Kathmandu. The Nepal Insurance Authority (NEA) has initiated the initiative after the insurance companies were found to be slow to contribute to the fund set up for the reconstruction of public property damaged during the Gen G movement.
A meeting of the Council of Ministers on September 24 had decided to set up a fund for the reconstruction of public property during the protests held on September 23 and 24. As of Friday, Rs 9.25 crore has been deposited in the fund. Out of this, Nepal Electricity Authority (NEA) and three insurance companies contributed around Rs 50 million. Banks and financial institutions have not contributed to the fund yet.
The Insurance Authority (IA) had amended the Institutional Good Governance Directive 2082 for the ease of the insurers and made it mandatory to show the amount of contribution to the government relief fund from the Corporate Social Responsibility Fund. After most of the insurers did not show interest in the contribution even after amending the guideline, the authority informed about the amendment and directed the insurance companies to contribute to the fund.
As of November 18, two insurance companies, National Life Insurance and NLG Insurance, have contributed to the fund. Apart from this, LIC Nepal has also deposited Rs 10 million in the fund. National Life Insurance and NLG Insurance contributed Rs 1 crore to the fund.
Even at the provincial level, the Insurance Authority had organized a meeting of the provincial heads of the insurers and directed them to contribute to the Provincial Disaster Fund. A massive flood and landslide in September last year had swept away highways and bridges in Ilam district, killing 20 people. The NRA took the initiative after the state government urged the private sector to distribute relief to the victims and mobilize support for temporary shelter.
