Kathmandu. Nepal Insurance Authority (NEA) has approved 8 policies proposed by various non-life and life insurance companies. The authority has allowed some companies to issue new policies while some companies have approved amendments made in the old insurance policies.
Out of the total insurance policies approved, 4 are of non-life insurance companies and 4 are of life insurance companies. New policies have been approved to cover various new and specialized risks towards non-life insurance.
According to the authority, IGI Prudential Insurance has received approval for two new policies. The Authority has given permission to bring ‘ÚProfessional Indemnity Insurance for Construction Projects’ and ‘Tourism Policy’ insurance policy targeting the tourism sector.
In addition to this, Shikhar Insurance Company has approved a new non-life insurance policy called ‘Shikhar Cyber Insurance’. In view of the increasing digital risk, this company is going to bring this insurance policy into circulation. Earlier, Nepal Insurance Company had introduced cyber risk insurance but there was not much demand in the market.
The non-life insurance company Sagarmatha Lumbini Insurance Company has received permission from the NEA to issue ‘Drone Insurance’. It will cover drone accidents, theft and other risks, as well as damage to third parties due to drone accidents. At a time when the use of drones for video conferencing and various meetings is increasing in Nepal, the company is going to introduce a new insurance policy to bear such risks.
Among the forest insurers, IME Life Insurance Company has received approval from the Nepal Electricity Authority (NEA) for the ‘Group Term Life Insurance Scheme’.
KATHMANDU: Nepal Life Insurance Company (NLIC) has approved the policy of revising the policies of the insurance companies by amending the old policies instead of bringing new policies. Based on the technical comment, the authority has approved the new safe life insurance scheme (amendment in technical note) and the new children life insurance scheme (amendment in technical comment).
Similarly, Nepal Life Insurance has also received approval from the Authority to amend the terms and conditions of the Jeevan Sahara Insurance Scheme which has been in operation since 2063 BS.
Apart from this, the NRA has started preparations for paddy crop insurance and potato insurance policy under horse insurance and weather index insurance so that all non-life insurance companies can be implemented.
