Kathmandu. Nepal Insurance Authority (NEA) has included an ambitious plan in its annual insurance policy and program for the current fiscal year 2082/083.
To provide free insurance to government school students and target groups and classes as a master plan. If this plan is included without any prior homework and without ensuring resources, it is more likely that it will be limited to a piece of paper like the election manifesto of a political party.
The policy and program of the NRA has stated, “Arrangements will be made to insure the students of government schools through the Insurance Development Fund as envisaged by the Insurance Act and Insurance Regulations and to use the same fund to provide insurance to the targeted groups and groups as a pilot project.” ‘
Both the Insurance Act and the Insurance Regulations have a provision regarding the establishment of an insurance fund under the leadership of the Authority for the promotion of insurance. It has been three years since the Insurance Act 2079 came into force. It has been almost 1 year since the insurance regulations came into force.
The Authority had held discussion with the insurer last month regarding the establishment of the Insurance Development Fund. The NRA’s annual report states that the draft of the working procedure for the establishment of the fund is underway.
The authority is now left with seven months to implement the insurance policy and program. Policy decisions should be taken for the establishment of the Insurance Development Fund. As the government has not shown any interest, the board of directors of NEA has been reduced from five members to two. If the Board of Directors of the Authority is not complete, it is not possible to take policy decisions like Insurance Development Fund, Insured Interest Protection Fund, Insurance Information Center etc.
