj:yf gx'g] xf] eg] JolQm jf Joj;fon] ;+s6sfnsf] ;fdgf ug{ v8f

ul/Psf] sf]ifdf 7"nf] /sd j[l4 ug'{kb{51. sf]if v8f ug{ dWod

tnahLjLnfO{ w]/} sl7g t x'G5 g}, a9L tna vfg]n] klg a9L jrt ug{

sd vr{ ugf{n] hLjg:t/df ¥xf; cfp“5 / hf]lvdsf sf/0fn] lglZrt

j:t' jf ;]jfsf] pTkfbg tyf laqmL ljt/0f aGb ug'{kg]{ x'g;S51. bfloTj

hf]lvdsf sf/0f o:tf] cj:yf >[hgf x'g hfG51. hf]lvdsf] csf]{ af]em

lrGtf / 8/ xf]1. hf]lvdsf sf/0f dflg;sf] dgdf zflGt x'“b}g, ;w}+

dfgl;s tgfj tyf 8/ eO/xG51. hLjge/ sdfPsf] ;DklQ rf]/L,

8s}tL, cfuhgL, e"sDk cflbn] gi6 x'G5 ls eGg] lrGtf tyf 8/

/lx/xG51. To;}n] o'ufg's"n >f]t, ;fwg / 1fgsf] clwstd k|of]uaf6

cfOkg]{ r'gf}tL / hf]lvdaf6 ;'/lIft / d'Qm x'g] ljleGg k|of;x¿ Oltxf;sf]

laxfgLb]lv g} eO/x]sf lyP1.

xfdL hf]lvdaf6 3]l/Psf 5f}+ lx“8\bf, dgf]/~hgdf 5“bf / Zjf;

ln“bf ;d]t1. jiff{ofddf 3/d} 5ftf cf]9]/ aflx/ lgl:sPdf leh]/ kms{g'

kg]{ x'g ;S5 jf ;dodf kms{g ;ls+b}g1. o; lsl;dsf] hf]lvdn] dxŒjk"0f{

cy{ /fVb}g1. t/ crfgs la/fdL k/]/ nfUg] nfdf] c:ktfn vr{, :s"n]

aRrf ePsf kl/jf/df cfly{s cfh{g ug]{ d'Vo JolQmsf] d[To', czQmtf

cyjf cjsfz k|fKt j[4 hLjgdf cfly{s ef/ h:tf hf]lvdn] JolQm jf

;dfhdf lgs} uDeL/ k|efj kfb{5g\1. o:tf] cj:yfdf JolQm, kl/jf/ jf

Jofkf/Ln] hf]lvdsf] ;xL Joj:yfkg u/]/ Joxf]g'{ kg]{ cfly{s hf]lvdsf]

cfotgnfO{ lgoGq0f ug{ ;S5g\1. d'Votof hf]lvdsf] klxrfg, plrt

cg'dfg / ;ts{tf g} hf]lvdsf] Joj:yfkgdf kb{5g\1.

hf]lvdnfO{ k"0f{tof pGd"ng jf sd ug{, Go"gtd rf/j6f ljsNk

/xG5g\1. hf]lvd Joj:yfkgsf] klxnf] / pTs[i6 dfWod hf]lvdsf] kl/xf/

(Avoiding the risk) g} xf]1. xjfO{ b'3{6gfaf6 aRg ljdfg g} gr9\g] /

:6saf6 cfly{s gf]S;fgL xf]nf elg nufgL g} gu/L hf]lvdaf6 d'lQm

kfpg ;lsG5 t/ sltko cj:yfdf of] cJojxfl/s x'G51. s/]G6 nfU5

of cfunfuL xf]nf elg ljB't k|of]u gug]{ s'/f ;"rgf k|ljlwsf] of] o'udf

c;Dej k|foM dfq geO{ xf:of:kb x'g ;S51. Ifltaf6 aRg jf Iflt sd

ug{ ;fjwfgL ckgfP/ hf]lvd s]xL xb;Dd lgoGq0f ug{ ;lsG51. hf]lvd

-lgjGw k|ltof]lutf -:gftsb]lv :gftsf]Q/ tx;Dd_ df låtLo 3f]lift lgjGw_

12

Joj:yfkgsf] csf]{ dxŒjk"0f{ o; ljlwdf Ifltsf] s]xL xb;Dd /f]syfd /

af/Daf/tfdf s6f}tL ug{ ;lsP klg k"0f{¿kdf pGd"ng ug{ ;lsb}g1.

hf]lvd jxg ug'{ klg Joj:yfkgsf] Pp6f ljlw xf]1. ;fwf/0ftof hf]lvd

jxg ug'{ eGgfn] ;a} cfly{s lhDd]jf/L jxg ug'{ eGg] a'lemG51. 5ftf

cyjf snd x/fPdf cfly{s Iflt w]/} gePsf]n] cfkm} hf]lvd jxg ug{

;lsG5 t/ of] ljlwn] 7"nf–7"nf ef/ kg]{ hf]lvd Joj:yfkg ug{ ;Dej

5}g1. pNn]lvt tLgj6} ljlwaf6 ;Daf]wg ug{ g;lsPsf hf]lvdsf]

Joj:yfkg ug]{ ljZj;gLo, j}1flgs / j}wflgs cjwf/0ffsf] ¿kdf

ljsl;t ljlw xf], hf]lvd x:tfGt/0f1. ha csf]{ kIfnfO{ hf]lvd x:tfGt/0f

ul/G5 ta To; hf]lvdaf6 x'g] cfly{s ef/ klg ;b{51. JolQm, kl/jf/

jf Jofkf/sf nflu aLdf ug'{ g} ;a}eGbf k|rlnt / nf]slk|o hf]lvd

x:tfGt/0fsf] dfWod xf]1. dfgj hLjg tyf p;sf ;DklQdf e}kl/

cfpg ;Sg] hf]lvd tyf ljkb lj?4 ul/g] ;'/Iff Joj:yfnfO{ aLdf

elgG51. o;n] ljleGg k|fs[lts hf]lvd tyf eljtJoaf6 x'g;Sg] hf]lvd

lj?4 cfly{s ;'/Iff k|bfg ub{51. aLdf x'gsf nflu hf]lvd ckl/xfo{

x'G51.

aLdfsf] pTklQ slxn] / sxf“af6 eof] eGg] s'/f vf]hLs} ljifo

/x]sf] 51. $%)) O{zf k"j{lt/ a]lanf]lgof, lu|s tyf /f]dlt/ aLdfsf]

k|rng lyof] elgG51. CUj]b, xDa'/jL tyf dg':d[tL h:tf k|frLg u|Gydf

…of]uIf]dÚ zAbsf] k|of]u ePsf] kfOG51. of]uIf]dsf] cy{ aLdf;“u ldNbf]h'Nbf]

ePsf]n] o; pkdxfåLkdf @))) O{zf k"j{lt/ g} s'g} g s'g} ¿ksf] aLdf

k|rngdf lyof] eGg ;lsG51. P]ltxfl;s sfndf pQ/ O6fnLsf Jofkf/Lx¿

Jofkf/sf] l;nl;nfdf 6ls{ hf“bf pgLx¿nfO{ klqmg], y'Gg], oftgf lbg],

dfl/ lbg] ub{y]1. ;d'Gb|df ofqf ubf{ 8f“sfx¿n] klg b'Mv lbGy]1. o:tf

;d:ofx¿nfO{ Wofgdf /fvL k|To]s ofqfsf] nflu Jofkf/Laf6 s]xL /sd

hDdf u/L Pp6f sf]if v8f ul/GYof] / s'g} b'3{6gf k/]df ;f]xL sf]ifaf6

vr{ ul/GYof]1. o;/L hLjg aLdfsf] cljsl;t ¿k k|f/De eof]1. g]kfnL

;dfh k|frLg sfnb]lv g} hLjg aLdfsf] kof{ojfrLsf] ¿kdf ;~rflnt

x'“b} cfO/x]sf] 51. hGd ;+:sf/, d[To' ;+:sf/, wfld{s ;+:sf/ tyf

cfktljktdf -af]nLrfnLdf dbf{kbf{_ b'Mv ;f6f;f6 ug]{ k/Dk/f cBfjlw

5g\1. kf6Lkf}jf, cgfyfno, j[4f>d h:tf lqmofsnfkn] ;fd"lxstfsf]

efjgf hufp“b5g\1. To;n] xfd|f] ;dfh k/d ;b\efjo'Qm ;dfh xf],

aLdfsf] k|f/De :jtM lyof] / 5“b}51.

k|frLg ;dodf ;xsfl/tfdf cfwfl/t ePtf klg cfhsf]

k|lt:kwf{Tds / Joj;flos o'udf, aLdf s/f/ Joj;fdf kl/0ft ePsf]

51. dflg;sf] hLjg / p;sf] ;DklQsf] hf]lvd lj?4 cfly{s ;+/If0f

k|bfg ul/g] eP klg o; ;DaGwdf ;dfg wf/0ff kfO“b}g1. sfof{Tds

wf/0ff (Functional concept) cg';f/ Ps JolQmn] jxg ug{ g;Sg]

hf]lvd tyf ljkbsf] ef/ ;d"xsf cGo ;b:oaLr af“8\g] ;xsf/L ¿knfO{

aLdf elgG5 eg] s/f/ut wf/0ff (Conctractual Concept) cg';f/ aLds

/ aLldtaLr k|rlnt sfg"g cg';f/ hf]lvd x:tfGt/0f ;DaGwdf ePsf]

;Demf}tf eGg] a'lemG51. aLdfz'Nssf] clu|d hfgsf/Lsf] cefj tyf

Ifltk"lt{sf] e'QmfgLdf clglZrttf h:tf sdhf]/Ln] ubf{ aLdf eGgf;fy

j}wflgs / cfw'lgs wf/0ffsf ¿kdf s/f/ut wf/0ffnfO{ lnOG51.

;dofg's"n cfkm"nfO{ Jojl:yt / kl/jlt{t x'“b} ;xsfl/b]lv s/f/ut

Joj;fodf kl/0ft ePklg ;f/df, aLdf, hf]lvd Joj:yfkgsf] cfw'lgs

/ ljZj;gLo dfWod, hf]lvd x:tfGt/0f k|lqmofdf g} cfwfl/t 51. t;y{

hf]lvdsf x/]s kIfnfO{ ;Daf]wg ug{ ;Dej geP klg Joj:yfkgdf kg]{

ljlwdWo] aLdf dxŒjk"0f{ 51.

;d:ofaf6 efu]/ ;dfwfg e]§fpg ;lsGg elgPem}+ hf]lvdnfO{

Joj:yfkg ug{ hf]lvdsf] ulx/f] cWoog, j:t'ut ljZn]if0f / ;xL juL{s/0f

ug{ cfjZos x'G51. slt hf]lvd x:tfGt/0f / aLdfof]Uo x'G5g\, 5'6\ofpg'

kg]{ x'G51. lsgeg] Joj;fo / sfg"gL ¿kdf aLdfsf] z'?jft ePkl5

hf]lvd / o;sf k|s[ltx¿ :ki6 JofVof gePdf hf]lvd Joj:yfkgdf

hl6ntf cfOkb{5g\1. d'b|f:kmLlt, a]/f]huf/L, o'4, cft+ssf/L ultljlw

h:tf JolQm ljz]ifnfO{ dfq geO{ ;d"x / ;Dk"0f{ cy{ Joj:yfnfO{ k|efj

kfg]{ hf]lvdnfO{ cfwf/e"t (Fundamental) hf]lvd elgG5 eg] sf/

rf]/L, cfunfuL h:tf JolQmnfO{ dfq c;/ ug]{ hf]lvdnfO{ ljz]if

(Particular) hf]lvd1. csf]{ b[li6sf]0faf6 x]bf{ Ps lsl;dsf] hf]lvd hxf“

Iflt x'g] jf gx'g] Pp6f cj:yf dfq /xG5 To;nfO{ z'4 (Pure) hf]lvd

elgG51. hxf“ d'gfkmf (Profit), gf]S;fg (Loss) cyjf ;f]xL cj:yfsf]

;Defjgf /xG5, To;nfO{ ;§fvf]/L (Speculative) hf]lvd elgG51. z'4

hf]lvd cGtu{t csfn d[To', af9L, cfuhgL cflb kb{5g\ eg] ;§fvf]/L

cGtu{t z]o/ vl/b, Jofkf/df nufgL cflb1. z'4 hf]lvddf slxNo} k|flKt

(Gain) x'“b}g, ls Iflt x'g]5 ls s]xL x'“b}g1. aLdfsf] p2]Zo cfly{s

Ifltsf] k"lt{ ug]{ xf], cy{ cfh{g ug]{ cj;/ lbg] xf]Og, To;}n] ckjfb

jfx]s ;§fvf]/L hf]lvd aLdfof]Uo x'“b}gg\1. hf]lvd jxg ug]{ k"0f{¿kdf

dflg; g} ePkl5 aLdfof]Uo hf]lvdnfO{ aLdf Joj;fodf JolQm ljz]ifnfO{

aLdf ul/g] eP hLjg aLdf / cGo ;DklQ eP lghL{jg aLdf elgG51.

hf]lvdaf6 cfOkg]{ ljt/0f, kLl8tnfO{ ;fGTjgf / cfly{s ;'/Iff k|bfg

ug]{ aLdf, Ifltk"lt{sf] l;4fGtdf cfwfl/t 51. aLdfsf] cfsif{0f g} Ifltk"lt{

xf]1. Ifltk"lt{ k|bfg u/L ;'/Iff k|bfg ug]{ x'“bf of] l;4fGtnfO{ cfwf/

dflgPsf] xf]1. t/ dfgj hLjgsf] d"NonfO{ cfly{s dfkg ug{ ;lsb}g1.

hLjgsf] abnfdf hLjg Ifltk"lt{ ug{ g;lsg] x'“bf hLjg aLdfdf lghL{jg

aLdfdf h:tf] Ifltk"lt{sf] l;4fGt nfu" x'“b}g1. To;}n] aLdfn]vdf pNn]lvt

aLdfÍ /sd a/fa/ cfly{s ;'/Iff k|bfg ub{51. hLjg aLdfdf Iflt

k'¥ofpg] k|d'v sf/s tŒj cyf{t b'3{6gf, /f]u cflbnfO{ glursf] sf/0f

elgG51. aLdf hLjgsf] ul/g] geO{ hLjgdfly cfO{kg]{ ;Defljt hf]lvd

lj?4 ul/G51. t;y{ glursf] sf/0fsf] l;4fGt lghL{jg aLdfdf cToGt

k|efjsf/L ¿kdf k|of]u eP klg hLjg aLdf eg] aLdf n]vn] ckjfbdf

/fv]sf hf]lvd jfx]s cGo cj:yfdf ;lqmo x'“b}g1.

hLjg aLdf To:tf JolQmsf] nflu emg} cfjZos x'G5, olb p;sf]

cfDbfgLdf cGo JolQmx¿ cfl>t x'G5g\1. hLjg aLdf u/]/ cfgf] d[To'

ePsf] cj:yfdf kl/jf/nfO{ x'g] cfly{s Ifltaf6 s]xL /sd -aLdfz'Ns_

aLdsn] lt/]/ o:tf hf]lvd -cfly{s Iflt_ x:tfGt/0f ug{ ;lsG51. o;

afx]s eljiosf nflu s]xL /sd hf]xf] ug{ afnaRrfsf] lzIff tyf ljjfx

13

cflbsf] nflu /sdsf] Joj:yf ug{ / cfjZos k/]sf] a]nf k|of]u ug{

jrtsf] ¿kdf klg aLdf ug{ ;lsG51. To:t} nufgLsf] ¿kdf nufgLsf]

If]qnfO{ ljljlws/0f ug{ klg aLdf ul/G51. hLjg aLdfdf hf]lvd

-cfly{s Ifltsf]_ x:tfGt/0f JolQmut / Joj;flos b'j} cj:yfdf nfebfos

x'G51. hLjg aLdfsf] d'Vo p2]Zo g} kl/jf/df sdfpg] JolQmsf] d[To'af6

x'g] cfly{s IfltnfO{ k"lt{ ug'{ xf]1. uf“;, af;, skf; / cGo cfjZos

s'/fx¿df x'g] vr{ k"lt{sf nflu aLdfÍn] w]/} d2t ub{51. k|lt:kwf{sf] of]

o'udf lzIff cToGt} cfwf/e"t cfjZostf ePsf]n] dflg;sf] csf]{ p2]Zo

cfgf afnaRrfnfO{ /fd|f] lzIff lbg' klg x'G51. lzIffsf] nflu aLdfn]

7"nf] /sd l;h{gf u/L ;xof]u u5{1.

k/Dk/fut hLjg aLdf ;DaGwL k|n]vx¿ ;do ;fk]If k|lt:kwf{Tds

x'g g;s]kl5 aLldt cyjf nufgLstf{nfO{ pRr k|ltkmn lbg, kf/bzL{

aGg / k|lt:kwf{df ;kmntf k|fKt ug{ aLdsx¿n] hf]lvdsf clwstd

k|sf/ / kIfnfO{ ;d]6\g] u/L ljleGg lsl;dsf aLdf of]hgf k|rngdf

NofPsf 5g\1. ;fdfGo pbfx/0fsf] ¿kdf afnaRrf lzIff tyf ljjfx

;fjlws hLjg aLdf / DofbL hLjg aLdfnfO{ lng ;lsG51. tf]lsPsf]

cjlwdf aLldtsf] d[To' geP klg cfgf] afnaRrfsf] lzIff / ljjfxsf

nflu aLdfÍ /sd kfpg] Joj:yfn] p;sf clgjfo{ cfly{s ef/ jxg u/L

hf]lvdsf] Joj:yfkg ub{51. DofbL hLjg aLdfn], aLldtn] s;}af6

lnPsf] C0f r'Qmf ug'{ cl3 g} lghsf] d[To' ePdf ;Dk"0f{ C0f Joxf]b{51.

o;n] C0f c;'nLsf nflu x'g] lnnfd laqmL, kl/jf/df kg]{ yk cfly{s

ef/ tyf dfgl;s bjfaaf6 d'lQm lbnfp“51. cfhLjg aLdf, aGbf]a:tL

aLdf of]hgf / oL zLif{ssf cGo w]/} of]hgfn] hf]lvd Joj:yfkgsf nflu

cfly{s Ifltsf] k"lt{ dfq gu/L jrt / /f]huf/Lsf] cj;/ ;d]t h'6fpg]

kf/bzL{ Joj;foLsf] ¿kdf aLdf Joj;fo cfly{s lIflthdf plePsf] 51.

hf]lvdnfO{ Joj:yfkg ug{ g} dflg;n] jrt ug]{ ub{51. a}+ssf]

jrt OR5fwLg x'G51. :jefjn] dflg; cfgf] tTsfnsf] ;d:of ;dfwfg

gu/L eljiosf hl6ntfaf/] ;f]Rb}g1. t/ aLdfdf cfgf] OR5fn] dfq

x'“b}g, tf]lsP adf]lhd /sd lgwf{l/t ;do;Dd clgjfo{ jrt ug}{kb{5

cGoyf aLdsn] hf]lvd jxgsf] s/f/nfO{ e+u ub{51. t;y{ hf]lvd

Joj:yfkgdf clgjfo{ jrtsf] ¿kdf o;sf] dxŒj 51. a}+ls¨ jrteGbf

aLdfdf, s/f/ cg';f/, d'gfkmf ;lxt aLdfÍ /sd aLldt÷kl/jf/n]

kfpg] ePsfn] of] ;jf]{Qd jrt klg xf]1. C0f lng] JolQmsf] C0f r'Qmf

geO{ d'To' ePdf aLdsn] C0f t ltb{5 g} aLdf u/]sf] lglZrt cjlw

k"/f ePkl5 aLdfn]vnfO{ g} lwtf] /fvL C0f lng ;lsG51. o;n] C0fL /

kl/jf/df C0fsf] sf/0fn] ePsf] dfgl;s af]emnfO{ sd dfq ub}{g yk

C0f lnO{ cem pBdzLn / pTkfbs sfddf nfUg klg k|]l/t ub{51. yf]/}

yf]/} /sd hDdf u/]/ 7"nf] /sdsf] l;h{gf x'g] ePsf]n] ;f] /sdn]

JolQmsf y'k|} cfjZostfsf] k"lt{ ub{51. o;/L hf]lvd Joj:yfkgdf

hLjg aLdfsf] ;jf]{Qd Pj+ clgjfo{ jrt, C0fef/af6 d'lQm, C0f lng]

;'ljwf, JolQmsf] cfjZostfsf] k"lt{ ug{] Ps pTs[i6 Joj:yfsf] ¿kdf

dxŒj 51.

aLdfn] csfn d[To'sf] hf]lvdnfO{ ;Daf]wg ub{51. /fHosf] cjwf/0ff

;“u} ljsl;t / clgjfo{ ul/Psf] csf]{ Joj:yf s/ xf]1. ha dflg;n] k};f

sdfp“5 ta ;/sf/n] s/ nufp“51. xfnsf] Joj:yf cg';f/, hLjg

aLdf ug]{ JolQmnfO{ ! jif{df clwstd !),))) ;Ddsf] aLdfz'Nsdf

s/ 5'6sf] Joj:yf 51. aLdf sDkgLn] aLdfz'Nssf] ¿kdf ;+sng u/]sf]

7"nf] /sd b]zleq} nufgL x'g] / ;/sf/nfO{ /fhZj klg 7"nf] /sd g}

ltb{5g\1. ;/sf/ cfly{s ¿kdf ;jn ePdf ;fdflhs ;'/Iff / hf]lvd

Joj:yfkgsf If]qdf ug{] nufgLn] :jefljs ¿kdf cfd hgtfdf ;'/Iffsf]

k|Tofe"lt u/fp“b51.

hflu/ jf s'g} k]zfaf6 cjsfz lnPkl5 k]G;gaf6 u'hf/f rNg

d'lZsn x'G51. qmo Jojxf/, cfjZostf, dx“uL cflbn] cjsfz cjlwsf]

nflu w]/}n] jrt ug{ ;Sb}gg1. sd{rf/L sNof0f cg';Gwfg OlG:6Ro"6sf]

cjsfz sGkm/]G; ;e]{ @))! cg';f/ @)∞ sf] z"Go jrt, %)∞ sf]

%),))) 8n/eGbf sd / dfq !%∞ sf] Ps nfv 8n/eGbf a9L jrt

ug{ ;s]sf] kfOPsf] 51. cd]l/sL hLjgz}nLdf of] Hofb} Go"g xf]1. t;y{

hLjg aLdfaf6 lge{/tfsf] pGd"ng / ;'/lIft a"9]zsfn x'g] ePsfn]

cjsfzsf] a]nfdf ckof{Kt cfDbfgLsf] hf]lvd (Risk of insufficient

income during retirement) nfO{ aLdfåf/f Joj:yfkg ug{ ;lsG51.

:jf:Yodf v/faL csf]{ dxŒjk"0f{ JolQmut hf]lvd xf]1. hl6n ;h{/L,

lgoldt cf}ifwL lan, cfDbfgL ¥xf;sf] sf/0f klg hl6ntf ylkG51.

:jf:Yo lau|b}+ hf“bf sfd ug{ ;lsb}g1. lan a9\g] t/ cfDbfgL 36\g]

x'gfn] dflg;sf] hLjg uDeL/ df]8df k'Ub51. :jf:Yo aLdf u/]sf] v08df

vr{ k"/f ug{ ;lsg] x'gfn] :jf:Yo v/faLsf] hf]lvd (Risk of poor

health) nfO{ klg aLdfaf6 Joj:yfkg ug{ ;lsG51.

cGttM hf]lvd jxg ug{] dflg;n] g} xf]1. t/ hLjgsf] cGt /

czQmtfn] dfq cfhsf] ef}lts ;+;f/df c;/ kfb}{gg\1. j}1flgs pTkfbgn]

ljZjnfO{ Pp6} Joj;flos ahf/sf] ¿kdf ljsl;t u/]sf]n] pTkfbgx¿

hdLgdf u'8\g], cfsfzdf p8\g] / kfgLdf t}/g] s'g} klg ;fwgaf6

cf];f/–k;f/ ul/G51. o; qmddf 8s}tL, cfunfuL, ;d'b|L t'kmfgsf

sf/0f x'g] b'3{6gf h:tf hf]lvd Jofkfl/s ;+:yfn] dfq} jxg ug{ ;Sb}g1.

To;}n] ;fd'lıs hf]lvd lj?4 ;'/Iff k|bfg t ub{5 g} :yndfu{nfO{ klg

;d]6\g] ePsf]n] cfhsf] ljZjdf Jofkf/ Joj;fosf] cfly{s hutdf h'g

dxŒj 5, ToxL dxŒj ;fd'lıs aLdfsf] klg /x]sf] 51. aLdfn] ljlgdo

b/df x'g] crfgs kl/jt{gaf6 pTkGg xfgLaf6 klg ;'/Iff k|bfg ub{51.

To;}n] ;fd'lıs aLdf Joj;fo gePsf] eP j}b]lzs Joj;fon] olt 7"nf]

km8\sf] dfg]{ lyPg1.

cfuf]sf] cefjdf xfd|f] b}lgs hLjg rNg ;Sb}g t/ o;sf Wj+;fTds

kIf klg 5g\1. clUgaf6 x'g] hf]lvdx¿ x6fpg bdsn k|of]u ug{, clUg

lg/f]ws ejg agfpg ;lsG51. kof{Kt ;fjwfgLaf6 clUghGo hf]lvd

s]xL sd ug{ ;lsP klg hf]lvdn] If0fe/d} ;DklQ :jfxf x'g] ;S51.

o:tf hf]lvd lj?4 cfly{s ;+/If0f ug]{ ;a}eGbf /fd|f] pkfo clUg aLdf

xf]1. ef}lts tyf g}lts ;+s6 ;d]6\g] cfhsf] cfw'lgs clUg aLdfn]

x'nb+uf, lj:kmf]6, e"sDk, cf“wL]a]x]/Laf6 x'g] hf]lvd klg ;dfj]z ub{51.

14

cToflws s/]G6 vk6 ug]{ pks/0f ePdf tyf pRr tfkqmddf sfd x'g]

snsf/vfgfx¿df o:tf] hf]lvd a9L /xG51. 6f6 klN6g] / w]/} dhb"/sf]

/f]huf/ u'Dg] cj:yf x'g glbO{ pBf]u Joj;fonfO{ lg/Gt/tf / :yfloTjsf

nflu clUg aLdf dxŒjk"0f{ 51.

cfdljgfz / 7"nf] c;/ ug]{ hf]lvd afx]s cfh aLdfn] clwsf+z

hf]lvdnfO{ ;d]6\g ;Sb51. cf}ifwf]krf/ aLdfb]lv JolQmut b'3{6gf

aLdf;Dd, lgi7f hdfgL aLdfb]lv a}+s;{ An}s]6 aLdf;Dd, ;a}n] hf]lvd

lj?4 cfly{s ;'/Iff k|bfg ub{5g\1. jfl0fHo / a}+ls¨ sf/f]jf/sf] hf]lvd

dfu{:y gub aLdfn], 3/fo;L k|aGwsf] nflu ;]+wdf/L tyf gsahgL

aLdfn] jxg ub{5g\ eg] k'zaLdf klg ug{ ;lsG51. ljZjdf w]/} lsl;dsf

aLdf n]vx¿ k|rngdf ePklg d'Votof logLx¿ JolQmut hf]lvd

(Personal risk) / ;DklQdf x'g] hf]lvdsf] Joj:yfkgdf g} s]lGıt 5g\1.

o;sf cnfjf csf]{sf] Iflt ePdf x'g] t];|f] kIf bfloTjsf] hf]lvd klg

wf/0f ug'{ aLdf Joj;fosf] dxŒjk"0f{ kIf xf]1. df]6/ / cGo ;jf/L ;fwg

;f]v gag]/ cfwf/e"t cfjZostf alg;s]sf] ;dodf clg cTolws

;jf/L b'3{6gf x'g] g]kfn h:tf ljsf;zLn b]zx¿df df]6/ aLdfn] JolQmut,

;DklQ / t];|f]kIf bfloTjsf] hf]lvd jxg ub{51.

hlt bfDnf] af“w] klg uf“7f] Pp6} eg]em}+ hf]lvdaf6 pTkGg Ifltx¿af6

ePsf] ;Dk"0f{ k|efjaf6 d'Qm x'g] pkfosf] vf]hLdf cfhsf] j}1flgs

o'usf] dfgj dl:tis nflu k/]klg ;Dk"0f{tf xfl;n ug{ ;s]sf] 5}g1. t/

cfly{s Iflt x'g] kIfnfO{ /fxt lbnfpg / cfly{s Ifltsf] k"lt{ ug{ Pp6f

Joj:yfsf] l;h{gf rflx“ u¥of], Tof] g} aLdf xf]1. ;du|df hLjg of

lghL{jg aLdfdf gf]S;fgsf] Ifltk"lt{n] g} k|d'v dxŒj /fVb51. cem ;"Id

¿kdf cWoog ug]{ xf] eg] aLdfsf] jx'cfoflds kIfx¿ 5g\1. hf]lvdsf

sf/0fn] x'g] 8/ tyf lrGtfnfO{ Iflt x'g' cufl8 jf k5fl8 aLdfn] ;dfKt

kfb{51. clu|d aLdfz'Ns ;+sng x'g] x'gfn] k"“hL nufgL / sf]if lgdf{0fdf

aLdf pBf]u dxŒjk"0f{ >f]t xf]1. To;}n] b]zsf] cfly{s ljsf;df o;n]

6]jf k'¥ofp“b5 clg /f]huf/sf] l;h{gf klg ub{51. aLdf sDkgLx¿n]

hf]lvd :jLsf/ u/]sf Iflt /f]syfd sfo{qmddf ;lqmo ;xefuL x'G5g\1.

o;af6 k|ToIf jf ck|ToIf b'j} Ifltdf sdL cfp“51. pTkfbgzLn sfo{df

nufgL x'“bf d'b|f:kmLltaf6 cfpg] gsf/fTds k|efjaf6 ;dfh ;'/lIft

x'G51. b}jL k|sf]k, dxfdf/L, o'4 d[To', a]/f]huf/L h:tf sf/0fn] ljleGg

v/faL Nofp“5g\1. t/ aLdfn] ;dfhdf b]vfkg]{ To:tf hf]lvd lj?4

;+/If0f k|bfg u/]/ v/faL cfpg lbGg1. oL ljljw sf/0fn] ljZjsf

clwsf+z d'n'sdf sf/vfgf dhb"/, j}b]lzs /f]huf/L, ofq' cflbsf nflu

aLdf clgjfo{ ul/Psf] kfOG51.

lgisif{df, hf]lvd Joj:yfkgs} lglDt s'g} g s'g} lsl;dsf] aLdfsf]

:j¿k ePsf] lyof] / gof“–gof“ wf/0ffx¿ ljsl;t eO/x]sf 5g\1. cfhsf]

j}1flgs o'udf cfOk'Ubf cg]s k|sf/sf hf]lvdn] lgDTofPsf s7fª\lu|g]

lxp“b ;fk]If agfp“b} w]/} sf“r'nL km]l/;s]sf] ePklg, aLdf, kl/l:ylt;“u

ldt]/L nufpg] >[hgzLn dfgj dl:tissf] pkh g} xf]1. ;DefJotfsf]

l;4fGtdf cfwfl/t ePklg aLdf h'jf xf]Og1. ljsl;t d''n'sx¿df hLjg

/ ;DklQsf] aLdf gul/Pdf of] ckf¨ xf]Og d's'{§f x'G5, elgG51. k|s[ltn]

xf];\ of zlQmsf] xf]8n], lglZrttf / ;'vdo hLjgsf] nflu dl/d]6] klg

dflg; / l;+uf] ;+;f/ lbglbg} clglZrttfsf] aGbL eO/x]sf] 5, xfdL

s'lx/f]sf] sfuem}+ cGof]nu|:t x'g ljjz 5f}+1. hf]lvd hGdfpg] s'/fx¿sf]

d"n km'l6/x]sf] 51. o:tf] kl/j]zdf hf]lvd Joj:yfkgsf] lglj{sNk ;fwg

g} aLdf xf], of] k|To]ssf] clgjfo{ cfjZostf alg;s]sf] 5, ;a}nfO{

r]tgf eof1.

;Gbe{ ;fdfu|Lx?M!= v8\sf z]/h+u, l;+x XbojL/, a}+ls· tyf aLdf, Pl;of klAns];G;,

@)^#1.

@= Mehrg Robert I., Irmin Ricard Do., Inc, Fundamental of

Insurance, L linois Homewood 1986.

#= Rejda George E., Principal of Risk Management and Insurance,

Pearson Educational Delhi.

$= :dfl/sf, aLdf ;e]{o/ ;+3, @)^#

%= /fli6«o aLdf ;+:yfg, lghL{jg tyf hLjg aLdf Joj;fosf] lrgf/L,

@)%^

^= e§/fO{, /d]z /fhM cof{n, z]v/ s'df/≤ e§/fO{, clgn /fh≤ aLdf

;ldlt, lnDa" a;Gt (Alico), hLjg aLdf clestf{sf] cfwf/e"t

tfnLd @)^#R.

&= aLdf ;ldlt, aLdf ;ldlt / ;dfrf/, ljleGg cÍx¿1.

*= Brochure, National Life and General Insurance Comnany Ltd.

❐

aLdf ;ldltrfjlxn, sf7df8f}+

kmf]g g+= $$^&!!*, $$^((*(

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}+ .

15

ljrf/

� rGb| l;+x ;fpb*

g]kfndf df]6/ aLdf Joj;fo

Ps r'gf}tLPs r'gf}tL

s' g} klg b]zsf] cfly{s ljsf;sf] k"jf{wf/sf] ¿kdf oftfoftsf]

ljsf;n] dxŒjk"0f{ :yfg cf]u6]sf] x'G51. xfd|f] h:tf] e"kl/j]li7t

d'''n'sdf hndfu{sf] s'g} u'Ghfo; gePsf] x'“bf ;8s tyf xjfO{ oftfoft

g} d'Vo ;jf/Lsf ;fwgx¿ k|of]u ug{ ;Sg] dfu{x¿ x'g cfp“b5g\1. cem

xjfO{dfu{sf] nflu x/]s :yfgdf vf;ul/ kxf8L e]udf wfjgdfu{ agfpg

sl7g tyf Hofb} vrf{n' x'g] / o;sf] ef8fb/ dx“uf] kg{ hfg] ePsf]

sf/0fn] Jojxfl/stfdf ;8s oftfoft g} cToGt dxŒjk"0f{ ;fwgsf]

¿kdf /x]sf] 51.

;8s oftfoftdf ;jf/Lsf ;fwgx¿ b'3{6gfu|:t e} wghgsf] 7"nf]

gf]S;fgL ePsf] ;dfrf/ lbgx'“ /]l8of], 6]lnlehg kq–klqsf dfkm{t\ xfdL

;'lg/x]sf x'G5f}+1. xfd|f] b]z hxf“ ;8s Hofb} ;f“3'/f] x'g', ;8ssf] t'ngfdf

;jf/L ;fwgx¿sf] rfk a9L x'g', gof“ l;sf? Pj+ dfbskbfy{ ;]jg u/L

8«fOle¨ ug]{ 8«fOe/ x'g', ;8sx¿ ;dod} dd{t gx'g', ;8sdf cJojl:yt

lsl;dn] kz'k+IfL, 3/ 6x/f Pj+ k;nx¿ /xg', ;jf/L ;fwgx¿ w]/}

k'/fgf x'g' cflb sf/0fn] ;8sx¿df b'3{6gf x'g ;Sg] ;Defjgf Hofb}

/xG51. o:tf b'3{6gfsf sf/0fn] ;jf/L ;fwgsf ;fy} ofq', rfns / t];|f]

kIfsf] ;DklQsf] klg xfgL–gf]S;fgL x'g] ePsf] x'“bf b'3{6gfsf] sf/0faf6

x'g] cfly{s Ifltaf6 ;'/lIft x'g' lgtfGt cfjZos x'G51. cGoyf b'3{6gfsf]

sf/0f ;jf/L dflnssf] lbjfnLof x'g ;Sg] ;Defjgf /xG51. t;y{

k|ydtM b'3{6gfsf] /f]syfd ug{ clt h¿/L x'G51. /f]syfdsf pkfox¿

JolQmut tyf /fli6«o :t/df ckgfpg' plrt x'G5 / o:tf pkfox¿

ckgfp“bf x'g ;Sg] b'3{6gfsf] sf/0f Ifltk"lt{sf nflu aLdf g} plrt

;fwg x'g cfp“51. t/ cfhef]ln aLdf ahf/df ;jf/L ;fwgx¿sf]

b'3{6gf cTolws a9\g uO{ aLds -aLdf sDkgL_ / aLldt -aLdf ug]{

JolQm_ b'j} kIf dsf{df kg]{ / c;Gt'i6 /xg] u/]sf] b]lvG51. h;n] ubf{

bL3{sfndf o;n] ;du| b]zsf] cy{ Joj:yfnfO{ g} 7"nf] c;/ kfg{ ;Sg]

nIf0fx¿ b]lvg z'¿ ul/;s]sf] 51. xfn cfP/ Joj;flos ;jf/Lsf

;fwgx¿sf] aLdf ug{ aLdsx¿ kl5 x6\g' kg]{ cj:yfsf] l;h{gf ePsf]

b]lvPsf] 51. o:tf Joj;flos ;jf/L ;fwgx¿sf Joj;flox¿

aLdsx¿;“u ;Gt'i6 g/x]sf] kl/l:ylt / aLdsx¿ aLldt;“u ;Gt'i6

gb]lvPsf] kl/l:yltn] sxL“ g sxL“ o; Joj;fosf] s]xL g s]xL sdL

sdhf]/Lx¿ /x]sf] x'g ;Sb5 h;n] ubf{ aLds / aLldtdfq xf]Og aLdf

Joj;fonfO{ lgodg ug]{ lgsfo aLdf ;ldlt Pj+ g]kfn ;/sf/nfO{ klg

c;/ kg]{ b]lvG5 lsgeg] Psflt/ g]kfn ;/sf/n] aLdf geO{ ;jf/L

;fwgsf] ;jf/L Ohfhtb]lv cGo ;/sf/L k|lqmofut sfuhftx¿ k|bfg

gug]{ csf]{lt/ zflGt ;'/Iff k|bfg ug{ c;dy{ /xg] cflb sf/0fn] ubf{

lghL nufgLaf6 ;jf/L Joj;flox¿nfO{ kSs} klg 7"nf] gf]S;fgL Joxf]g'{

kg]{ b]lvG5 h;af6 pQm Joj;flonfO{ dfq gf]S;fg geO{ k|ToIf ¿kdf

a}+s jf ljQLo ;+:yfnfO{ gf]S;fgdf kfb{5 eg] ck|ToIf ¿kdf /fi6«sf]

;du| cy{ Joj:yfnfO{ g} tx;gx; gagfpnf eGg ;lsb}g1.

jt{dfg df]6/ aLdf Joj;fonfO{ dof{lbt, e/kbf]{, ljZjfl;nf], pko'Qm

gf]S;fgLsf] Ifltk"lt{ Pj+ pko'Qm df]6/ aLdf Joj;fo agfO{ aLldt,

aLds, aLdf ;ldlt Pj+ g]kfn ;/sf/nfO{ ;du| /fi6«sf] cy{ Joj:yf

cufl8 a9fpg ;xof]u k'uf];\ eGg] clek|fon] o; If]qsf sdL sdhf]/Lx¿

/ o;sf ;dfwfgsf pkfox¿ d}n] sfo{:yndf Jojxfl/s ¿kdf b]v]sf],

ef]u]sf] / ;'g]sf] cfwf/df lgDg cg';f/ juL{s/0f ug{ rfxG5'1. t/ o:tf

;d:ofsf ;a't k|df0fx¿ n]vs;“u gePsf] s]jn o; If]qnfO{ dof{lbt

agfpg s]xL ug{ ;lsG5 ls egL w]/} aLdf sDkgLdf sfo{/t JolQmx¿,

;e]{o/x¿ / aLldltx¿;“u cgf}krfl/s ¿kdf s'/fsfgLsf cfwf/df

o;nfO{ k|sfzg;Dd k'¥ofO{ w]/ yf]/ hlt eP klg ;DalGwt kIfnfO{ 6]jf

k'uf];\ eGg] dg;fon] dfq tof/ ul/Psf] xf] . s;} s'g} JolQm jf ;+:yf;“u

d]n vfPdf ;+of]u dfq x'g]51.

df]6/ aLdf Joj;fosf ;d:ofx¿M

!= aLdsx¿sf tkm{af6

@= aLldtx¿sf tkm{af6

#= ;e]{o/x¿sf tkm{af6

$= aLdf ;ldlt / g]kfn ;/sf/sf tkm{af6

!= aLdsx?sf tkm{af6M

s_ g]kfnsf] ;Gbe{df o; pBf]udf tLj| k|lt:kwf{sf] sf/0fn] cfgf]Joj;flos sf/f]jf/ a9fpg] p2]Zon] ahf/df s]xL sDkgLx¿sfaLrdf c:j:y k|lt:kwf{ x'g uof]1. kl/0ffd :j¿k aLdf ;ldltn]lbPsf gLlt lgb]]{zgx¿sf] ;xL ¿kdf kfngf gu/L s]xL sDkgLx¿n]ljleGg lsl;dsf oftfoft Joj;foLx¿;“u uf]Ko ;Demf}tfx¿u/L aLdfb/ eGbf sd b/df Joj;foLx¿nfO{ ljleGg lsl;dsf5'6x¿ lbO{ aLdf Joj;fo u/]sf sf/0fn] clxn] bfjL kbf{aLdsx¿nfO{ bfjL e'QmfgLdf c;xhtf b]lvPsf] kfOG5 h'g aLdfsf]l;4fGt ljkl/t ePsf]n] b'j} kIfnfO{ c;/ kg{ uof]1.

v_ s'g}–s'g} aLdf sDkgLsf] bfjL ljefudf sfo{/t sd{rf/Lx¿ k]z]j/geO{ Jofkf/L aGg rfxg] k|j[lQsf] ljsf; ug{ vf]h]sf sf/0fn]6f7faf7f JolQmx¿n] Jofkf/ ug{ vf]Hg] / OdfGbf/ JolQmx¿ kLl8taGg k'u]sf] sf/0fn] df]6/ aLdf Joj;fodf ljs/fn ;d:of b]lvgvf]h]sf] xf]1.

u_ aLdf sDkgLx¿n] hf]lvd Joj:yfkg ug{ g;s]sf] sf/0fn] klg;d:of k/]sf] b]lvG51.

3_ df]6/ / bfjL;DaGwL bIf hgzlQmsf] cefj x'g'1.ª_ b'3{6gfu|:t ;jf/L ;fwg ;dod} jf b'3{6gfu|:t :ynd} jf tTsfnLg

¿kd} lg/LIf0f ug{ g;Sg'1.

* g]kfn OG:of]/]G; s+= ln= ;+u ;Da4 x'g'x'G5 .

16

r_ df]6/ aLdfdf Joj:yfkg vr{ 36fpg g;Sg'1.

5_ gf]S;fgLsf] d"NofÍg ug{ ;e]{o/sf] k|df0f–kq dfq x]/]/ ;e]{o/sf]

lgo'lQm ug]{ h'g k4lt 5 Tof] cToGt cJojxfl/s b]lvG5 ejg

;DaGwL ljz]if1tf xfl;n u/]sf] JolQmnfO{ df]6/sf] gf]S;fgLsf]

d"NofÍg ug{ k7fOG5 eg] To;df k"0f{tf sxf“, slt / s;/L

/xnf < To;}n] ;e]{o/sf] ljz]if1tfsf] h'g If]qsf] ;e]{o/ xf] ;f]xL

If]qdf lgo'lQm ug'{kg]{ cToGt cfjZos 5, t/ o;sf nflu ljutsf]

sfo{ cg'ejnfO{ klg cfwf/ lng'kg]{ x'G51. To;} u/L aLdsx¿;“u

k|fljlws hgzlQmsf] cefj klg b]lvG5 h;n] ubf{ ;e]{o/ dfly

e/ kg'{ l;jfo csf]{ ljsNk b]lvb}g h;af6 k"0f{tf, z'4tf, lgk"0f{tf

/ jf:tljstfsf sdL sdhf]/Lx¿ k|z:t dfqfdf b]lvg cfp“5g\1.

h_ hgzlQmx¿sf] Ps OsfO{ -ljefu jf sfof{no_ ;?jf k|0ffnL

k|efjsf/L x'g g;Sg'M ;w}+ Pp6} ljefu jf sfof{nodf sfo{/t

/x“bf cfg} k|sf/sf] ;~hfn tof/ ePsf] x'G5 h;n] ubf{ bfjL

k|lqmofdf of] ;~hfn ;nanfpg yfN5 / ;d:ofsf ¿kdf v8f

x'G51. Toltdfq xf]Og ;w}+ Pp6f ljefudf dfq sfd ubf{ Psn]

csf{sf] sfo{ cg'ej ;“ufNg gkfP/ p;sf sdL sdhf]/Lx¿ csf]{n]

yfxf kfpg sl7g x'gfsf ;fy} k]z]j/ hgzlQm pTkfbgdf ;d]t

c;/ kb{51.

em_ aLdsx¿n] hgzlQm Joj:yfkgdf sfo{bIftf, of]Uotf, lg/Gt/tf,

OdfGbfl/tf Pj+ k]zfut ¿kdf bIf hgzlQm pTkfbgdf nufgL

ug{ g;Sg'M bIf hgzlQm egf{ / 5gf}6 ug'{ eg]sf] pTkfbgzLn

;+:yfsf nflu sRrfkbfy{ vl/b u/] h:t} xf] h;/L sRrf kbfy{nfO{

ljleGg k|lqmofut 9+un] cw{lgld{t / lgld{t j:t'df kl/0ft u/L

ahf/df laqmL ljt/0fsf ljleGg dfWodx¿sf] 5gf}6 u/L laqmL

ljt/0f ul/G5 To;}u/L ;]jfd'vL ;+:yfdf klg bIf hgzlQmsf]

5gf}6 / egf{sf ;fy} ljleGg k|lqmofut tflnd, ;]ldgf/ / uf]li7sf

;fy} ljifout ¿kdf ljleGg ljefu Pj+ sfo{ut k|of]ufTds

tflndsf] Joj:yf ug{ ;s]df kSs} klg bIf / k]z]j/ hgzlQm

tof/ x'g] / To;af6 ;+:yfn] /fd|f] k|ltkmn k|fKt ug{ ;Sg] b]lvG51.

`_ aLldtx¿n] aLdsx¿ lk|ldod lng] a]nfdf ;lhnf] u/L cfpg] t/

bfjL ltg]{ a]nfdf efUb} lx“8\g] ub{5g\ eGg] ePsf]n] o;sf] ;dfwfgsf

nflu aLdssf] tkm{af6 ahf/Ls/0f ug]{ ljsf; clws[tx¿nfO{

;To tYosf cfwf/df aLldtnfO{ ;a} s'/fsf] hfgsf/L u/fP/ dfq

aLdf Joj;fo ug{ nufpgsf ;fy} o;sf] ;dfwfgsf] nflu ;a}

aLdsx? rgfvf] e} sf/0f kQf nufO{ ;dfwfgsf pkfox¿sf]

;dfwflt/ nfUgsf ;fy} g]kfn aLdf ;+3 / lgK;n] klg kxn

ug'{kg]{ b]lvG51.

@= aLldtx?sf tkm{af6 M

aLldt eGgfn] df]6/ aLdf ug]{ JolQm jf ;+:yfnfO{ a'emfp“51.

g]kfnsf] ;Gbe{df aLldtx¿df aLdf u/fp“bf s'g k|sf/sf] aLdfn]v

vl/b ug]{ xf] s'g–s'g hf]lvdx¿ pQm aLdfn]vdf ;dfj]z x'G5g\ < bfjL

kbf{ s]–s;/L Ifltk"lt{ kfpg ;lsG5 h:tf lgod sfg"gsf af/]df

aLdfn]vx¿sf] cWoog ug]{ afgLsf] ljsf; ePsf] sd} kfOG51. aLdf

u/fp“bf s;/L Go"gtd lk|ldoddf aLdfn]v hf/L u/fpg ;lsG5 egL

vf]hLgLlt ug]{ sfo{ u/]sf] b]lvG5 eg] bfjL k/]sf] j]nfdf s;/L a9L

eGbf a9L Ifltk"lt{ ug]{ eGg] dfq xf]Og a9L eGbf a9L dflh{g lng

;lsG5 eGg] ;f]r s]xL oftfoft If]qdf cfj4 k]z]j/x¿sf] ;f]r /x]sf]

b]lvG5 h;n] ubf{ of] df]6/ aLdf Joj;fosf] If]qdf ljs/fn ;d:ofsf]

l;h{gf ePsf] kfOG5 t/ o; If]qdf OdfGbf/ JolQmx¿n] jf:tljs

¿kdf Ifltk"lt{ kfpg lgs} g} sl7gfO{ k/]sf] sf/0fn] o:tf] k|j[lQ clwsf+z

Joj;flox¿sf] /x]sf] sf/0fn] aLldtx¿n] z+sf:kb ¿kdf ;a}nfO{ o;/L

x]g'{kg]{ jfWotf /x]sf] 51. aLdfnfO{ Ifltk"lt{sf] dfWodsf] ¿kdf gx]/L

Joj;fosf] ¿kdf x]g]{, gof“ ;jf/L ;fwg / k'/fgf ;jf/L ;fwgnfO{ Pp6}

>]0fLdf /fvL bfjLsf] Ifltk"lt{sf] dfu ug]{, 3fOt]x¿sf] pkrf/ vr{

;DaGwL cfjZos ;k|df0f k|dfl0ft ug{ sl7gfO{ pTkGg x'g], lkl8t kIfn]

Ifltk"lt{ jf:tljs ¿kdf kfpg g;Sg], jf:tljs IflteGbf w]/} g} a9Lsf]

aLn jf sf]6];gx¿ k]z ug]{, b'3{6gf ePsf] ;jf/L ;fwg ;dod} tTsfnLg

cj:yfdf g} lg/LIf0f gu/fpg], b'3{6gfsf sf/0fn] gf]S;fg ePsf] dfq

Ifltk"lt{sf] dfu gul/ klxn] ;fdfGo cj:yfdf 6'6km'6 ePsf] kf6{k'hf{sf]

klg bfjL ug]{, rfnsx¿sf] kl/jt{g u/L /fVg], rfnsx¿nfO{ dgf]j}1flgs

¿kdf bjfadf /flv /fVg], a9L eGbf a9L ef8f cfh{g ug]{ hlxn] klg

rf“8f] eGbf rf“8f] ;jf/L s'bfpg k|]l/t ug]{, ;e]{o/ / aLdssf

sd{rf/Lx¿nfO{ wDsfpg] jf cfly{s k|nf]egdf kf/L a9L eGbf a9L

kmfObf lng rfxg], aLdf sDkgL eg]sf ;a} v/fa} x'g\ eGg] h'g gs/fTds

;f]rsf] ljsf; ePsf] 5 To;n] o:tf k|j[lQsf] lgoGq0f ug'{ g} ;d:ofsf]

;dfwfg x'g ;Sb51.

#= ;e]{o/x?sf] tkm{af6 Ms_ ;e]{o/ eg]sf] aLds / aLldltsf] aLrdf /x]/ k'nsf] sfd ug]{

JolQm jf ;+:yf xf]1. To;}n] b'j} kIf Pj+ aLdfn]vsf s/f/sf]

cfwf/df b'j} kIfnfO{ k|i6 ¿kn] :jtGq ¿kdf dfGo x'g] u/L

d"NofÍg ug'{kg]{ x'G5 . t/ sltko bfjLx¿df Tof] geO{ k]zfut¿kdf

d"NofÍg gu/L Joj;flos ¿kdf d"NofÍg u/]]sf] x'g ;Sb51. hxf“

;e]{o/ k]z]j/ geO{ ;e]{sf] sfdnfO{ Joj;fo jf Jofkf/sf ¿kdf

x]l/G5 Toxf“ aLds / aLldtsf aLrdf ;dembf/L geO{ c;dembf/L

eO{ b'j} kIfnfO{ bL3{sfndf c;/ kg]{ u/L d"NofÍg ug]{ sf]lz;

ul/G5 eg] Toxf“ of] If]qdf ljs/fn kl/l:yltsf] l;h{gf x'g hfG5,

Jojxf/df aLldtx¿s} zAbdf eGbf ;e]{o/nfO{ gldnfO{ bfjL ;lsb}g

eg] ;f]r h'g aLdf ahf/df df]6/ aLdf Joj;foLx¿ elg/x]sf

5g\ Tof] kSs} klg ;a}n] To;} eg]sf xf]Ogg\ . o:tf] s;/L x'g uof]

s–s;n] o:tf] u/]sf] 5, o;sf] l5gf]kmfgf] ug]{ lgsfo sf] xf] <

s;n] ph'/ ug]{ < k|df0f s;n] pknAw u/fpg ;Sg] < k|df0f ljgf

df}lvs ¿kdf dfq eg]sf] s'/fdf ;Totf slt 5 < ;e]{o/;“u lrQ

ga'em]/ eg]sf] xf] ls < ;f“lRrs} ePs} xf] Joj;flosn] g} Tof] eGb}

5 eg] p;n] lsg ;e]{o/nfO{ k|nf]egdf kfb}{51. aLldtn] klg

OdfGbfl/tf b]vfPsf] 5 ls 5}g < aLdsn] o; af/]df hfgsf/L

af“sL k[i7 @@ df

17

� j;Gt /fh l;Ub]n*

;+:yfut ;'zf;gsf s]xLcfwf/e"t kIfx?cfwf/e"t kIfx?

* g]kfn a}+s ln= ;+u ;Da4 x'g'x'G5 .

!= k[i7e"dL

kl/jt{gzLn ;dfhsf cfjZostfx¿ k"lt{ ug{sf nflu ;+u7gx¿n]

klg cfgf] p2]Zo, lqmofsnfk sfo{k|lqmof tyf ;+:yfut ;+/rgfdf

;do;fk]If kl/jt{g ub}{ cfPsf 5g\1. ljZj ahf/ qmdzM pbf/Ls/0f

tyf e"d08nLs/0f tkm{ cu|;/ /x]]sf] jt{dfg cj:yfdf k|lt:kwf{Tds

nfesf If]qx¿ klxrfg u/L tb\g'¿k k|efjsf/L /0fgLltsf] 5gf}6 /

sfof{Gjog ug{ ;s]df dfq ;+u7gsf] eljio ;l'glZrt x'g ;Sb51.

;+u7gsf] bz{g (Organizational Philosophy) tyf /0fgLlts Joj:yfkgn]

p;sf lqmofsnfkx¿nfO{ lgb]{lzt ub{51. Joj;flos ;+:yfx¿n] u|fxs,

nufgLstf{ tyf cGo ;/f]sf/jfnfx¿sf] xslxt ;'lglZrt ub}{ cfly{s

ljsf;df ;xof]u k'¥ofpg ;Sg' kb{5 eGg] s'/fdf b'O{ dt x'g ;Sb}g1.

;+u7gx¿nfO{ pQ/bfoL, hjfkmb]xL / ultzLn agfO{ ;fdflhs–cfly{s

ljsf;df of]ubfg ug]{ jftfj/0f agfpg /fli6«o tyf cGt/f{li6«o :t/df

ljleGg sfg"gL k|fjwfgx¿, ;Demf}tfx¿ tyf ;fd"lxs k|lta4tf / pTs[i6

cEof;x¿ (Code of Best Practices) sf] dfWodaf6 ;f+u7lgs

lqmofsnfkx¿nfO{ Pp6f ;j{dfGo k|lqmof / k|0ffnLdf cfa4 ug]{ k|of;x¿

x'“b} cfPsf 5g\1. To;sf] sfo{If]q / k|f¿k (Modalities) eg] ;DalGwt

b]zsf] cy{tGq clg ;fdflhs d"No / dfGotf cg'¿k km/s / kl/jt{gzLn

x'g ;S5g\1. ;+:yfut ;'zf;g klg o:t} p2]Zo k|flKtsf nflu ljsl;t

Ps cjwf/0ff xf]1.

@= ;+:yfut ;'zf;g (Corporate Governance) s] xf] <

;'zf;g zAbn] a[xt\ cy{df /fHon] hgtfnfO{ k|bfg ug]{ j:t', ;]jf

tyf ;'ljwfx¿ ;]jfu|fxL ju{sf] dfu cg'¿k pknAw u/fpgsf nflu

;fj{hlgs k|zf;gnfO{ pTkfbgzLn, l56f]5l/tf], kf/bzL{, ldtJooL,

;]jfd'vL, cu|;/ tyf pQ/bfoL agfpg] sfo{ tyf tT;DaGwL ;Dk"0f{

k|lqmofx¿nfO{ hgfp“51. t/ ;+:yfut / ;"Id b[li6sf]0faf6 x]bf{ ;+:yfut

;'zf;g ;+u7gsf] Joj:yfkg, ;~rfns ;ldlt, c+lzof/x¿ tyf cGo

;/f]sf/jfnfsf] pQ/bfloTj tyf clwsf/;“u ;DalGwt x'G51. of] ;+:yfut

;'zf;gsf] cfGtl/s kIf xf]1. jf≈o kIf cGtu{t eg] k|lt:kwf{Tds

ahf/, j:t' tyf ;]jf ahf/, Joj;flos tyf k]zfut k|ltlglwx¿ (Repu-

tational Agents) cflb kb{5g\1.

sltko Joj:yfkgljb\ tyf cy{zf:qLx¿n] ;+:yfut ;'zf;gnfO{

;f3'“/f] cy{df kl/eflift u/]sf] kfOG51. h; cg'¿k ;+:yfut ;'zf;g

eg]sf] ;+u7gsf ;~rfns (Directors) tyf n]vfk/LIfsx¿ (Auditors)

sf] z]o/wgLx¿ k|ltsf] bfloTj xf]1. csf]{tkm{ s]xLn] ;+:yfut ;'zf;gnfO{

z]o/xf]N8/ cyf{t\ c+lzof/x¿sf] k|hftGq (Shareholders Democracy)

sf] kof{osf] ¿kdf JofVof u/]sf 5g\1. cy{zf:qL Milton Freidman n]

cfwf/e"t ;fdflhs lgodx¿ hf] :yfgLo rfnrng, tyf sfg"gL k|fjwfgsf

¿kdf d'vl/t x'G5g\, ltgnfO{ Wofgdf /fvL a9L eGbf a9L df}lıs nfe

xfl;n ug{ ;+u7gsf :jfdL cyf{t\ c+lzof/x¿sf] OR5f cg'¿k Joj;fo

;~rfng ug'{ g} ;+:yfut ;'zf;g xf] eg]sf 5g\1. oL cjwf/0ffn] ;+:yfut

;'zf;gnfO{ Joj:yfkg Ph]G;L ;DaGw (Management agency

Relationship) df dfq ;Lldt ub{51. t/ ;f+u7lgs ljsf; qmddf

;'zf;gsf] ;+:yfsf] df}lıs nfenfO{ dfq gx]/L a[xQ/ ;fdflhs lxtsf

nflu Joj;flos ;+u7gx¿n] g}lts, Gofof]lrt / lhDd]jf/ ¿kdf cfly{s

lqmofsnfkx¿ ;~rfng ug'{ g} kg]{ s'/fdf a9L hf]8 lbPsf] b]lvG51.

;dsfnLg Joj;flos jftf/0fdf w]/}h;f] ljsf;zLn cy{tGqsf

nflu gf}nf] cjwf/0ff / ljifoj:t'sf ¿kdf /x]sf] ;+:yfut ;'zf;gsf]

;j{dfGo kl/efiff ge]l6P tfklg c+lzof/, sfdbf/, cfk"lt{stf{, u|fxs

;a}sf] lxtsf] ;+/If0f ub}{ ;du| cy{tGqsf] ;Da[l4sf lgldQ ;+:yfut

;'zf;gnfO{ p2]Zo, ljifoj:t', k|lqmof tyf ;+oGqsf ¿kdf kl/eflift

ug'{kg]{ s'/fdf ;a}sf] Psdt /x]sf] kfOG51.

ljZj a}+ssf tTsfnLg k|d'v J. Wolfensohn n] ;+:yfut ;'zf;g

zAb ;+:yfut lqmofsnfkx¿df :jR5tf (Fairness), kf/bzL{tf

(Transparancy) tyf hjfkmb]xLtf (Accountability) sf] k|a4{g;“u

;DalGwt x'g] wf/0ff JoQm u/]sf 5g\1. cfly{s ;xof]u tyf ljsf;sf

nflu cGt/f{li6«o ;+u7g (Organization for Economic Co-operation

and Development, OECD) n] ;+:yfut ;'zf;gnfO{ k|0ffnL b[li6sf]0faf6

JofVof u/]sf] 51. h;cg';f/ ;+:yfut ;'zf;g Ps To:tf] k|0ffnL xf]

h;åf/f Jofj;flos ;+u7gx¿ lgb]{lzt / lgolGqt /xG5g\1. To:tf]

;+/rgfn] ;+:yfleqsf ljleGg ;xefuLx¿ h:t} ;~rfns ;ldlt

Joj:yfkg / cGo ;/f]sf/jfnf ;d"xsf aLr x'g] pQ/bfoLTj tyf

clwsf/ af“8kmf“8sf ;DaGwdf atfp“5 / ;+:yfut lqmofsnfkx¿df x'g]

lg0f{o k|lqmofsf nflu cfjZos lgod tyf sfo{ k|lqmofx¿ pNn]v

ub{51. o;f] u/]/ ;+:yfut ;'zf;gn] To:tf] ;+/rgf klg tof/ ub{51.

h;af6 ;+u7gsf p2]Zox¿ to ul/G5g\ / tL p2]Zo k|flKtsf lgldQ

cfjZos ;|f]t / ;fwgsf] klxrfg, ;f]xL kl/rfng clg sfo{;Dkfbgsf]

cg'udgaf6 sfo{ Ifdtf clea[l4 ug]{ k|of;x¿ x'G5g\1.

#= ;+:yfut ;'zf;g lsg dxTjk"0f{ 5 <

;+:yfut ;'zf;g ljsf;qmdnfO{ x]bf{ o;sf] ;DaGw ;+:yfut

ljkmntf (Corporate Failue), cg}lts Joj;fols cEof;x¿ (Unethical

18

Business Practices) tyf ;+:yfut ;fdflhs pQ/bfloTj (Corporate

Social Responsibility) af]wsf] cefj h:tf ;jfnx¿ / tLgn] ;[hgf

u/]sf] gsf/fTds kl/0ffdx¿;“u /x]sf] b]lvG51.

ljZjsf w]/} ;+:yfut ljkmntfx¿dWo] tYok"0f{ ¿kdf pNn]lvt

klxnf] k|s/0f ;g\ !&)) sf] z'?df a]nfotsf] ‘South Sea Bubble’

k|s/0fnfO{ lnOG51. h;n] a]nfotdf Joj;flos sfg"gL ;+/rgf tyf

cEof;x¿df qmflGtsf/L kl/jt{g NofPsf] lyof]1. To:t} ;g\ !(@( df

cd]/Lsfsf] :6s ahf/ ;+s6 (Stock Market Crash) kZrft\ lwtf]kq

;DaGwL Jojl:yt sfg"gL ;+/rgf tof/ eof]1. ;g\ !(&) df a]nfotdf

b]lvPsf] a}+ls¨ If]qsf] ;+s6 b]lv lnP/ Pl;ofdf ljsf;f]Gd'v d'n'sx¿df

;do–;dodf b]lvPsf] ;+s6 tyf ;+:yfut ljkmntfn] gof“ k|0ffnL /

k|of;x¿ cfjZostf dx;"; eO{ tbg'¿k ;'wf/sf k|of;x¿ x'“b} cfPsf

5g\1.

:jR5 k|lt:kwf{, ljQLo ;'zf;g tyf k|efjsf/L /0fgLlts

Joj:yfkgsf cefjdf Joj;flos lqmofsnfkx¿ ;Lldt ju{sf] lxtdf

dfq s]lGıt x'g], d"Nojfg ;Lldt ;|f]t / ;fwgsf] b"¿kof]u x'g] tyf

;+u7gn] k|bfg ug]{ ;fdflhs nfe eGbf ;fdflhs nfut a9L eO{

a]ldtJooLtf (External Diseconomies) sf] l:ylt ;[hgf x'G51. o:tf]

cj:yfdf ;/sf/sf] lgodgsf/L e"ldsf a9L k|an x'g ;S5 / ljleGg

sfg"gx¿sf] cfjZostf dx;"; x'G51. kl/0ffd:j¿k cy{Joj:yf

gsf/fTds lx;fan] k|efljt x'g ;S51. csf]{ tkm{ ;+:yfx¿ slt ;kmn

¿kdf ;~rflnt 5g\ eGg] s'/fn] ahf/sf] ljZjf; (Market Confidence)

tyf ;+:yfsf] sfo{;Dkfbgdf k|efj kfb{51. t;y{ yk k"“hLsf] cfjZostf

ePsf ;+u7g / lghL nufgL k|a4{g ug{ rfxg] b]zx¿sf nflu klg

;+:yfut ;'zf;g cTofjZos x'G51. pTs[i6 sfo{;Dkfbgn] ;+u7gnfO{

/fd|f] cfh{g x'G51. kmn:j¿k nufgLstf{n] /fd|f] k|ltkmn k|fKt ub{5g\1.

To;n] gof“ nufgLstf{x¿nfO{ cfslif{t ub{5 / cGttM ;+:yfsf] l56f]

a[l4b/ (Faster Growth) sf nflu cfjZos ljQsf] kof{KttfnfO{ ;'lglZrt

ub{51.

;'zf;gsf] cefjdf Joj;flos ;+:yfx¿sf] sfg"gL tyf g}lts

d"Nox¿sf] ;Ldf pNnª\3g ug]{, ;|f]tsf] b'¿kof]u x'g] tyf ;fdflhs

nfut ;d]t a9\g] / ;Lldt ju{sf] dfq :jfy{ k"lt{ x'g] u/L Joj;flos

lqmofsnfkx¿ ;~rfng ug]{ ;Defjgf /xG5g\1. kl/0ffd:j¿k Psflt/

;fdflhs ck]Iffx¿ k"/f x'g ;Sb}gg\ eg] csf]{tkm{ k|lt:kwf{Tds nfesf

If]q tyf cj;/x¿sf] klxrfg / ;b'kof]u x'g g;sL ljQLo ;+s6

pTkGg x''G51. ;g\ !((& df blIf0f k"jL{ PlzofnL d'n'sx¿df b]lvPsf]

;+s6 tyf Enron, Xerox, Worldcom h:tf 7"nf cd]l/sL sDkgLx¿sf]

unt cEof; k|s/0f (Corporate Scandals) b]lv lnP/ ljsf;zLn tyf

cNkljsl;t /fi6«x¿df b]lvPsf] ;+:yfut ljkmntf ;'zf;gsf] cefjsf

HjnGt pbfx/0f x'g\1. t;y{ ;+:yfut tyf ;fdflhs :j:ytf clej[l4

u/L cy{tGqnfO{ ult lbgsf nflu ;+:yfut ;'zf;gsf] e"ldsf dxŒjk"0f{

/xG51.

$= ;+:yfut ;'zf;gsf d'Vo ;jfnx? (Corporate Gover-

nance Issues)

Joj;flos lqmofsnfkx¿nfO{ ;'zf;gsf] kl/lwleq ;~rfng u/L

lglb{i6 nIo xfl;n ug]{ l;nl;nfdf b]lvg] s]xL k|d'v d'2fx¿ jf ;jfnx¿

;+:yfut ;'zf;gsf] cfwf/sf ¿kdf /xG5g\1. ;+:yfut ;'zf;g s]jn

;+/rgfdf dfq geO{ ;+u7gsf] Joj:yfkg, tyf ;~rfns ;ldltsf]

b[li6sf]0f, OdfGbf/Ltf / Joj;flostfdf lge{/ ub{51. t;y{ ;+:yfut

;'zf;gn] d"ne"t ¿kdf sDtLdf tLgj6f ;jfndf Wofg s]lGıt ub{5–

gLlt lgod kfngf (Compliance) ;DaGwL, sfo{Ifdtf (Efficiency)

;DaGwL / hjfkmb]xLtf (Accountability) ;DaGwL1. oLgnfO{ ;+:yfut

;'zf;gsf l;4fGtsf ¿kdf ;d]t JofVof u/]sf] kfOG51.

s_ gLlt lgod kfngf ;DaGwL ;jfnx¿ (Compliance /Responsibility

Issues)

o; cGtu{t ;+:yfn] kfngf ug'{kg]{ sfg"gL tyf g}lts d"No (Ethics)

;DaGwL s'/fx¿ kb{5g\1. ;+:yfsf] q'l6k"0f{ lg0f{o k|lqmof tyf unt

/j}ofsf] sf/0f ;+:yfsf cfGtl/s jf aflx/L u|fxs tyf

;/f]sf/jfnfx¿sf] xfgL Joxf]g'{ kg]{ x'G51. ;+:yfn] Ps jf csf]{

¿kdf ug{ ;Sg] hfn;fhL, dxŒjk"0f{ hfgsf/L÷;"rgf n'sfpg],

;|f]t–;fwgsf] af“8kmf“8df e]befj, s/ 5Ng], gfkmf a9L jf sd

b]vfpg], ;DklQsf] cjd"Nog jf clwd"Nog ug]{, ;DalGwt ;/sf/L

lgsfox¿sf gLlt lgb]{zgx¿ tyf k|rlnt P]g lgodx¿ kfngf

gug]{ h:tf gsf/fTds ;+:yfut k|j[lQnfO{ /f]Sg' ;+:yfut ;'zf;gsf]

p2]Zo xf]1. t;y{ ;'zf;gn] gLlt lgod kfngf ug]{ ;DaGwdf :t/

lgwf{/0f ug]{ / To;sf] sfof{Gjog ;xL ¿kdf eP gePsf] cg'udg

ug]{ s'/f ;'lglZrt ub{51. of] g} ;'zf;gsf] Go"gtd cfjZostf

klg xf]1. ;+:yfut ;'zf;gdf g}lts d"Nosf] k|Zg dxŒjk"0f{ ¿kdf

cufl8 cfp“51. ;+:yfsf] lg0f{o k|lqmof tyf lqmofsnfk / Jojxf/df

x'g] cJoQm lsl;dsf k"jf{u|xx¿, cfg} ;d"xsf] dfq :jfy{ x]g]{

k|j[lQ, :jfy{df åGå tyf ;a} s'/fsf] h; lng vf]Hg] k|j[lQ /

lgotjz ;/f]sf/x¿sf] lxt k|lts"n x'g] sfo{x¿ ug]{ cflb g}lts

d"No;“u hf]l8Psf ;jfnx¿ x'g\1. t;y{ ;+:yfut ;'zf;gn] cg}lts

lg0f{o tyf Jojxf/x¿ lg¿T;flxt ug{df hf]8 lbG51. o; ;Gbe{df

Driscon tyf Hoffman sf] egfO{ dxŒjk"0f{ 5 – The marriage of

ethics and corporate governance is not just a romance. It is a

partnership oriented to the bottom-line with many compelling

reasons for the two discipline to stay together.

v_ sfo{Ifdtf ;DaGwL ;jfnx¿ (Effciency/Fairness Issues)

;+:yfut ;'zf;gsf] csf]{ kf6f] eg]sf] ;+:yfsf] sfo{;Dkfbg /

sfo{Ifdtf;“u ;DalGwt x'G51. pknAw ;Lldt ;|f]t / ;fwgx¿sf]

pRrtd pkof]u u/L ;|f]t–;fwg cfk"lt{x¿ (Resources Prov iders)

nfO{ a9L eGbf a9L k|ltkmn lbg ;Sg] Ifdtf Joj:yfkgn] /fVg'

kb{51. z]o/wgLx¿sf] bL3{sfnLg d"No clwsLs/0f (Long Term

Value Maximization) af6 dfq ;+:yfsf] a[l4 ;Dej x'G5 eGg]

19

cfw'lgs wf/0ffnfO{ b[li6ut ubf{ ljQLo, ahf/Ls/0f, cfGtl/s lgoGq0f

tyf gjk|jQ{g ;DaGwL s'/fx¿sf ;DaGwdf Joj:yfkgn] lng] lg0f{o

k|lqmof / Joj;fo ;~rfngsf ;du| tf}/–t/Lsfdf ;+:yfut

;'zf;gsf] cGt/j:t' cfa4 ug{ ;s]df dfq k|lt:kwf{Tds k|ltkmn

(Competitive Returns) k|fKt ug{ ;lsG51. t;y{ sfo{Ifdtf cyf{t\

;Ifdtf a9fpgsf lglDt Joj:yfkgn] ug]{ gLltut, k|lqmofut tyf

j:t'ut ;fy{s k|of;x¿ ;+:yfut ;'zf;gsf cfwf/zLnfsf ¿kdf

/x]sf x'G5g\1.

u_ hjfkmb]xLtf ;DaGwL ;jfnx¿ (Accountability Issues)

;+u7gsf d'Vo ;/f]sf/jfnfx¿sf] eljio jf efUo ;+:yfsf]

sfo{;Dkfbgdf lge{/ x'g] ePsfn] hjfkmb]xLtf ;DaGwL ;jfnn]

Joj:yfkgsf ;Dk"0f{ lqmofsnfkx¿ kf/bzL{ / hjfkmb]xL x'g'kg]{

cfjZostfsf] jsfnt ub{5g\1. o;n] ;+:yfut ;fdflhs pQ/bfloTj

(Corporate Social Responsibility) nfO{ klg ;d]6]sf] x'G51. jf:tjdf

;+:yfut ;''zf;g eg]sf] g} hjfkmb]xLtfsf] ;+/rgf (Structure of

Accountabiity) ePsf]n] ;+:yfsf ;~rfnsx¿ ;du| ;'zf;g

k|0ffnLsf] s]Gıdf /xG5g\1. ;~rfns ;ldltn] ljz]iftM ;+:yfsf]

lxtsf] ;+/If0f ub}{ cfgf z]o/wgLx¿k|lt / s]xL Joj:yfdf sfdbf/

tyf ;fx"\x¿k|lt k|ToIf ¿kdf hjfkmb]xL x'g'kb{51. ;+u7gsf] ;jf]{Rr

lgsfo ePsf] sf/0f uDeL/ gLltut ljkmntf b]lv lnP/ sd{rf/Lx¿sf]

vl:s“bf] dgf]an tyf OdfGbf/Ltf, Joj:yfkgsf lqmofsnfkx¿sf]

k|efjsf/L d"NofÍg / ;xL dfu{bz{gsf] cefj h:tf s'/fx¿df

;~rfns ;ldlt hjfkmb]xL x'G51. To;}u/L :jLs[t sfo{of]hgf,

cfr/0f tyf sfo{;Dkfbg dfkb08 cg'¿k pRr sfo{sf/L

Joj:yfkgsf sfo{;Dkfbgsf ;xL / kof{Kt hfgsf/L ;dod} kf/bzL{

pknAw u/fpg] sfo{df klg ;~rfns ;ldlt hjfkmb]xL /xG51.

%= ;+:yfut ;'zf;g ;+oGq (Corporate Governance Mechanism)

;'zf;g ;+oGqn] ;+:yfut ;'zf;gdf k|ToIf jf k/f]If ¿kdf cfa4

;a} tŒjx¿ (System Elements) aLrsf] cGt/;DaGw, cGt/lge{/tf

/ e"ldsfnfO{ kl/eflift ub{5 / tb\g'¿k Joj;flos lqmofsnfk

;~rfng ug{df dfu{bz{g ub{51. ;+:yfut ;'zf;gsf cfGtl/s

tyf jf≈o kIfx¿dWo] cfGtl/s k|]/0ff tŒjx¿ (Internal Incentives)

sf cfwf/df ljleGg b]zx¿df cfg} lsl;dsf ;'zf;g ;+oGq

lqmofzLn /x]sf] b]lvG51. cy{tGqsf] k|s[lt, Joj;flos lqmofsnfksf]

:t/ tyf ;/f]sf/jfnfx¿sf] rf;f], ;lqmotf cflbn] tL b]zsf ;'zf;g

;+oGq jf k|f¿kx¿sf] ljsf; / cEof;nfO{ k|efljt ub{51. cGt/f{li6«o

kl/b[Zodf cEof;df /x]sf s]xL k|f¿kx¿dWo] ;+:yfut ;'zf;gsf]

P¨nf] cd]l/sg k|f¿k (Anglo American Model of Corporate

Governance) ljsl;t tyf ljsf;f]Gd"v d'n'sx¿sf] ;+u7gx¿df

;d]t Jojxf/df /x]sf] kfOG51.

k|:t't k|f¿kn] To:tf] ;+:yfut ;+/rgfsf] k|ltlglwTj ub{5 h;df

c + lzof/x¿åf/f lgjflr {t ;~rfns ;ldltn] Joj:yfksLo

lqmofsnfkx¿sf] ;'k]/Lj]If0f ug]{ e"ldsf lgjf{x ub{51. z]o/wgLx¿

;fdfGotof ;~rfns ;ldltdfkm{t\ ;+:yfdf cfgf] lgoGq0f sfod ub{5g\1.

;~rfns ;ldltsf] d'Vo tLgj6f sfo{x¿ x'G5g\– k|ltlglwTj ug]{

(Representatiion), lgb] {zg ug] { (Direction) / ;'k/Lj]If0f ug] {

(Oversight)1.

;~rfns ;ldltn] Joj:yfksx¿sf] lgo'Qm / ;'k/Lj]If0f ug]{ sfo{

ub{5 eg] Joj:yfksx¿n] ;+:yfsf] b}lgs sfo{ ;~rfngsf nflu lhDd]jf/

/xG5g\1. sfg"gL k|0ffnLn] Pp6f ;+/rgfut ¿k/]vf k|bfg ub{51. To:t}

sd{rf/L, cfk"lt{stf{ tyf ;fx'÷nufgLstf{x¿ ;/f]sf/jfnf (Stakeholders)

cGtu{t kb{5g\1. o:tf] ;+/rgfdf ;~rfns ;ldltn] gLlt th'{df ub{5

/ Joj:yfkgn] To;sf] sfof{Gjog ub{51. ;~rfns ;ldltn] Ps ;'–

Jojl:yt ;"rgf k|0ffnL dfkm{t\ Joj:yfkgsf lqmofsnfkx¿ / :jLs[t

gLlt tyf sfo{qmdx¿ sfof{Gjogsf] cg'udg ug]{ ub{5 ;fy} cfgf

lgo'lQmstf{ cyf{t\ c+lzof/x¿sf nflu ahf/ ;+/rgfnfO{ Wofgdf /fvL

lglZrt k|ltkmn lbg] k|lta4tf ;d]t JoQm u/sf] x'G51.

;+:yfut ;'zf;gsf of] k|f¿k pRrtd pTkfbg, ljlgdo tyf

sfo{;Dkfbgsf nflu pko'Qm ;+/rgf jf ;+oGq dflgG51. t/ s]xL

cWoogx¿n] To:tf] ;+/rgfdf ;+:yfut nfut k|efjsf/Ltf sd x'g]

;+:yfut nufgLstf{x¿ (Institutional Investors) sf] nufgLsf] dfqf

cg'¿k sfo{Ifdtf k|efljt x'g] s'/f b]vfPsf 5g\1. ;+:yfut ;'zf;gsf

cGo k|f¿kx¿df hd{gL tyf hfkfgL k|f¿k dxŒjk"0f{ dflgG5g\1. hd{gL

k|f¿kdf ;~rfns ;ldlt ;'kl/j]If0f / Joj:yfksLo u/L b'O{ txdf

5'§ofOPsf] x'G5 / ;~rfns ;dltsf] u7g sfdbf/ tyf >d o"lgogaf6

%)∞ tyf clz+of/x¿af6 %)∞ sf cg'kftdf ul/G51. hfkfgL k|f¿kdf

eg] ;'k/Lj]If0f ;~rfns ;ldlt (Supervisory Board) / sfo{sf/L

Joj:yfkg (Executive Management) sf aLrdf cWoIf (President) sf]

e"ldsfnfO{ klg dxŒj lbOPsf] x'G51. To:t} C0fsf] dfqf a9L k|of]u ug]{

;+:yfut cEof; ePsf]n] o; k|f¿kdf ;~rfns tyf Joj:yfksx¿sf]

Shareholders(Owners)

Creditors

Stakeholders

Legal System

Board of Director(Supervisors)

Company

Cor

pora

te S

truc

ture

Officers(Managers)

Appoints & Supervisers

Managers

Elect

Own

Lien

Hold Stake

StrucrruralFramework

Anglo American Model ofCorporate Governance

20

lgo'lQm / ;'kl/j]If0f ug]{ sfo{df ;+:yfut a}+s/x¿sf] klg lg0ff{os

e"ldsf /xG51.

;+:yfut ;'zf;g ;+oGqsf jf≈o kIfx¿ cGtu{t lgodgsf/L P]g

sfg"g tyf dfkb08x¿, ljQLo k]zfut tyf k|ltlglwx¿ (Reputational

Agents) kb{5g\1.

^= ;+:yfut ;'zf;gsf lgb]{zs dfkb08 tyf pTs[i6 cEof;gd"gfx? (Corporate Governance Guidelines and codes

of best practices)

ljleGg b]zx¿df Toxf“sf] sfg"gL ;+/rgf, /fHosf] lgodgsf/L

e"ldsf, :6s PS;r]Ghdf ;"rLs/0f ug]{ lgodx¿ nufot ;fdflhs

dfGotfsf cfwf/df ;'zf;g ;DaGwL dfu{bz{g1tyf pTs[i6 cEof;

gd"gfx¿sf] ljsf; ePsf] x'G51. cGt/f{li6«o ;Gbe{sf] s'/f ubf{ a]nfotdf

Cadbury Committee Report, blIf0f clk|msfdf Kings Report, Sofgf8fdf

The Dey Report, cd]l/sfsf] (National Association of Corporate

Directors (NACD) sf dfu{bz{sx¿ cfly{s ;xof]u tyf ljsf; ;+u7g

(OECD) n] cl3 ;f/]sf l;4fGtx¿ clg ljleGg b]zx¿n] /fli6«o :t/df

ljsf; u/]sf pTs[i6 cEof;ut cfr/0fx¿ (Code of Best Practices)

cflbn] ;+:yfut ;'zf;gsf] ;'b[l4s/0fsf nflu ;~rfns ;ldltsf] cfsf/,

;+/rgf tyf e"ldsf, z]o/wgLx¿sf] clwsf/ tyf Joj:yfkg / ;~rfns

;ldltsf] sfo{If]qsf] ;LdfÍg h:tf ljifox¿df dfkb08 lgwf{/0f tyf

cfjZos dfu{bz{g k|bfg u/]sf 5g\1.

OECD n] ;/sf/x¿, lgodgstf{x¿ tyf ;+:yfut ;'zf;gsf]

:t/ lgwf{/0fsf nflu cGt/f{li6«o k|dfk (Benchmark) k|bfg ub{51.

ljsl;t tyf ljsf;f]Gd"v b'j} vfnsf cy{tGqdf gLlt lgdf{tfx¿n]

:j:y ;+:yfut ;'zf;gsf] k|Tofe"lt lbg] ;jfndf ljleGg r'gf}ltx¿sf]

;fdgf ul//x]sf 5g\1. OECD n] blIf0f k"jL{ o"/f]k, Pl;of, Nofl6g

cd]l/sf tyf o'/]l;ofsf ljleGg d'n'sx¿df ;do–;dodf If]qLo uf]nd]r

ub}{ cfPsf] 51. h;df ;/sf/L k|ltlglwx¿ dfq geO{ lghL If]q tyf

cGt/f{li6«o ;+3–;+:yf tyf gful/s ;dfhsf] k|ltlglwx¿sf] ;d]t

;xeflutf /xG51. lg/Gt/ ;+jfb, cGt/lqmof tyf Jojxfl/s cg'ejsf

cfwf/df to x'g] ;'zf;g ;DaGwL l;4fGtx¿n] ;'zf;gsf pTs[i6

cEof;x¿sf] ¿k/]vf tof/ ug{ k2t k'¥ofp“51. To:tf l;4fGtx¿ OECD

sf #) ;b:o /fi6«x¿n] cg'df]bg u/]sf 5g\1. OECD sf] Joj;flos

If]q ;Nnfxsf/ ;d"x (Business Sector Advisory Group) n] c;n

;+:yfut ;'zf;gsf kf“r cfwf/e"t l;4fGtx¿sf] klxrfg u/]sf] 51.

s_ c+lzof/sf] clwsf/ ;+/If0f M ;+:yfsf] gfkmfdf ;xefuL x'g],

;+:yfsf af/]df hfgsf/L k|fKt ug]{, clz+of/x¿sf] e]nf (Annual General

meeting) tyf dtflwsf/sf] k|of]u dfkm{t\ ;+:yfsf] lg0f{o k|lqmof k|efljt

ug]{ ;DaGwL clwsf/x¿ ;+/If0f x'g' kg]{1.

v_ clz+of/x¿k|lt ;dfg Jojxf/ M vf;u/L ;fgf÷cNk;+Vos,

ljb]zL z]o/wgLx¿nfO{ ;dfgtfk"j{s dxŒjk"0f{ ;"rgf÷hfgsf/L lgaf{w

¿kn] pknAw u/fpg] tyf cfGtl/s n]gb]g (Insider Lending) ug{

gkfOg]1.

u_ ;/f ]sf/jfnfx¿sf ] clwsf/ ;+/If0f M ; | f ]t–;fwsf ]

cfk"lt{stf{x¿;“usf ;Demf}tfx¿, >d P]g, lbjflnof (Bankruptcy) ;DaGwL

sfg"gx¿sf] kfngf u/L ;/f]sf/jfnfsf] clwsf/ ;+/If0fnfO{ sfo{Ifdtf

a9fpg] phf{sf] ¿kdf lng' kg]{1.

3_ ;"rgf÷hfgsf/L ;fj{hlgsLs/0f tyf kf/blz{tf (Disclosure

and Tranparency) M ;+:yfsf] sfo{;Dkfbgsf nflu dxŒjk"0f{ tyf ahf/

cfwfl/t cg'udg k|0ffnLsf nflu cTofjZo ;a} k|sf/sf hfgs/Lx¿sf]

;dod} ;xL ¿kdf ;fj{hlgsLs/0f ug'{kb{51. o;n] n]vf k|0ffnL tyf

cfGtl/s n]vfk/LIf0fsf] z'4tf, k|efjsf/L tyf d"No clej[l4 ug]{ Ifdtf

(Value Add Capability) nfO{ sfod /fVg] jf a9fpg' kg]{ s'/fdf hf]8

lbPsf] x'G51.

ª_ lhDd]jf/L k"/f ug{df ;~rfns ;ldltsf :t/Lo k|of;x¿ M

Joj;flos ;+u7gsf] ;~rfns ;ldltn] lgDglnlvt vf; sfo{x¿df

cfgf] Wofg s]lGıt ug'{kb{51.

– Joj;flos of]hgf a9fpg]1.

– ;+:yfut /0fgLlt th"{df ug{df dfu{bz{g lbg]1.

– pRr Joj:yfksx¿sf] lgo'lQm, kf/>lds lgwf{/0f ug]{ tyf

cfjZostf cg'¿k cjsfz lbg]1.

– Joj:yfksLo sfo{;Dkfbgsf] ;'kl/j]If0f cg'udg tyf d"NofÍg

ug]{ / nufgLstf{x¿sf nflu kof{Kt k|ltkmn ;'lglZrt ug]{1.

– >d, s/, k|lt:kwf{ tyf jftfj/0f cflb h:tf ljifo;“u ;DalGwt

P]g, gLlt lgod / lgb]{zgx¿sf] kfl/kfng ug]{ u/fpg]1.

– :jfy {sf ] åGå (Conflict of Interest) nfO { x6fO { ;a}

;/f]sf/jfnfnfO{ Gofof]lrt Jojxf/ ub}{ hfgsf/Ldf kx“'r

lbnfpg]1.

;+:yfut ;'zf;gsf s]GıljGb"sf ¿kdf /x]sf] x'gfn] c;n ;+:yfut

;'zf;gsf nflu ;~rfns ;ldltsf] e"ldsf ;a}eGbf dxŒjk"0f{ x'G51.

t;y{ w]/} h:tf pTs[i6 cEof;x¿df ;~rfns ;ldltsf] cfsf/, ;+/rgf,

a}7s, ;b:otf, sfo{;Dkfbg d"NofÍg cflbsf af/]df a9L hf]8 lbOPsf]

kfOG51. ;fdfGotof ;~rfns ;ldltsf] e"ldsf tyf sfo{ k|lqmofsf

;DaGwdf ljleGg pTs[i6 cEof;x¿n] lgDg ljz]iftfx¿sf] pNn]v u/]sf

5g\1.

– ;~rfns ;ldltsf] cfsf/ ;+u7gsf] lqmofsnfksf] :t/ tyf

hl6ntf / lg0f{o k|lqmofdf k|efjsf/Ltf– cy{k"0f{ (Meaning-

ful), 5l/tf] (Swift) / b"/bzL{ – cg's"n x'g] u/L lgwf{/0f ug'{

kb{51. ;~rfnsx¿sf] ;+Vof a9Ldf !% hgf;Dd x'g ;S5 /

& hgfsf] ;+Vof ;aeGbf pko'Qm x'G51.

– ;~rfns ;ldltdf Joj:yfkg;“u :jtGq /xg] :jtGq /xg]

;~rfnsx¿ (Independent Directors) sf] pNn]Vo pkl:ylt

/xg' kb{51. pgLx¿af6 a9L j:t'k/s tyf :jtGq lg0f{osf]

ck]Iff ug{ ;lsG51.

– ;~rfns ;ldltsf] a}7s slDtdf tLg dlxgdf Psk6s x'g'

kb{51.

21

– a}7ssf Ph]G8f tyf la|lkmª ;fdu|Lx¿ ;~rfnsx¿nfO{ a}7s

a:g] s]xL ;do cufl8 g} k7fpg' kb{5 h;n] ubf{ pgLx¿

;DalGwt ;jfnx¿df tof/L ug{ ;Sb5g\1.

– ;~rfnsx¿sf] ;]jf cjlwdf pd]/ tyf cGo pko'Qm ;Ldf

tf]lsg' kb{5 h;n] gof“ ljrf/, z}nL tyf ;lqmo ;xeflutfsf

nflu af6f] lbG51.

– k|d'v sfo{sf/L clws[t (CEO) sf] sfo{;Dkfbg d"NofÍg jflif{s

¿kdf ul/g' kb{5 / kf/>lds klg :ki6÷ljlzi6 sfo{;Dkfbg

nIo;“u ;DalGwt x'g' k5{1.

– ;~rfns ;ldltsf] tyf JolQmut ¿kdf ;~rfnsx¿sf]

sfo{;Dkfbg dfkg ug{sf nflu Ps ;'zf;g ;ldltsf] Joj:yf

ul/g' kb{51.

– ;+:yfsf gLltut tyf /0fgLltsut lg0f{ox¿ / ltgsf]

sfof{Gjog ;jfndf ;~rfns ;ldlt (Board) / sfo{sf/L

Joj:yfkg (Excetive Management) sf] e"ldsf :ki6 ;LdfÍg

ug'{kb{51.

– ;~rfnsx¿n] cGo jf≈o ;+u7gx¿df ;~rfnssf ¿kdf x'g]

;+nUgtfsf] ;Ldf lgwf{/0f ug'{kb{5 / cfkm" ;~rfns /x]sf]

;+:yfaf6 k/fdz{, sfg"gL jf cGo z'Ns lng' x'“b}g1.

– ;~rfns ;ldlt cGtu{tsf ljleGg ;ldltx¿ h:t} n]vfk/LIf0f

;ldlt, sfo{sf/L ;ldlt nufot cGo ljz]if ;ldltx¿sf]

e"ldsfnfO{ dxŒj lbg'kb{5 / To:tf ;ldltx¿sf] ;+of]hg :jtGq

;~rfnsx¿n] ug'{kb{51.

– ;~rfns ;ldltx¿ a9L Jofj;flos (Professional) eO{ ;lqmo

¿kdf cfgf lhDd]jf/L (Fiduciary Res ponsibilities) k"/f ug{

Joj;fosf d"ne"t ljifox¿df hfgsf/L /fVb} z]o/wgL tyf

pRr Joj:yfkg;“u lg/Gt/ ;Dk{sdf /xg' kb{51.

&= g]kfnsf] ;Gbe{g]kfnsf] ;Gbe{df s'/f ubf{ lghL tyf ;fj{hlgs If]qsf Joj;flos

;+u7gx¿df ;+:yfut ;'zf;g cBlk gof“ ljifoj:t'sf ¿kdf /x]sf]

b]lvG51. ljz]if u/L w]/} h;f] ;+u7gx¿ kfl/jfl/s ¿kdf k|a4{g tyf

;~rfng ePsf / cGo ;+u7gx¿n] klg ;+:yfut :j¿k k|fKt u/L

g;s]sf] cj:yfdf gf}nf] ljifoj:t'sf ¿kdf /x]sf] ;+:yfut ;'zf;gsf]

cfw'lgs cjwf/0ff, dxŒj tyf ;+oGqsf af/]df c:ki6tf /x]sf] s'/f

ltgsf cEof; / Jojxf/df k|ltljlDjt x'“b} cfPsf] 51.

lj=;+= @)$& ;fn kl5 /fHon] cjnDag u/]sf] pbf/ gLltsf]

kmn:j¿k g]kfnsf cf}Bf]lus tyf Jofkfl/s ;+u7gx¿sf] ljsf;n] ult

lnPsf] xf]1. t/ klg k/Dk/fut k|zf;lgs ;+:sf/ (Bureaucratic Culture),

;/sf/sf] gLltut cl:y/tf tyf cfGtl/s /fhgLlts åGå h:tf s'/fx¿n]

ltgsf lqmofsnfk tyf Joj;flos u'0ffTds ljsf; (Professionalized

Qualitative Development) df eg] jfl~5t ;kmntf k|fKt x'g

;s]g1.

g]kfnsf] ljQLo tyf k"“hL ahf/sf] ljsf;df cfPsf] lzlyntfn]

ubf{ vf;u/L ;fgf÷cNk;+Vos nufgLstf{x¿sf] xslxt ;+/If0f x'g

;ls/x]sf] 5}g1. Ps cWoog cg''';f/ /fHosf] lgodgsf/L tyf sfg"gL

;+/rgf cufgLstf{x¿sf] lxt cg'¿k j:t'k/s Gofof]lrt / k|efjsf/L

x'g ;s]sf] b]lvGg1. ;+:yfx¿n] ;+j]bgzLn vfnsf ;xL hfgsf/Lx¿

;xL ;dodf pknAw gu/fpg], 3f]lift nfef+z ;d]t ;dodf ljt/0f

gug{], ljj/0fkqdf pNn]v ul/Psf s'/f tyf JoQm ePsf k|ltj4tf

Jojxf/df sfof{Gjog gx'g] h:tf k|j[lQn] ubf{ nufgLstf{x¿ df/df

k/]sf 5g\1. To:t} hf]lvd, k|ltkmn tyf nufgLsf cGo k|fljlws kIfx¿df

nufgLstf{x¿nfO{ kof{Kt hfgsf/L gx'g', Joj;flos ¿kdf of]Uo

dWo:ystf{x¿ (Brokers) sf] cefj, lwtf]kq af]8{ tyf :6s PS;r]Ghsf]

e"ldsf jfl~5t ¿kdf k|efjsf/L gx'g' h:tf s'/fx¿n] klg nufgLsf]

jftfj/0f tof/ ug{df cj/f]w pTkGg ul//x]sf 5g\1.

;fy} nufgLstf{x¿sf] lxt ;+/If0fsf nlu nfu" ePsf P]g, sfg"g,

lgb{]zg tyf lgodgx¿df ul/Psf] Joj:yf a9L cf}krfl/s / ckof{Kt

/x]sf] b]lvG51. csf]{ s'/f g]kfndf xfn;Dd klg nufgLstf{x¿sf]

k|ltlglwd"ns ;+u7g gePsfn] cNk;+Vos / ;fgf nufgLstf{x¿sf]

cfjfh Aoj:yfkgx¿;dIf ;zQm 9+un] k'Ug ;s]sf] 5}g1. jflif{s ;fwf/0f

;ef lgofldt ¿kdf gx'g] tyf ;efdf p7]sf ;jfnx¿nfO{ Joj:yfkgn]

Jojxf/df nfu" gug{] k|j[lQ, cfGtl/s ;"rgfdf kx'“r x'g]x¿n] lwtf]kq

sf/f]jf/df kfg{] unt k|efj, NEPSE sf] ;"rLs/0f k|lqmof tyf ;+oGqsf]

cf}lrTo nufgLstf{sf] clwsf/ / lxt ;+/If0fdf ;xof]uL x'g g;s]sf]

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;ldlt /0fgLlts lbzftkm{ s]lGıt x'g] / tT;DaGwL 5nkmn / lgisif{

k'Ug] eGbf klg sf]/f ljifout 5nkmndf clNemg] u/]sf 5g\1.

Joj:yfkg;“u :jtGq ;~rfnsx¿ (Independent Directors) sf]

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z]o/wgLx¿af6 lgjf{lrt ;~rfnsx¿ klg Joj:yfkg;“u Ps jf csf]{

s'g} ¿kdf cfa4 x'g] u/]sfn] cNk;+Vos nufgLstf{x¿ k|efljt x'g]

u/]sf 5g\1. o;n] ;~rfns ;ldltsf] :j:y ;+/rgfnfO{ klg gsf/fTds

k|efj kfb{51. ;~rfnsx¿nfO{ Joj;flos 1fg tyf ;Lk clej[l4 ;DaGwL

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b[li6sf]0fsf ;fy kl/rfnlnt x'g'sf] ;§f ;+:yf ;~rfngdf dfq ;Lldt

/x]sf b]lvG5g\1. To:t} ;+:yfut ;'zf;gsf] cleGg cu+sf] ¿kdf /x]sf]

;+:yfut ;fdflhs pQ/bfloTj (Corporate Social Responsibility) tkm{

klg ;+u7gx¿ pbf;Lg /x]sf] tYo cWoogn] b]vfp“51.

22

xfnsf lbgx¿df ePsf s]xL gLltut ;'wf/x¿ tyf sfg"gL Joj:yf/ 9f“rfdf cfPsf] kl/jt{gn] ;+:yfut ;'zf;gnfO{ ;jn agfpg ;xof]uug{ ;Sg] b]lvG51. pbfx/0fsf nflu ljQLo If]qnfO{ lng ;lsG51.pbf/Ls/0fsf] k|lqmofdf u'0ffTds ;'wf/ ;lxt cl3 al9/x]sf] ljQLo If]q;'wf/ (Financial Sector Reform) sfo{qmdn] b]zsf k'/fgf ;/sf/L :jfldTjePsf a}+sx¿– g]kfn a}+s lnld6]8 / /fli6«o jfl0fHo a}+s nufot cGoljQLo ;+:yfx¿sf] ;'zf;g ;+oGqsf] k'g{;+/rgf (Restructuring) tyf;+:yfut ;+:sf/df kl/jt{gsf nflu u/]sf k|of;x¿nfO{ lgZro klg;sf/fTds ;+s]tsf ¿kdf lng ;lsG51.

o;} ;Gbe{df sfg"gL ;+/rgfsf] s'/f ubf{ a}+s tyf ljQLo ;+:yf;DaGwL cWofb]z, @)^) / ;+zf]lwt ;+:s/0fn] klg ;+:yfut ;'zf;gnfO{P]gsf] j:t'sf ¿kdf kl/eflift u/]sf] b]lvG51. h;df ;~rfns ;ldltsf]u7g, sfd st{Jo / clwsf/x¿, ;~rfns tyf k|d'v sfo{sf/L clws[tsf]lgo'lQm tyf of]Uotf, ;~rfnsx¿sf] cfr/0f (Code of Conduct),n]vfk/LIf0f ;ldltsf] ;+/rgf tyf clwsf/ clg nufgLstf{x¿sf] lxt;+/If0fsf ;DaGwdf :ki6 Joj:yf u/]sf] 51. To:t} g]kfn /fi6« a}+s P]g,@)%* / ;do–;dodf hf/L x'g] dfu{bz{g tyf lgb]{lzsfx¿n] klg;'zf;gsf] dxŒj tyf Jofjxfl/stfnfO{ bzf{Psf 5g\1. g]kfn ljZjJofkf/ ;+u7gsf] ;b:o eO;s]sf] cj:yf / cfhsf] cGt/f{li6«o Joj;foL

jftfj/0fsf] lg/Gt/ kl/jlt{t cg'¿k cfgf lqmofsnfkx¿ ;+rfng

u/L To;af6 pRrtd k|ltkmn k|fKt ug]]{ ;+:yfsf] a[l4 ctyf cl:tTjnfO{

;'lglZrt ug]{ sfo{ ;a} ;+u7gx¿sf nflu r'gf}tLk"0f{ 51. of] r'gf}tL

;fdgf ug{sf nflu ;+:yfut ;'zf;gnfO{ Ps ;zQm cf}hf/sf ¿kdf

k|of]u ug'{ cfhsf] cfjZostf xf]1.

;Gbe{ ;fdu|Lx?1. Asian Development Bank (1999), Rising challenges in Asia: A

study of financial Markets.

2. Donaldson Gordon, "Financial Goals : Management Vs

Stockholder", Harvard Business Review,(May–June, 1963).

3. Iskandar, Magdi R. and Nadereh Chamlou (eds.) (2000),

Coporate Governance: A Framework for Implementation, The

world Bank Group.

4. Neupane, Hem Prasad (2003)."Corporate Governance for

Banking Organization",Arunodaya, Vol.9, No.7.

5. Parajuli, Sachita (2003). "Legal and Regulatory Framework for

the Protection of Investors Rights", Masters Degree

Discertation.

6. Raju, B. Yerram. "Corporate Governance: Models of Growth",

ASCI Journal of management, vol. 27 (1&2), March 91998).

7. Sigdel Basanta Raj (2003) "corporate Performance and the Role

of Board of Directors", Masters Degree Dissertation. ❐

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aLldltaf6 ljjztfsf] kmfO{bf p7fpg vf]lh/x]sf] 5 ls aLdsnfO{

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sxL g sxL q'l6 /x]sf] b]lvG51. hxf“ uf8L cf+lzs ¿kn] Iflt

ePsf] 5, To;sf] dd{t ug{ s]xL kf6{k"hf{ k'g{:yfkg ug{ / ;DalGwt

js{;kx¿n] lng] Hofnfsf] jf:tljstfdf k'Ug ;e]{o/n] ef}lts

¿kdf lg/LIf0f ug'{kg]{ x'G5 t/ sltko cj:yfdf gf]S;fg ePsf]

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gePsf] gf]S;fgsf] klg lanx¿ tof/ ul/g] / bfjL /sd a9fP/

ug]{ k|j[lQsf] lg?k0f :jo+ ;e]{o/n] ug'{kg]{ b]lvG51. o:tf] cj:yf

cfpg glbg :yfgLo ;e]{o/x¿nfO{ k|fyldstf lbg ;Sg' kb{51.

To;}u/L sf]6]zg / aLnx¿ Original ;fdfgsf] x'g' t/

Replacement Duplicate ;fdfgx¿sf] u/]sf] klg kfO{G51.

u_ k|f/lDes ;e]{ k|ltj]bg w]/}h;f] ;e]{o/x¿n] ;DalGwt aLdsx¿

sxf“ lbg] u/]sf] b]lvb}g . Ps}rf]l6 clGtd k|ltj]bg dfq lbg]

u/]sf], Tof] klg s'g}–s'g} bfjLdf w]/} ;do kl5 dfq k|ltj]bgx¿

lbg] u/]sf] / aLldtnfO{ cfjZos sfuhft ;dod} dfu ug]{

gu/]sf] sf/0fn] klg aLldtx¿ / aLdsx¿nfO{ zLto'4df k'¥ofpg

;xof]u u/]sf] b]lvG51.

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k|ltj]bg / bfjL /sd km5\of}{6df leGgtf /x]sf] kfOG51. Tolt dfq

xf]Og ;e]{o/sf] k|ltj]bg dfly dt aflemPsf] klg b]lvG51. ❐

k[i7 !^ af6 ¬¬

23

Training

Success begins with fundamental skill and developmental

training. The effectiveness of people’s performance

depends mainly on their capacity. Therefore, capacity development

to foster knowledge and professional skills is vital. Training is

something which is needed in all the areas and in all the hierarchies.

Training is very necessary to enhance the performance of an

organization. A shortage of skills or abilities or understanding, which

hinder in the fulfillment of their job responsibility, could be reduced

or eliminated by means of training. Effective training always bring

change in the skill and knowledge of the participants while attitude

may or may not change. Hence, training is essential to bring about

positive change in knowledge and skill of the participants and

ultimately better performance of the organization. In order to make

sure that the training is effective, the trainer/facilitator should always

• Discover what the trainee wants to learn

• Negotiate the content, methods and priorities of the training

session with the trainee.

• Use appropriate methods and techniques in the training session

• Provide an environment and an illustrations of good practice

• Establish a relationship with the trainee

• Evaluate the training

Today, financial sector is one of the most dynamic sectors and

insurance sector is an important component of it. Growth in

insurance products in terms of volume, diversity and complexity

reflects the developing trend in insurance industry. Insurance sector,

in our country is in growing state and hence training is even more

important in order to develop the sector in every aspect. According

to the insurance act, 2049, the role of insurance board is to

systematize, regularize and develop the Insurance Business. Training

is very important for the development of insurance Business.

Although trainings is not considered as the role of the regulator,

Beema Samiti, due to the lack of proper training institution in

insurance sector, is organizing various trainings in order to develop

competent manpower. Our growing advance towards globalization

and pace of technological innovations has increased the competition

in the financial sector of the entire world including the insurance

industry. In order to survive in this competitive world, updating of

acquired knowledge is very essential, regardless of the levels and

work area.

In Nepalese context, Insurance is a field where people come

from diversity of educational backgrounds, since no specialized

degrees can be found in insurance in Nepal. The people who are

driving insurance sector are those who are highly experienced in

this field and who have acquired lots of knowledge in a long run.

Only one option to obtain appropriate manpower is to train people

already employed in insurance sector.

Two types of manpower are needed in insurance field

1. General Manpower

2. Specific Manpower

a. Actuary

b. Underwriter/Risk Manager

c. Re-insurance Manager

d. Claim Manager

e. Insurance surveyors

f. Insurance Agents

General manpower can be obtained easily from the market

but specific manpower cannot. They have to be developed through

formal education or training. Actuaries, who are one of the important

components of insurance, are very few (hardly found in Nepal) in

number and they have to be imported from neighboring or foreign

countries. Similarly, other specific manpower may be developed

either through long experience in the insurance field or formal

training in the related area.

There are people who are working in insurance field who need

to be trained and there are groups of people who are not currently

involved in insurance sector but interested to be a part of it. So,

along with the people who have chosen the insurance as their career,

there are various groups of people who need to be trained in

insurance. The groups of people who are benefited by the insurance

training are:-

� Pujan Dhungel (Adhikari)*

* Associated with Beema Samiti

TraineeSkill

Knowledge

Training

GAP

Hence the training is the process of imparting skill and

knowledge and which bring about certain change in participants

and motivate the people who are currently working in an

organization. Likewise, Training helps to acquaint the people about

new subject and new terms and bring awareness about the subject

matter.

Possible outcomes of Training

Develops

hidden talentBetter

communi-

cations skills

Creates

awareness

Provides

greater focus

Ensures

consistent

quality

Produces

more

effective/

productive

manpower

Clarifies the

concept of

terms business

process

Outcomesof Training

Beema SamitiBeema Samiti&&

24

• People employed in Beema Samiti and Insurance industry

• People interested to develop their carrier in insurance industry

• People who want to learn about insurance

Training for People employed in Beema Samiti andInsurance industry• General Training Program for Mid-Level Managers/Fresh

officers

• General Insurance Training program for Assistant Level Staffs

• Office Management Training For Assistant Level Staffs

• Training Program for Insurance Trainers(TOT)

• Basic Training Program on Actuarial Science

• Insurance Supervision Workshop

• Refresher Training Program for Insurance Agents

• Refresher Training Program for Insurance Surveyors

People interested to develop their carrier in insurancesector• General Training program for insurance agents

• Basic Training program for insurance surveyors

Performance of the people working for regulator affects the

performance of insurance companies and performance of the people

working in insurance companies affects the insurance industry as a

whole. Hence, the people working in companies as well as

regulators should be trained periodically to cope up with growing

competition in the financial sector as a whole. Beema Samiti is

already conducting various trainings and planned to introduce new

trainings and workshops in the near future. Beema Samiti is also

planning to conduct international seminar in Nepal.

Beema Samiti conducts various training throughout the year

according to the action plan which is outlined at the starting of

every fiscal year. The training has benefited the participants in one

or another way and ultimately improved their performance at

workplace. The different trainings conducted by Beema Samiti for

people working in Beema Samiti and Insurance companies is

summarized in the table below:-

Trainings conducted for People employed in Beema Samiti and Insurance industry:

S.N. Training Purpose Participants Facilitators1. General Insurance To update the knowledge of The employees of Beema Experts from Beema Samiti and

Training Program for Mid-Level participants in order to increase Samiti and insurance companies insurance industry

Managers/Fresh officers their capability working in officer level & above

2. General Insurance Training To provide basic knowledge of The employees of Beema Samiti Experts from Beema Samiti

Program for Assistant Level insurance to the participants & and insurance companies and insurance industry

Staffs enhance their quality of work. working in assistant level.

3. Office Management Training To make the participants capable The employees of Beema Samiti Resource person with a training

For assistant level staffs to manage their work and time and insurance companies and/or academic background

properly in order to deliver working in assistant level and experience in related field.

maximum output.

4. Basic Actuarial Training To provide the participants with The employees of Beema Samiti Actuaries of Beema Samiti and

Program basic knowledge on actuarial and insurance companies industry.

valuation process. working in officer level and

managerial level.

5. Insurance Supervision To make the participants acq- The employees of Beema Samiti Experts from OSFI(Office Of

Workshop uainted about the supervisory and insurance companies Superintendent of Financial

roles of the regulator and en- working in officer level and institutions Canada)

hance performance of regulators. above

6. Refresher Training Program To update the knowledge of Insurance agents who are alre- Insurance experts from Beema

for Insurance Agents participants and make them able ady working as professional Samiti and insurance industry

perform better in markets. agents, & who are nominated

for the training on the basis of

their performance from respe-

ctive insurance companies.

7. Refresher Training Program for To update the knowledge of the Insurance surveyors who are Insurance experts from Beema

Insurance Surveyors participants and acquaint them already working as professional Samiti, surveyors' association

about change/amendment in surveyors, nominated by and insurance industry

polices and introduction of insurance companies and

new directives if any. surveyor associations.

25

Training conducted for people interested to develop career in insurance sector:

S.No Training Purpose Participants Facilitators

1. General Training Program for To fulfill the criteria to issue Any Nepali citizen, who has Experts from Beema Samiti and

Insurance Agents license of insurance agent and passed School Living certificate, insurance industry

make them eligible to work and who is desirous to work

on behalf of the Insurer on the as an Insurance Agent.

basis of commission

2. Basic Training Program for To fulfill the criteria to issue Any Nepali citizen who has Experts from Beema Samiti and

Insurance Surveyors license of insurance surveyor passed Engineering or Chartered insurance industry and other

and work for insurance accountant from recognized professional surveyors.

companies university or who has worked

in insurance companies in

officer level and above for

ten years.

Country Profile China -Forging Ahead

The engines of economic growth in China has been whirring

relentlessly in the past few years, with non-life insurance surging

at 37% to 137.31 billion yuan (US$ 18.3 billion) for the first

eight months of this year while the life insurance premiums has

slowed to a growth of 17% to 331.3 billion yuan (US$44.1

billion). This month our Country Profile looks at China, which is

surrounded by frenzied construction ubiquitous in the city. We

spoke to several insurances companies, both domestic and

foreign, to find out what their main concerns are despite being

in a country which is attacting the whole world. ❐

Source: Asia Insurance Review, Nov. 2007

Emerging TakafulMarkets: Pakistan,

Sri Lanka andThailand- The Tide

is SwellingIn this wrap on the takaful market, we look at the emerging

takaful markets in Pakistan, Sri Lanka and Thailand. On Pakistan,

through two sets of eyes, we look at the nascent but rapidly

growing takaful potential in a market that is 97% Muslim and

the drivers to make takaful a major force. On Sri Lanka, we

zero in on a company's experience in developing its takaful

business in a predominantly non-Muslim country, while sharing

the lessons learnt and offering tips on the challenges faced. On

Thailand, we bring an almost blow-by-blow account of how

they started the first takaful life product in the predominantly

Buddhist kingdom. ❐

Source: Asia Insurance Review, Nov. 2007

Cover Story:Reinsurance- Lloyd'sSyndicates in Asia: AForce with a Critical

MassWith so many Syndicates having set up in Singapore and

Hong Kong and more in the offering, Asia Insurance Review

presents this Roundtable dicussion with the confident breed of

Lloyd's underwriters who are making a difference in Asia's

insurance industry. ❐

Source: Asia Insurance Review, Nov. 2007

Renewal Dynamics:Retaining More Risks

Mr Gorkha Aktas of Milli Re gives an insider's view of the

reinsurance buying practices in the market, while explaining

why proportional treaties will continue to dominatem, and looks

at the factors that can lead to more retentin of risks locally,

including through increasing capital. ❐

Source: Asia Insurance Review, Nov. 2007

26

1. IntroductionMost developed economy is the result of conflict of the means

as to the process of civilization. This process necessarily brings

people into rivalry with one another, as they want to utilize the

same scarce resource. Competition may be referred as to the

situation where two or more parties come into conflict1. It is not

only the nuisance but vehicle of economic growth. At the micro

level it is the force that motivates business enterprises to search for

innovative ways to achieve the same result with fewer inputs, while

at the macro level competition ensure that only the fittest business

survive in their continuous struggle to upgrade the use of their

resources. It is to be remembered that the nature of competition

depend on the objective, strategies and ability of the industrial

participants in general and highly affected by the threat of new

entrants like bargaining power of the supplier, threat of the substitute

products or services and bargaining power of the consumer.

2. Competition lawThe objective of the competition law is described2as to ensure

that restrictive business practices do not impede or negate the

realization of benefit that should arise from the liberalization of the

tariff and non-tariff barriers affecting the world trade. Competition

law is found to control or eliminate the restrictive agreement or

arrangement among the enterprises or acquisition and abuse of

dominant position of the market power which limits access to market

or otherwise unduly restraint competition adversely affecting the

trade and economic development3.

Restrictive business competition means any fraudulent,

deceptive, dishonest business practices as prohibited by laws/

regulations. Competition law serves for different purposes;

(a) protecting the economic, intellectual, creative investment and

their products, (b) preserving the goodwill that business have

established with the consumer over time, (c) prohibiting businesses

from appropriating the goodwill of their competitor (d) promoting

the stability by encouraging custmors to rely on a merchant's trade

name and reputation when evaluating the quality and price of rival

product, (e) increasing the competition by providing business with

incentive to offer better goods and services than other on the same

field and (f) conferring the redressal to the custmor for injury caused

by deceptive trade practices. Further it ensure the legal remedies

against the infringement of patent, design, trade marks and copy

right, against the wrongful appropriation of trade name, trade dress

and trade secret and against the publication of defamatory, false or

misleading representation to the aggrieved4.

It prohibits agreements in restraint of trade, monopolization

and attempted monopolization, anticompetitive mergers and tie-in

schemes, and, in some circumstances, price discrimination in the

sale of commodities5.

3. Competition policy in international arenaCompetition policy at the international level is not new agenda.

It is rooted to the charter of International trade organization (ITO)

was drafted6. The set of multilaterally agreed principle and rule for

the control of resrictive business practices are broadly the guidelines

for it7. Developed countries falling under the Organization of

Economic Cooperation amd Development (OECD) adopted

competition policy and legislation as protective and preserving

measure to the competition in the market place. It was subordinate

for the developing countries as well as the least developed countries

till the formation of working group on trade and competition policy

following the conclusion of the first ministerial conference of the

world trade organization (WTO 1996). Which is concluded at the

international arena as being mandatory part of the trade liberlization

either in goods or services8. Competition policy is being

CRITICAL ASSESSMENT OF THE COMPETITIONRULES IN THE CONTEXT OF INSURANCE

SECTOR ECONOMY

� Raj Kumar Aryal*

* Associated with Insurance Board

1. One form of competition is when Organization or individual confront one another due to similar but mutually exclusive goals e.g. both parties wishes

to buy or sell same product, another form of competition the confrontation of the parties having dissimilar objective e.g. one party wishes to buy cheap

while other wishes to sell dear.

2. United Nation Conference on Trade and Development "The Set of Multilaterally agreed equitable principles and rules for the control of restrictive

business practices "UN Geneva 2000TD/RBP/CONF/10/Rev.2.

3. See Preamble of the Competition Promotion and Market Protection Act, 2007.

4. See the patent Design and Trademarks Act, Copy Right Act Consumer Protection Act etc.

5. See Sections 3- 10 of the Competition Promotion and Market Protection Act, 2007.

6. The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference held from 1july to 22 July 1944, after the

conclusion of world war second which drafted and signed to set up the International Bank for reconstruction and Development, the General agreement

on tariff and trade, (GATT), and International Monetary Fund, (IMF).

7. UN Conference on Restrictive Practices approves the Set of Multilaterally Agreed Equitable Principles and rules for the control of restrictive business

practices, subsequently four UN conference took place reviewing these issues in 1985,1990,1995and 2000. Fourth review conference adopted a

resolution (TD/RBP/CONF 5/15of October) as UN Set of principles and rules on competition and calls upon all member state to implement the

provision of the set.

8. The Ad-hoc expert meeting of UNCTAD on the revision of the model law on competition held in Geneva on 19 feb 2003, prepared model law on

competition to be domesticated by the member states.

27

implemented for the trade in goods or in services or for proper

economic regulation has been shown its efficacy at the regional

level through European Union, North Ameracian free trade

agreement, Common market for the eastern and southern Africa

etc, and almost all countries of the globe have been introduced

consolidated competition law in the different connotation, however

it is recently passed by newly formed legislature parliament in Nepal

in accordance with the commitment in the line of the economic

liberalization9.

4. Policies and Laws in NepalBefore to the Competition Act, 2007, there were very limited

piece-meal legislative frameworks determining the competition

policies in Nepal. Those legislations were only able to prohibit the

interest of consumer concerned. The Black Market Act, 1952 AD,

later substituted by black marketing and certain other social offences

and punishment Act, 1975 AD had objectives to control black

marketing, profiteering, hoarding, audulteration and certain other

social offences and to maintain over storage of food. Similarly export

Import control Act, 1957 AD was enacted to regulate properly the

export and import transactions. Further Essential Service Act and

Agency Act, 1958 were enacted. In addition to these laws some

other legal provisions were incorporated under the various

legislation dealing directly or indirectly to the competition policy

for example Essential commodities control(Right) Act, 2061 for the

production, distribution and regulation of the essential commodities

in Nepal. Food Act, 1966 AD for the maintainance of the standard

of the food, Local Administration Act, 1971 AD was enacted

prohibiting unjust enrichments, Drug Act, 1978 enacted ensuring

the quality of drugs and Standard measurement of Goods Act, 1980

etc targeting to the specialized sector. Financial sector is being

regulated by the state there were statutory authorities created.

Changes in the political gospel by 1990 AD Constitution of

the Kingdom of Nepal 1991 had adopted under the title of state

policy provision for the protection and promotion of competition

in the market place by liberalizing Nepalese economy. Policy

formulation restructuring the economic sectors had been occurred

by the elected government. However non of the initiatives taken

by the state to formulate the competition policies. Ultimately it is

enacted by the recently formed legislature parliament under

compulsion created after accession of world trade organization.

4A. Financial Sector Liberalization and competitionFinancial sector broadly speaking may mean banking and

finance companies, Insurance companies, security exchanges,

mutual funds and co-operative societies. Here, only the specialized

sector related to the insurance is dealt. State owned insurance

companies and private sector’s companies are involved to operate

business in Nepal. Even before the political changes by 1990, Nepal

permitted foreign, private investment in the insurance sector during

1982. There were five insurance companies before liberalizing

meauures were adopted. The number of the insurer has

tremendously increased from five to twenty one till the date

operating their business in Nepal. Entering into the world trade

organization as being 147th member on 23 April 2004, Nepal has

made a commitment ensuring to open this sector by the end of

2010 AD. The trend to form insurance company by domestic player

is going on. If without going to abroad, comparatively with insurers

in India it is very embarrassing according to the size of market and

expertise available. Since the insurance sector business being

considered as highly reserved by all political societies, is granted

as privilege to carry on but not as the matter of right. If we reach

into the depth of the insurance there are always spaces for the

questions as to the proper and fair underwriting, proper market

conduct, proper settlement of the claim, investment, even capital

requirement and solvency on the part of insurer. To cope with these

issues regulatory authority are created. However, proper regulation

is not beyond the question in the underdeveloped countries. It is

been said that regulator has very important role to peruse and adopt

the measure to establish and strengthen the national insurance

market10.

5. Regulation of Insurance SectorInsurance market of Nepal is not yet matured to let the option

on the insurer, in many respects it is statutorily based upon the

regulatory authority. Regulation means compliance of rule of

behaviors. Where there are no rules governing behaviors in the

financial market, or where the rule are not enforced, business tends

to lack confidence and trust, contract become short term and

unreliable, corruption become pervasive, and economic system

ceases to function efficiently. Hence regulators are primarily

concerned to the anticompetitive behaviors, market misconduct,

and nondisclosure of the information resulting to the instability etc.

Market is often the main detriment of competition. Regulator

has to ensure to these force operate effectively and are not

circumvented by market participants dealing with the structure of

industry including merger and acquisition, preventing

anticompetitive behaviors, ensuring that the market is constable

etc. Insurance market can not operate efficiently unless participant

act with integrity and unless there is adequate information on

judgment are based. Misconduct arises due to the unfair or

fraudulent conduct by the market participant and inadequate

disclosure investment. Market integrity rules prescribed by the

regulators may be found as full disclosure of information, conduct

of business and limitation (prohibiting insider dealing, market

manipulations, false and misleading advertisements and non

disclosure of commissions), Entry restriction by licensing, capital

requirement, solvency margin.

A market monopolist may adopt undesirable practices like

exclusionary practices targeting to maximising the market share,

by including pedatory undercutting of such compititor as

existed,foreclosing distribution outlet by offering uneconomic

9. Report of the working party on the accession of Kingdom of Nepal to the World Trade Organization WT/ACC/NPL (According to section II Revised

legislative action plan Competition Act was suppose to be enacted by July 2004. However it is enacted by 2007.

10. Bhattrai Ramesh Raj, Nepals Membershipin WTO and Insurance Supervision-A Regulatory perspective, WTO and Financial Services Sector, Nepal

Rastra Bank 2006, P37.

28

discount to the distibutor(intermediaries/agents) and mass

advertising.Unfair market practice is one problem and agreement

between competitor is another11. Of course another problem in this

area is of merger. If competitior merge to form a larger entreprises

,monopoly may result and at the very least consequences will be

the equivalent of a price and output agreement.

6. Competition Laws in the Insurance MarketCompetition law applies to the trade in goods as well trade in

services. Initially it was agruable that these rule would be applicable

in the insurance business. It is argued that in absence of special

secondary legislation it was immune from competition rules on the

basis that it was subject to strict domestic regulation. This version

was denied by stating that insurance companies must respect the

competition rules in the same ways as other undertakings12 European

commission formalised this approach to agreement between insurer

in its block exemption issued. Insurance sector is now under the

competition Law along with regulatory framework.

Generally prohibition is made on restrictive agreements

between rival or potentially rival firm, regardless whether such

arrangements are written or oral, formal or informal13. However

there are some specific nature of agreements between insurers in

form of co-operation might be permitted14. Such arrangement/

agreement are created for establishing common risk premium tariff

on the basis of collectively ascertained statistics or the number of

claims, for establishing of common policy condition, for the

common coverage of certain types of risk, for the settlement of

claims.

But in any sence these arrangement could not be abused in

any forms like (a) excluding the risk commonly coverewd, without

indicating specifically that each insurer is free to provide such cover.

(b)impose condition on certain risk without indicating specifically

that each insurer remain free to waive. (c) purposes comprehensive

cover including risk in respet of which a significant number of

assured would not normally seek cover, without indicating

specifically that each insurer may offer separate cover(d) indicate

the amount of access to be brone by assured (e) allow the insurer to

alter policy terms with out insured s consent(f) allow the insurer to

increase premium or alter the policy coverage with out consent of

insured(g) impose a renewal period of more than one year on

automatic renewal (h)require the insured to seek other insurance

policy from the same insurer (i) bind an insured who sell the insured

subject mater to a third party to transfer the policy as well as property

to the third party.

ConclusionNepalese legal system dealing with the insurance sector may

be found as rudimentary and the principle, guideline legal

framework perused and adopted by the advance societies are not

yet domesticated in many spheres. Competition Act recently enacted

is not specialized to the insurance sector and present insurance Act

does not deal with the corporate governance system of the insurers.

However conventional practice under the company Act is

understood as the corporate governance of the insurance company.

Rule dealing to the reinsurance as well as merger and acquisition

are not determined by the insurance Act. In the absence of clear

legal framework as mentioned, maintenance of the market integrity

and proper regulation for promoting this sector could be a myth.

resolving the present scenario, statutory framework regulating

insurance market or creating such authority must be reconsidered

,the existing legislation creating an authority for the regulation of

the concerned market in comprehensive form does not coup with

the each and every aspect of the mordenized highly technical global

market.Legislation is to be altered bringing insurance companies

under the single elaborative legilative umbrella.Scope of the insurerd

to be redefined in the separate insurance companies legislation in

one side and all the internal corporate governance principles to be

incorporated in the same line of liberlized economy to which Nepal

has pursued. ❐

11. This may occurs by dividing market on a geographical, customer and quota basis.

12. Verband der sachversichererev vs. European commission EC Bull no 5/ 1969.

13. See section 3,4,5,6,7,8,9 and 10 of the Competition Promotion and Market Protection Act, 2007.

14. European Council Regulation 1534/91, on the application of Art 85(3) of the Treaty f Rome to certain categories of arrangement, decision and

concerted practices in the insurance sectors.

29

Glossary of Insurance TermsGlossary of Insurance Terms

Facultative obligatory reinsurance: or “open cover” is an

arrangement pursuant to which the cedant may, at its option, cede

certain defined risks to the reinsurer, which the reinsurer must

assume, subject to the cedant’s retention. This arrangement has

both treaty and facultative elements. It is normally used to provide

cover for risks that are irregular in incidence or to supplement a

treaty that has limited capacity.

Source: IAIS Guidance paper on risk transfer, disclosure and

analysis of finite reinsurance, October 2006

Facultative reinsurance (life): is similar to non-life facultative

reinsurance or to “special acceptances” reinsurance under treaty

reinsurance. However, facultative obligatory” reinsurance and

“semi-automatic” reinsurance will rarely be encountered in the life

and health market.

Source: IAIS Guidance paper on risk transfer, disclosure and

analysis of finite reinsurance, October 2006

Facultative reinsurance (non-life): are not obligatory with

respect to either the cedant or the reinsurer. Facultative reinsurance

involves the reinsurance of the exposures covered by a single policy,

or sometimes only specific portions of a policy. The nature of the

underwriting process and the kind and amount of data which are

usually required by the facultative underwriter make this approach

far less efficient and much more expensive to handle than treaty

reinsurance. Nevertheless, facultative reinsurance often plays a

significant role in a insurer’s overall reinsurance program. It is

commonly used to enable the insurer to write risks that may be

excluded under its reinsurance treaties, to generate additional

capacity needed that is not fully accommodated under its treaties,

or to accept risks requiring technical underwriting expertise beyond

that which may be available in–house. It is also possible to arrange

reinsurance protection on a “hybrid” basis that contains obligatory

and non–obligatory elements. Two commonly encountered

facultative arrangements are Facultative obligatory insurance and

Semi-automatic facultative reinsurance.

Source: IAIS Guidance paper on risk transfer, disclosure and

analysis of finite reinsurance, October 2006

Financial conglomerate: refers to any group of companies

under common control whose exclusive or predominant activities

consist of providing significant services in at least two different

financial sectors (eg. banking, securities, insurance).

Source: IAIS Standard on group coordination, October 2000

Financial derivatives (risk related to): that part of the

investment risk that relates in particular to the credit risk, market

risk and liquidity risks associated with these instruments.

Source: IAIS Issues paper on solvency, solvency assessments and

actuarial issues, March 2000

Financial group: refers to an economic group structure of

which the constituent entities are predominantly involved in

(licensed) financial activities.

Source: IAIS Standard on group coordination, October 2000

Financial institution: a legal entity which is predominantly

involved in financial activities.

Source: IAIS Standard on group coordination, October 2000

Financial intelligence unit: centre for the receiving, analysis

and dissemination of suspicious transaction reports and other

information regarding potential money laundering or terrorist

financing. [Related definition: Law enforcement agency]Source: IAIS Guidance paper on combating the misuse of insurers

for illicit purposes, October 2005; IAIS Guidance paper on anti-moneylaundering and combating the financing of terrorism, October 2004;

citing FATF The Forty Recommendations, 2003

Financial reports: refers to accounting statements, financial

returns, and statutory reports, including the balance sheet, the

income statement and any other numerical reports prepared for

disclosure to policyholders, investors, or insurance supervisors. It

does not refer to reports prepared for other purposes.

Source: IAIS Insurance Core Principles, July 2000

Financial returns: report prepared for the supervisory authority

giving detailed information on the company’s financial situation.

[Equivalent terms: Supervisory returns]

Source: IAIS Standard on on-site inspections, October 1998

Finite reinsurance(also known in some jurisdictions asfinancial reinsurance, structured reinsurance, non-traditionalreinsurance, loss mitigation reinsurance): a generic term that will

be used to describe an entire spectrum of reinsurance arrangements

that share limited risk for a limited amount of premium. In some

jurisdictions finite reinsurance is a specialised form of limited liability

reinsurance whereby the financial and strategic motivations of the

reinsured to effect the transaction take precedence over the

insurance risk transfer motivation. Although there is no accepted

global definition of “finite reinsurance,” a typical transaction may

include, but not be limited to provisions for aggregating risk, for

aggregating limits of liability, for aligning the interests of the insurer

and reinsurer, and for explicitly recognising the time value of money.

A detailed review of the entire reinsurance contract and any side

agreements is necessary to determine if contracts containing such

clauses do transfer risk and are in fact reinsurance contracts when

considered in their totality. Usually, one (or a number)of the

following characteristics will be present within finite reinsurance

contracts although some of them may be present in traditional

reinsurance as well:

• Insurance risk transfer and financing are combined and the

time horizon of money is emphasised in the contract

• Assumption of limited risk by the reinsurer (aggregate limit of

liability, blended cover)

• Transfer of volatility (e.g., multiple lines of business, multiple

years of account and multiple year contract terms)

• Inclusion of future investment income in price of contract

(recognition of time value of money with funds withheld)

• Potential profit sharing between parties

• Pricing determined by ceding entities’ results and not

reinsurance pricing cycle terms and pricing are typically

determined in advance

• Bulk reinsurance (i.e. administration of reinsurance is done

on a bulk basis rather than on a traditional seriatim policy-by-

policy basis, for a block of in-force business).

Source: IAIS Guidance paper on risk transfer, disclosure and

analysis of finite reinsurance, October 2006

30

Fitness and propriety (fit and proper): necessary qualities that

must be exhibited by a person performing the duties and carrying

out the responsibilities of his/her position with an insurer. Depending

on his or her position or legal form these qualities could relate to a

proper degree of integrity in attitude, personal behavior and business

conduct, soundness of judgment, degree of knowledge, experience

and professional qualifications and financial soundness.

Source: IAIS Standard on fit and proper requirements and

assessment for insurers, October 2005

Foreign company: a legal entity whose head office is outside

the jurisdiction concerned.Source: IAIS Principles applicable to the supervision of international

insurers and insurance groups and their cross-border business

operations, December 1999

Forward (or Forward contract): a contract for the delivery of

a particular commodity or financial product in the future in exchange

for a contract-specified price. A commitment to buy (sell) an asset

at a future date for a price determined at the time of commitment,

usually reflecting the net cost of carry.

Source: IAIS Issues paper on asset-liability management, October 2006

Four eyes principle: the principle describing the involvement

of more than one person in decision-making or other material

activities for reasons of e.g. validation, proper governance,

transparency and control.Source: IAIS Guidance paper on combating the misuse of insurers

for illicit purposes, October 2005

Fraud: an act or omission intended to gain dishonest or

unlawful advantage for a party committing the fraud (the fraudster)

or for other parties. This may, for example, be achieved by means

of:

• deliberate misrepresentation, concealment, suppression or

non-disclosure of one or more material facts relevant to a

financial decision, transaction or perception of the insurer’s

status

• Abuse of responsibility, a position of trust or a fiduciary

relationship.

Fronting arrangements: Fronting is a term that describes a

particular form of reinsurance frequently employed by captive

insurers. Commonly, a commercial insurer licensed in the

jurisdiction from which the risk emanates issues a policy to the

insured. Subsequently, the risk is transferred to a captive insurance

company by way of a reinsurance contract also known as a fronting

agreement. The insured receives a policy written by the licensed

commercial insurer, but the economic risk of that policy resides in

the captive insurance company, although the ultimate liability

remains with the fronting insurer. In some jurisdictions, it is a legal

requirement for either all, or certain classes’ of business, to be written

by a local insurer. Hence, if the captive is established in a domicile

other than that where the risk resides, then fronting arrangements

are mandatory.

Source: IAIS Issues paper on the regulation and supervision of

captive insurance companies, October 2006

Funds withheld: Assets that would normally be paid over to a

reinsurer but are withheld by the cedant to permit regulatory credit

for non-admitted reinsurance, to reduce a potential credit risk, to

retain control over investments or to assist in realizing the time

value of money in jurisdictions that do not allow discounting or

equalization reserves.

Source: IAIS Guidance paper on risk transfer, disclosure and

analysis of finite reinsurance, October 2005

Future: a standardized forward contract offered by a central

trading exchange (such as the New York Mercantile Exchange, or

NYMEX).

Source: IAIS Issues paper on asset-liability management, October 2006

General business risk: unexpected changes to the legal

conditions to which insurers are subject, changes in the economic

and social environment, as well as changes in business profile and

the general business cycle. [Related definitions: Non-technical risks]

Source: IAIS Issues paper on solvency, solvency assessments and

actuarial issues, March 2000

Going-concern basis: a method of considering the financial

situation assuming that the company will continue to operate and

that future business will be written. [Related definitions: Break-up

basis]

Source: IAIS Issues paper on solvency, solvency assessments and

actuarial issues, March 2000

Granularity: the level of detail that investment policy includes

in setting market exposure limits. At a high level, limits may be set

with respect to asset class exposure. At a more detailed level, limits

regarding specific industries, geographic areas, or even specific

issuers may be considered.

Source: IAIS Guidance paper on investment risk management, Oct, 2004

Group-wide supervision: Refers to a supervisory approach to

a financial group which considers the group structure, the

constituent licensed entities and all the interrelationships within

that financial group. Solo plus supervision on the one hand and

consolidated supervision on the other hand may be viewed as the

most well-known existing approaches within this general definition.

Source: IAIS Standard on Exchange of Information, January 2002

Hedging: to invest in a manner that reduces the risk having

regard to the underlying assets or liabilities. A hedging strategy will

take into account the risks, return required and the projected cash

flow of the assets or liabilities, including the existence of

policyholder options which may be exercised. Risks to be

considered will include market and credit risk.

Source: IAIS Guidance paper on investment risk management, October

2004; IAIS Issues paper on asset-liability management, October 2006

Heterogeneous financial group: refers to an economic group

with a mixed character, consisting of different financial entities,

such as banks, insurance companies, securities houses, investment

firms, pension funds, etc.

Source: IAIS Standard on group coordination, October 2000

Home jurisdiction: a home jurisdiction is one in which the

parent insurer is incorporated, or in which the head office of a

branch is incorporated. Host jurisdictions/supervisors must be aware

of the distinctions between immediate and higher level home

jurisdictions / supervisors, taking account of the hierarchical

corporate structures of many international insurers and insurance

groups. Except where specified, the terms home jurisdiction /

supervisor where they appear cover both immediate and higher

levels.

Source: IAIS Insurance Core Principles, July 2000

31

Home/host supervisor: supervisor of the home/host

jurisdiction.

Source: IAIS Standard on licensing, October 1998

Homogeneous financial group: refers to an economic group,

consisting of (predominantly) financial licensed entities which

essentially have the same pectoral character, e.g. A group consisting

of life and/or non-life insurance companies. An economic group is

defined as a cohering complex of companies under (almost)

common governance.

Source: IAIS Standard on group coordination, October 2000

Host jurisdiction: is one in which a branch of a foreign insurer

is located; or in which a subsidiary or joint venture of a foreign

parent insurer is incorporated; or, in the case of the cross-border

provision of insurance on a services basis, the jurisdiction in which

the service is provided.

Source: IAIS Principles applicable to the supervision of international

insurers and insurance groups and their cross-border business operations,

December 1999

IBNER provisions: Additional provisions for claims incurred

but for which not enough has been reserved.

Source: IAIS Standard on disclosures concerning technical

performance and risks for non-life insurers and reinsurers, October 2004

IBNR provision: provision for claims incurred but not reported

by the balance–sheet date. That is, it is anticipated that there would

be a number of policies that have, but for the advice of the claim to

the insurer, occurred and therefore are likely to result in a liability

on the insurer. The magnitude of this provision can be expected to

reduce as the time since the insurance risk on the contract expired

extends. The magnitude is also likely to vary depending on the

type of insurance risk covered by any particular class of insurance

contract.

Source: IAIS Issues paper on solvency, solvency assessments and

actuarial issues, March 2000

Immediate payout annuity: an annuity contract that provides

an income on an immediate basis, as distinct from a deferred

annuity.

Source: IAIS Issues paper on asset-liability management, October 2006

Indemnity reinsurance agreement: the ceding entity remains

legally responsible for all policyholder obligations of the reinsured

policies. The assuming entity indemnifies, or protects, the ceding

entity against one or more of the risks in the reinsured policies.

Source: IAIS Guidance Paper on Risk transfer, disclosure and

analysis of finite reinsurance, October 2006]

Indirect credit or spread risk: the risk due to movements in

market perception or appetite for risk on either a macro or micro

basis.

Source: IAIS Guidance paper on investment risk management, Oct. 2004

Initial capital requirement: minimum capital required to set

up an insurance company. [Equivalent terms: Initial solvency

requirement]

Source: IAIS Principles on capital adequacy & solvency, January 2002

Insurance group: a group structure which contains two or more

insurers. The structure of international insurance groups may derive

from an ultimate holding company which is not an insurer. Such a

holding company can be an industrial or commercial company,

another financial institution (for example a bank), or a company

the majority of whose assets consist of shares in insurance companies

(and/or other regulated financial institutions).

Source: IAIS Insurance Core Principles, July 2000

Insurance intermediary: any natural person or legal entity that

engages in insurance intermediation (in any medium). Intermediaries

are generally divided into separate classes. (The most common types

are “independent intermediaries” who represent the buyer in

dealings with the insurer (also known as “independent brokers”)

and “agents” (which generally include multiple agents and sub-

agents) who represent the insurer.) [Related definitions: Insurance

intermediation]

Source: IAIS Principles for the conduct of insurance business, Dec.1999

Insurance intermediation: the business activity to promote or

facilitate an insurance contract between an insurer and a purchaser;

selling or attempting to sell insurance on behalf of an insurer, asking

or urging potential purchaser to apply for a particular insurance

product, conferring with or giving advice to a potential purchaser

concerning particular insurance product by a person or entity who

sell or arrange the insurance contract. Activities by an insurer are

not included. [Related definitions: Insurance intermediary]

Source: IAIS Principles for the conduct of insurance business, Dec. 1999

Insurance product: an insurance product is defined as a

product that is provided by an insurance company.

Source: IAIS Issues paper on solvency, solvency assessments and

actuarial issues, March 2000

Insurance supervisor (supervisory authority): refers, as

appropriate, to either the insurance and reinsurance regulator or

the insurance and reinsurance supervisor in a jurisdiction.

Source: IAIS Insurance Core Principles, July 2000

Insurer: a licensed legal entity, which underwrites insurance,

including a mutual insurance company (but note the exemption of

pure reinsurers).

Source: IAIS Insurance Core Principles, July 2000]

Interest rate risk: the risk of exposure to losses resulting from

movements in interest rates.

Source: IAIS Guidance paper on investment risk management, Oct. 2004

Intermediary fraud: Fraud by intermediaries against the insurer

or policyholders.

Source: IAIS Guidance paper on preventing, detecting and

remedying fraud in insurance, October 2006

Internal controls: the means by which compliance with the

insurer’s risk management policies is maintained. Regular reporting,

including the use of measurements and metrics required to be within

limits specified by the risk management policies, may be used to

verify compliance.

Source: IAIS Guidance paper on investment risk management, Oct. 2004

Internal fraud: Fraud against the insurer by a director of the

board, a manager or member of staff (regardless if the member of

staff is employed on a permanent or temporary basis) on his/her

own or in collusion with others who are either internal or external

to the insurer.

Source: IAIS Guidance paper on preventing, detecting and

remedying fraud in insurance, October 2006

International financial conglomerate: Refers to a financial

conglomerate with regulated entities located in different countries.

Source: IAIS Standard on Exchange of Information, January 2002

32

Intragroup exposures: exposures to risk that result from

transactions conducted between members of the one corporate

group, e.g. the risk that the company guarantees another part of the

group implicitly or explicitly. [Related definitions: Conglomerate

risk, Contagion].

Source: IAIS Issues paper on solvency, solvency assessments and

actuarial issues, March 2000

Investment management: the activity of making and

controlling investment decisions [Related definitions: Investment

policy, Investment risks, Investment risk management, Investment

risk management framework, Investment risk management function,

Investment risk management policy, Investments risk exposures,

Investments risk limits]

Source: IAIS Guidance paper on investment risk management,

October 2004]

Investment policy: the insurer's policy with respect to the

overall characteristics for an investment portfolio or for the

investments of the insurer as a whole. A statement of a portfolio’s

investment policy will normally include the objectives of the

portfolio, its risk tolerance, constraints to be obeyed in the

management of the portfolio, such as minimum liquidity

requirements, and a list of eligible assets or asset classes in which

the portfolio may be invested, along with a target asset mix and

limits on how much the portfolio may diverge from the target.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investment risk management: the process an insurer uses to

identify investment risk exposures, and to monitor, measure, report,

and mitigate this risk.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investment risk management framework: the strategies,

policies, procedures, methodology and the organizational structure

that an insurer uses to perform its investment risk management

function. The investment risk management function is normally

separate and distinct from the investment management function, to

the extent that this is practical for the insurer.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investment risk management function: the committees,

departments, or persons charged with the responsibility to ensure

that the insurer complies with its investment risk management policy

and the activities that they carry out, including the oversight of

timely corrective action when investment policy constraints are

breached and other mitigating action.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investment risk management policy: the insurer's policy with

respect to investment risk management including definition of the

investment risk exposures that are present in an insurer’s operations,

a description of the investment risk management process, and

assignment of the investment risk management function within the

insurer’s structure.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investment risks: the various kinds of risk which are directly

or indirectly associated with the insurers’ investment management.

They concern the performance, returns, liquidity and structure of

an insurer’s investments. Such risks can have a substantial impact

on the asset side of the balance sheet and the company’s overall

liquidity, and potentially can lead to the company being over

indebted or insolvent. The investment risks include: market risk,

credit risk, liquidity risk, operational risk.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investment strategy: the overall direction by the insurer’s

investment management governing the insurer’s investment policy

and investment risk management policy.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investments risk exposures: measures of the amounts by which

an insurer’s financial position may vary adversely.

Source: IAIS Guidance paper on investment risk management,

October 2004

Investments risk limits: the maximum amount of risk exposure

that an insurer is prepared to accept. Limits are normally included

in the insurer’s risk management policy, and monitoring of

compliance with these limits is part of the risk management function.

Source: IAIS Guidance paper on investment risk management,

October 2004.

❐

33

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5. On-going supervision

ICP 11 Market analysisMaking use of all available sources, the supervisory authority

monitors and analyses all factors that may have an impact on

insurers and insurance markets. It draws conclusions nd takes

action as appropriate.

Explanatory note11.1. In order to achieve its objectives, the supervisory authority

supervises the financial soundness of individual insurers and

contributes to financial stability of the insurance market. Both

require an analysis of individual insurers and insurance

groups as well as the market and the environment in which

they operate.

11.2. In today’s globalised financial markets and rapidly integrating

financial systems, economic developments and policy

decisions of one jurisdiction may affect many other

jurisdictions. Similarly, developments in the economy as a

whole, or in one part of the financial sector, may impact the

business operations and financial stability of the insurance

market. To enable an assessment of financial data, it will be

necessary to have an understanding of the basis of financial

reporting in relevant jurisdictions.

11.3. In-depth market analysis helps identify risks and

vulnerabilities, supports prompt supervisory intervention as

referred in ICP 14 and strengthens the supervisory framework

with a view to reducing the likelihood or severity of future

problems. It is recognised that in-depth market analysis

requires skilled resources.

11.4. A quantitative analysis of the market could include, for

example, developments in the financial markets generally;

the number of insurers and reinsurers subdivided by

ownership structure whether a branch, domestic or foreign;

the number of insurers and reinsurers entering and exiting

the market; market indicators such as premiums, balance

sheet totals and profitability; investment structure; new

product developments and market share; distribution

channels; and use of reinsurance.

11.5. A qualitative analysis could include, for example, reporting

on general developments which may impact insurance

markets, companies and clients; new or forthcoming financial

sector and other relevant legislation; developments in

supervisory practices and approaches; and reasons for market

exits.

Essential Criteriaa. The supervisory authority conducts regular analysis of market

conditions.

b. The market analysis not only includes past developments and

the present situation, but also aims to identify trends and

possible future scenarios and issues, so that the supervisory

authority is well prepared to take action at an early stage, if

required.

c. The market analysis is both quantitative and qualitative and

makes use of both public and confidential sources of

information.

d. The supervisory authority or others, such as the insurance

industry, publish aggregated market data that is readily and

publicly available to the insurance industry and other interested

parties.

e. The supervisory authority requires market-wide systematic

reporting to analyse and monitor particular market-wide events

of importance for the financial stability of insurance markets.

Advanced Criteriaf. Insofar as international relationships affect internal insurance

and financial markets, the analysis is not limited to the home

market, but also includes developments elsewhere.

g. The supervisory authority monitors trends that may have an

impact on the financial stability of insurance markets. It assesses

whether macro-economic risks and vulnerabilities are adversely

impinging on prudential safeguards, financial stability or

consumer interests.

ICP 12 Reporting to supervisors and off-site monitoringThe supervisory authority receives necessary information to

conduct effective off-site monitoring and to evaluate the

condition of each insurer as well as the insurance market.

Explanatory note12.1. It is essential for the supervisory authority to receive

information necessary to conduct effective off-site monitoring

which can often identify potential problems, particularly in

the interval between on-site inspections, thereby providing

early detection and prompting corrective action before

problems become more serious.

12.2. The supervisory authority decides what information it requires,

in what form, from whom, and with what frequency. The

reporting requirements are a reflection of the supervisory

needs, and will thus vary according to overall market structure

and situation. They also reflect the situation at individual

34

insurers and the way they control their risks (e.g., asset/

liability management, reinsurance policy.). Information

should be both current and prospective in nature. In setting

the requirements the supervisory authority should strike a

balance between the need for information for supervisory

purposes and the administrative burden it puts on insurers.

12.3. Reporting requirements should apply to all insurers licensed

in a jurisdiction and form the general basis for off-site analysis.

The reporting requirements should be reviewed periodically.

Additional information may be requested from specific

insurers on a case-by-case basis. New developments may

require the supervisory authority to carry out market-wide

off-site analyses, which will require having insurers to submit

information on an ad-hoc basis.

12.4. In setting the requirements, the supervisory authority may

make a distinction between the standards applied to reports

prepared for disclosure to policyholders and investors, and

those applied for the supervisory authority.

12.5. In setting the requirements, the supervisory authority may

make a distinction between the financial reports and

calculations prepared for companies incorporated in its

jurisdiction, and branch operations in its jurisdiction of

companies incorporated in another jurisdiction.

Essential Criteriaa. The supervisory authority:

- sets the requirements for the submission of regular and

systematic financial and statistical information, actuarial

reports and other information from all insurers licensed in

the jurisdiction

- defines the scope and frequency of those reports and

information, including any requirement that reports and

information be audited

- requires, as a minimum, an audit opinion should be provided

annually (refer to ICP 1 EC e)

- requests more frequent and more detailed additional

information whenever there is a need.

b. If making a distinction between the financial reports and

requirements of companies incorporated in the jurisdiction and

branches, or between private entities and government-

sponsored insurers that compete with private enterprises, the

supervisory authority should not distort the market in favour of

or against any particular form of enterprise.

c. The supervisory authority:

– requires insurers to submit information about their financial

condition and performance on both a solo and a group-wide

basis. It may request and obtain financial information on

any subsidiary of the supervised entity.

– sets out the principles and norms regarding accounting and

consolidation techniques to be used. The valuation of assets

and liabilities should be consistent, realistic, and prudent

(refer to ICP 21 EC b).

– requires insurers to report any off-balance sheet exposures.

– requires insurers to report on their outsourced functions.

– requires that the appropriate level of an insurer’s senior

management is responsible for the timing and accuracy of

these returns.

– requires that inaccurate information be corrected and has

the authority to impose sanctions for deliberate misreporting.

– based on this information, maintains a framework for on-

going monitoring of the financial condition and performance

of the insurers.

Advanced Criteriad. From time to time, the supervisory authority reviews its regular

and systematic reporting requirements to ensure they still serve

their intended aims and are carried out in an efficient and

effective manner.

e. The supervisory authority requires insurers to report promptly

material changes that affect the evaluation of their condition.

ICP 13 On-site inspection The supervisory authority carries out

on-site inspections to examine the business of an insurer and

its compliance with legislation and supervisory requirements.

Explanatory note13.1. Whether performed by the staff of the supervisory authority

or other suitably qualified specialists, on-site inspection is

an important part of the supervisory process, closely related

to the off-site monitoring process. It provides information

that supplements the analysis of the reporting to supervisory

authorities sent by the insurer. On-site inspection, however,

also needs the support of market information and statistics

derived from the analysis of the annual accounts and returns.

13.2. Through on-site inspections the supervisory authority is able

to verify or capture reliable data and information to assess

and analyse an insurer’s current and prospective solvency.

On-site inspection enables the supervisor to obtain

information and detect problems that cannot be easily

obtained or detected through on-going monitoring. In

particular, on-site inspections allow the supervisor to identify

problems or irregularities in a range of areas, including asset

quality, accounting and actuarial practices, internal controls

(including those dealing with information technology and

outsourcing), quality of underwriting (both the prudence of

the underwriting policy and the effectiveness of its

implementation in practice), valuation of technical

provisions4, strategic and operational direction, reinsurance,

and risk management.

13.3. On-site inspections enhance the supervisor’s ability to assess

the competence of the managers of insurers. It is also an

effective way for supervisors to assess the management’s

decision-making processes and internal controls. It provides

supervisors the opportunity to analyse the impact of specific

regulations and, more generally, to gather information for

benchmarking.

13.4. The criteria envisage that on-site inspection may be carried

out in a manner that is either “full scale” or “on a focussed

basis.” Both forms of inspection need to be conducted by

skilled staff that can evaluate and analyse the information

that they obtain during the inspection. Usually the supervisory

4 The term “technical provisions” is used throughout this document. Some jurisdictions use the term “policy liabilities” instead. The meaning is thesame, i.e., amount set aside on the balance sheet to meet liabilities arising out of insurance contracts, including claims provision (whether reported ornot), provision for unearned premiums, provision for unexpired risks, life assurance provision and other liabilities related to life insurance contracts(e.g. premium deposits, savings accumulated over the term of with–profit policies) (source: IAIS Glossary of Terms).

35

authority provides guidance on the scope and procedures

for on-site inspections. However, staff performing inspections

should use their investigative and technical skills when

forming views about the information they obtain.

13.5. On-site inspection can assist in assessing the risks to which

a firm is exposed. A full-scale on-site inspection includes, at

a minimum, the following activities:

• evaluation of the management and internal control system

• analysis of the nature of the insurer’s activities, e.g. the

type of business written

• evaluation of the technical conduct of insurance business

or an evaluation of the organisation and the management

of the insurer, the commercial policy and the reinsurance

cover and its security

• analysis of the relationships with external entities, such as

through outsourcing or with respect to other companies in

the same group

• assessment of the insurer’s financial strength, notably the

technical provisions

• evaluation of compliance with corporate governance

requirements.

13.6. A full-scale on-site inspection of market conduct issues

includes, at a minimum, the following activities:

• checking the sufficiency and adequacy of the information

given to consumers

• reviewing the timing of payments

• reviewing the frequency and nature of litigation

• assessing observance of the market conduct standards and

consumer regulations (refer to ICP 25 and 26).

13.7. Effective inspections may need to include access to outsourced

service providers or other parties to ensure that the inspection

adequately addresses insurers who transfer functions and

information outside the company. Where another authority

supervises the outsourced service provider supervisory actions

should be coordinated (refer to ICP 5).

13.8. The frequency of on-site inspections will take account of the

risk profile of the insurer as it appears from previous on-site

inspections and off-site monitoring; an additional factor may

be the relative importance of the insurer in the market.

Essential Criteriaa. By law, the supervisory authority has wide-ranging powers to

conduct on-site inspections and gather information deemed

necessary to perform its duties.

b. The supervisory authority, external auditors or other suitably

qualified parties verify information in regulatory returns

periodically through on-site inspections. Where parties other

than the supervisory authority verify information, then

arrangements for communication with the supervisory authority

should be established.

c. The supervisory authority may conduct on-site inspections on

either a full scale, or a focussed basis investigating areas of

specific concern.

d. The supervisory authority promptly discusses findings and any

need for corrective action with the insurer and obtains

appropriate feedback from the insurer.

e. The supervisory authority follows up with the insurer to ensure

that any required action has been taken.

f. The supervisory authority can extend on-site inspections to

obtain information from intermediaries and companies that

have accepted functions outsourced by the supervised insurer.

ICP 14 Preventive and corrective measuresThe supervisory authority takes preventive and corrective

measures that are timely, suitable and necessary to achieve

the objectives of insurance supervision.

Explanatory note14.1. Where insurers fail to meet supervisory requirements or where

their continued solvency comes into question, the supervisory

authority must intervene to protect policyholders. To do so,

the supervisor authority needs to have the legal and operational

capacity to bring about timely corrective action. Depending

on the nature of the problem detected, a graduated response

may be required. In instances where the detected problem is

relatively minor, informal action such as an oral or written

communication to management may be sufficient. In other

instances, more formal action may be necessary.

Essential Criteriaa. The supervisory authority has available and makes use of

adequate instruments to enable timely preventive and corrective

measures if an insurer fails to operate in a manner that is

consistent with sound business practices or regulatory

requirements.

b. There should be a progressive escalation of action or remedial

measures if the problems become worse or if management of

the insurer ignores more informal requests from the supervisory

authority to take corrective action.

c. The supervisory authority has the capacity and standing to

communicate with insurers, and insurers comply with such

communications, to ensure that relatively minor preventive or

corrective measures are taken.

d. If necessary the supervisory authority requires the insurer to

develop an acceptable plan for correction of problems.

Corrective plans include agreed and acceptable steps to be

taken to resolve the issues raised and an acceptable timetable.

e. The supervisory authority initiates measures designed to prevent

a breach of the legislation from occurring, and promptly and

effectively deals with non-compliance with regulations that

could put policyholders at risk or impinge on any other of the

authority’s objectives.

ICP 15 Enforcement or sanctionsThe supervisory authority enforces corrective action and,

where needed, imposes sanctions based on clear and objective

criteria that are publicly disclosed.

Explanatory note15.1. The supervisory authority must have the power to take

remedial action in a timely manner where problems involving

licensed insurers are identified. The decision-making lines of

the supervisory authority should be structured so that action

can be taken immediately in the case of an emergency situation

(refer to ICP 4 EC e).

15.2. The supervisory authority must have a range of actions

available in order to apply appropriate enforcement or

sanctions where problems are encountered. Powers should

be set out in legislation and may include:

• restricting business activities

• stopping the writing of new business

36

• withholding approval for new activities or acquisitions

• directing the insurer to stop practices that are unsafe or

unsound

• putting assets of the insurer in trust or restricting disposal

of those assets

• revoking the licence of an insurer

• removing directors and managers

• barring individuals from the business of insurance.

15.3. In some cases it may be appropriate to apply punitive

sanctions against insurers or individuals. Provided that the

policyholders are not put at greater risk, provisions would

normally apply to such situations that would permit a right

of appeal of decisions. For actions taken in good faith while

discharging their duties the law provides legal protection to

the supervisory authority and its staff against lawsuits (refer

to ICP 3).

15.4. This principle is directed at the overall protection of

policyholders and the observance of requirements. Matters

involving individual customers are subject to ICP 25.

Essential Criteriaa The supervisory authority can issue formal directions to

companies to take particular actions or to desist from taking

particular actions. Failure to comply with a formal direction

issued by the supervisory authority has serious consequences

for those that take such a step.

b. The supervisory authority has the power to prevent the insurer

issuing new policies.

c. The supervisory authority can arrange for compulsory transfer

of the obligations under the policies from a failing insurer to

another insurer that accepts this transfer (refer to ICP 8 EC l).

d. The supervisory authority can require capital levels to be

increased, restrict or suspend dividend or other payments to

shareholders, restrict asset transfers and restrict an insurer’s

purchase of its own shares. It can also initiate action to restrict

the ownership or activities of a subsidiary where, in its opinion,

such activities jeopardise the financial situation of the insurer.

e. The supervisory authority has effective means to address

management problems, including the power to have controlling

owners, directors, and managers replaced or their powers

restricted. More generally the supervisory authority in extreme

cases, imposes conservatorship over an insurer that is failing

to meet prudential or other requirements. The supervisory

authority has the power to take control of the insurer, or to

appoint other specified officials or receivers for the task, and

to make such arrangements for the benefit of the policyholders

as are necessary.

f. Once action has been taken or remedial measures have been

imposed, the supervisory authority periodically checks to

determine that the insurer is complying with the measures.

g. The insurance legislation provides for sanctions by way of fines

against individuals and insurers where the provisions of the

legislation are breached.

h. The insurance legislation provides for sanctions against

individuals who withhold information from the supervisory

authority, provide information that is intended to mislead the

supervisory authority or fail to provide information to the

supervisory authority in a timely fashion.

i. Individuals can be barred from acting in responsible capacities

in the future.

j. The process of applying sanctions should not delay necessary

preventive and corrective measures and enforcement.

k. The supervisory authority takes action to withdraw the license

of an insurer where appropriate.

l. The supervisory authority has the powers to protect one or

more insurers within its jurisdiction that belong to a group from

the financial difficulties in other parts of the group.

m. The supervisory authority, or another responsible body in the

jurisdiction, takes action to enforce all the sanctions noted

above.

n. The supervisory authority ensures consistency in the way

insurers are sanctioned, so that similar violations and

weaknesses attract similar preventive and corrective measures.

o. The supervisory authority or other authority takes action against

those individuals or entities that are operating an insurance

business without a licence.

ICP 16 Winding-up and exit from the marketThe legal and regulatory framework defines a range of options

for the orderly exit of insurers from the marketplace. It defines

insolvency and establishes the criteria and procedure for

dealing with insolvency. In the event of winding-up

proceedings, the legal framework gives priority to the

protection of policyholders.

Explanatory note16.1. An insurer may no longer be financially viable or may be

insolvent. In such cases, the supervisory authority can be

involved in resolutions that require a take-over by or merger

with a healthier institution. When all other measures fail, the

supervisory authority should have the ability to close or assist

in the closure of the troubled insurer.

16.2. The legislation should establish the priority that policyholders

receive in winding-up an insurer. However, it is also common

in many jurisdictions that priority is given to other stakeholders,

such as employees or the fiscal authorities. In some

jurisdictions, a policyholder protection fund provides

additional or alternative protection. Some jurisdictions may

decide that protection provided through a policyholder

protection fund is not necessary for commercial policyholders.

Essential Criteriaa. The legal and regulatory framework provides for the

determination of the point at which it is no longer permissible

for an insurer to continue its business.

b. The procedures for dealing with insolvency and the winding-

up of the insurer are clearly set forth in the law.

c. A high legal priority is given to the protection of the rights and

entitlements of policyholders and other policy beneficiaries in

the event of an insurer becoming insolvent and winding-up.

This priority ensures that, as far as is practical, there is limited

disruption to the provision of benefits to policyholders.

ICP 17 Group-wide supervisionThe supervisory authority supervises its insurers on a solo and

a group-wide basis.

Explanatory note17.1. Supervision of insurers, who are part of a wider insurance

group or conglomerate, whether domestic or international,

should not be limited to the solo supervision of that insurer.

The operations of other group companies, including any

holding companies if applicable, are taken into account in

37

assessing the totality of the risk exposures of the insurers,insurance groups and conglomerates. The fact that such aninsurer is part of a group generally alters, often considerably,its risk profile, its financial position, the role of itsmanagement, and its business strategy. As a consequence,there should be legal provisions and effective supervisionthat adequately meet the changed profile of the insurer,ensuring adequate group wide assessment and supervisoryaction as appropriate.

17.2. As a first step, there should be legal certainty for all partiesinvolved about what constitutes an insurance group orconglomerate. For entities that are considered to be part ofsuch a group, a group mapping exercise should beundertaken that delineates the group structure, and identifiesthe supervisory authorities involved. Supervisory tasks forthe group and the constituent parts should be agreed uponby the supervisors involved or may be set out in legislation.This may call for further co-operation agreements betweenthe various supervisory authorities often including supervisoryauthorities from different jurisdictions and financial sectors.

17.3. Group-wide assessment and supervision should not be limitedto financial indicators such as capital adequacy and riskconcentration, but also the management structure, fit andproper testing, and legal issues. The groups should haveinformation systems in place not only to serve their internalinformation needs, but also to provide all information thatthe supervisory authority may require in an adequate andtimely manner.

17.4. The effective supervision of groups may require effort to ensurethat the necessary supervisory tools such as informationcollection and on-site inspections are able to address group-

wide issues effectively.

Essential Criteriaa. What constitutes an insurance group and financial

conglomerate is clearly defined so that supervisors and insurers

can determine:

- which groups are considered to be insurance groups or

financial conglomerates

- which group or groups an insurer belongs to

- the scope of the supervision.

b. The supervisory authority ensures effective and efficient group-

wide supervision. The supervisory authorities co-operate to

avoid unnecessary duplication.

c. Where different supervisory authorities are responsible for

different parts of a group or conglomerate appropriate co-

operation and co-ordination exists. The supervisory

responsibilities of each authority are well-defined and leave

no supervisory gaps.

d. At a minimum, group-wide supervision of insurers which are

part of insurance groups or financial conglomerates includes,

as a supplement to solo supervision, at a group level, and

intermediate level as appropriate, adequate policies on and

supervisory oversight of:

– group structure and interrelationships, including ownership

and management structure

– capital adequacy

– reinsurance and risk concentration

– intra-group transactions and exposures, including intra-group

guarantees and possible legal liabilities

– internal control mechanisms and risk management processes,

including reporting lines and fit and proper testing of senior

management.

e. Host supervisory authorities avoid uncooperative behaviour

with home supervisory authorities so as not to hinder effective

supervision of groups and conglomerates (refer to ICP 5 EC i).

f. The supervisory authority requires that insurance groups and

financial conglomerates have reporting systems in place that

adequately meet the supervisory information demands.

g. The supervisory authority may deny or withdraw the license

when the organisational (or group) structure hinders effective

supervision (refer to ICP 6 and ICP 15).

6. Prudential requirements15. This section sets out six principles addressing prudential

requirements. Their common goal is to ensure that insurers

have the ability under all reasonably foreseeable circumstances

to fulfil their obligations as they fall due. ICP 18 Risk assessment

and management The supervisory authority requires insurers

to recognise the range of risks that they face and to assess and

manage them effectively.

Explanatory note18.1. An insurer should identify, understand, and manage the

significant risks that it faces. Effective and prudent riskmanagement systems appropriate to the complexity, size andnature of the insurer’s business should identify and measureagainst risk tolerance limits the risk exposure of the insureron an on-going basis in order to indicate potential risks asearly as possible. This may include looking at risks by territoryor by line of business.

18.2. Some risks are specific to the insurance sector, such asunderwriting risks and risks related to the evaluation oftechnical provisions. Other risks are similar to those of otherfinancial institutions, for example market (including interestrate), operational, legal, organisational and conglomeraterisks (including contagion, correlation and counter-partyrisks).

18.3. Supervisors play a critical role in the risk management processby reviewing the monitoring and controls exercised by theinsurer. The supervisory authority develops prudentialregulations and requirements to contain these risks. Whilethe supervisor puts such requirements in place with theintention of ensuring enhanced practices by insurers, theultimate responsibility for the development of best practices

and the proper operation of the insurer must always rest with

the board of directors.

Essential Criteriaa. The supervisory authority requires and checks that insurers have

in place comprehensive risk management policies and systemscapable of promptly identifying, measuring, assessing, reportingand controlling their risks (refer to ICP 10 EC d).

b. The risk management policies and risk control systems areappropriate to the complexity, size and nature of the insurer’sbusiness. The insurer establishes an appropriate tolerance levelor risk limit for material sources of risk.

c. The risk management system monitors and controls all materialrisks.

d. Insurers regularly review the market environment in which theyoperate, draw appropriate conclusions as to the risks posedand take appropriate actions to manage adverse impacts of the

environment on the insurer’s business.

Advanced Criteriae. Larger insurers establish a risk management function and a

risk management committee.

38

Motor Insurance:Motor Insurance:

1st Middle East Healthcare Insurance

Health Conference 3-4 Dec. 2007,

Renaissance Hotel, Dubai with the

expanding economies of the Gulf states,

many insurers are looking now at how to

leverage on the opportunities that abound.

The region is basking in the glow of

increased oil prices, greater inward

investments etc-all of which have sown the

seeds for a fertile market for international

health insurers.

And now with the introduction of

compulsory health insurance in many of the

GCC markets for expatriates, the growth

opportunities are phenomenal for both

insurers and 3rd party administrators (TPAs).

But the industry must look out for pitfalls to

be avoided, and the industry as a whole

should invest in collating claims data to get

it right from the start to cope with runaway

medical inflation and healthcare costs as

healthcare technology gets even more

sophisticated.

The two-day conference organized by

Middle East Insurance Review, will look at

the impact that compulsory health insurance

will have on the region as a whole, as well

as go into the technical issues of what

insurers and TPAs etc should look out for,

in their rush to meet the increasing demands

for healthcare; and investigate the various

initiatives in the various markets- the

loopholes and how they can be overcome.

The conference will address issues on

Underwriting, cost containment, claims

Management, Medical Risk Management,

Healthcare Financing, Medical Insurance

Regulations, Fraud control; and measuring

return on investment from managed care

and disease management initiatives; as well

as look at the differences and similarities in

Middle East healthcare contrasted with

Europe/USA. ❐

Source: Asia Insurance Review, Nov. 2007

1st Middle East Healthcare Insurance Conference

BRIEF NEWS

China ScoresAnnual GrowthRate of 32%

From having only one insurer in 1980

doing premiums of 400 million yuan

(US$53 million), China has grown to a

market of 98 insurers with premium

income of 564 billion yuan in 2006, an

annual growth rate of 32%, said Mr Xhang

Hong, Vice President of China Re Group

at the FAIR Conference held in Marrakech,

Morrocco last week. ❐

Source: Asia Insurance Review, Oct. 2007

M ore than 340 life insurance

executives from 25 countires

gathered at the 23rd Pacific Insurance

Conference (PIC) held for the first time in

Kuala Lumpur, Malaysia last week and

agreed that multi-distribution strategy is a

necessary one, supporting the skill relevant

agency model, that insurance should bring

back nobility into the industry and that

insurers should work towards maximising

opportunities as convergence takes place.

The conference was officially opened by

Deputy Governor of Bank Negara Malaysia,

Dato's Zamani Abdul Ghani who urged in

his opening address that Malaysian insurers'

senior management need to raise the bar

for organisations to achieve best in class

practices that are aligned with the

competitive strategic orientations, rather

than merely complying with a minimum set

of prescribe rules. ❐

Source: Asia Insurance Review, Nov. 2007

Asia: PIC Tackles LifeInsurance Issues

CIRC Aims tostrengthen Solvency

Regulation,Governance

As China's insurance industry faces

bourgeoning growth, the CIRC has

embraced a scientific view to development

and is strengthening solvency regulation

by introducing risk-based standards and

evaluating new accounting principles,as

well as enhancing corporate governance,

said Vice Chairman Zhou Yanli at the 14th

IAIS Seminar held in Florida, USA last

week. ❐Source: Asia Insurance Review, Oct. 2007

M otor Inzsurance, in spite of

being a significant contributor

to the non life insurance portfolio, does not

carry the same glamor as its counterparts in

energy, aviation or even property insurance

! in GCC countries, where it forms almost

50% of non-life insurance market portfolio,

the general perception is of a business that

one has to live with not one that is wanted

or desired. Here, Mr Gautam Data of

Solidarity Takaful company shares with us

some of the negative hype and myths of the

business, while urging insurers to review

their motor strategies to get ahead. ❐

Source: Asia Insurance Review, Nov. 2007

Debunking some Motor Insurance Myths!

39

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!(= >L n'lDagL hg/n O= s+= ln= lghL{jg 7d]n $$!!&)& (Hunting) $$!!^(@ lgic@mos.com.np

@)= >L PgPnhL O= s+= ln= lghL{jg nflhDkf6 $$!@^@%, $@@^$%!, $$!*!!# $$!^$@& nllgi@mail.com.np

$$!^%%^

@!= >L l;4fy{ OG:of]/]G; lnld6]8 lghL{jg lqk'/]Zj/ $@%&&^^, $@%^!() $@%&&&^

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