Industry Sector
Insurance
Assurance and risk support for insurers and brokers.
Overview & Core Services
Who We Are & How We Help
We help insurance teams improve reporting, strengthen reserve reviews, and meet regulatory expectations.
Regulatory Reporting
Support for compliant financial statements.
Claims and Reserve Review
Checks on claims controls and reserve accuracy.
VALUE
Creation
Methodology
Creating Value For Your Business
We connect audit insights with risk controls to protect policyholders and build trust.
Clear solvency signals
Better claims controls
The URPCA Advantage
Why Choose URP?
01
Insurance-ready methods
Approaches aligned to sector rules and solvency needs.
02
Balanced risk view
Practical recommendations that reduce exposure.
Insights
Sector Publications
Beyond Compliance: Transforming Audits into Strategic Business Insights
A financial audit shouldn't just be a regulatory checkbox. When executed correctly, an audit acts as a diagnostic tool that uncovers hidden operational inefficiencies...
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Restructuring for Resilience: Why Mid-Market Firms Need Fractional CFOs
Scaling a mid-market enterprise requires financial strategy that goes beyond basic bookkeeping. Discover how Fractional CFOs are providing high-level financial leadership without the full-time...
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The Future of Tax Compliance in Nepal: Navigating the 2026 Shift
As Nepal's regulatory frameworks evolve, businesses must adapt their financial reporting to align with the new digital taxation policies. Here is what you need...
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Frequently Asked Questions
Risk-based capital (RBC) sizes the capital an insurer must hold to its actual risk profile — insurance risk, market risk, credit risk, operational risk — rather than a flat percentage of premiums or reserves. NIA has been phasing in an RBC framework following international practice (notably the IAIS Insurance Capital Standard). Insurers should treat RBC readiness as a multi-year programme covering data, models, governance, and capital planning, not a year-end exercise.
IFRS 17 replaces the current premium-allocation-based recognition with a contract-level measurement using one of three models: General Measurement Model, Premium Allocation Approach (for short-duration contracts), or Variable Fee Approach (for participating life contracts). Reserves are remeasured each period using current assumptions; profit is released over the coverage period. Adoption requires significant changes to actuarial systems, accounting systems, and reporting. Nepali insurers should begin gap analysis well before the mandatory date.
Beyond the standard NSA-aligned audit, an insurance audit covers premium income testing, technical reserves (IBNR, IBNER, unearned premium, life mathematical reserves), claims provisioning, reinsurance ceded/assumed accounting, solvency margin computation, investment portfolio classification and valuation, and NIA regulatory returns. Coordination with the appointed actuary is built into the engagement plan from day one.
NIA directives cover paid-up capital, solvency margin, investment regulations (asset classes, single-issuer limits), claims settlement timelines, agent licensing and commission caps, market conduct, micro-insurance, motor third-party rates, and reinsurance retention. The auditor must verify compliance and report material breaches in the long-form audit report.
U.R.P. & Associates is not a firm of actuaries — actuarial valuation requires the company's appointed actuary. We work closely with appointed actuaries to test data flowing into actuarial models, agree assumption setting frameworks, and validate model outputs from an audit perspective. For RBC and IFRS 17 implementations, we coordinate with actuarial consulting partners where additional capacity is needed.