Kathmandu. KATHMANDU: The Nepal Insurance Authority (NEA) has held discussion with the Chief Executive Officers of the non-life insurers, micro life insurers and reinsurance companies regarding the status of claim payment, problems in claim payment and the steps to be taken to expedite the claim payment.
During the meeting, Managing Director of Nepal Insurance Authority Sushil Dev Subedi said that the insurance claim for the loss suffered during the recent agitation was payable and it was the responsibility of the insurance companies to pay the claims.
Executive Director Subedi said, “The insurer has to pay the insurance claim on the basis of the preliminary survey report, the insured has to feel that the money has been paid, the insurer has to give general information about the claim payment, the insurer has to pay the advance amount to the insured and the reinsurer has to pay the advance amount to the insurer on time.” ”
Stating that the data related to insurance claims and claim payment issued by the insurers should be correct and the NEA would take strict action against the insurers giving wrong data, Executive Director Subedi directed the reinsurance companies to give high priority to liquidity in the market at the earliest.
During the discussion, CEOs of non-life insurance companies and micro insurance companies said that they could easily pay the insurance claims for the losses incurred during the agitation.
They also said that the reinsurance companies should actively support the reinsurance companies as they have been paying small insurance claims, cash flow is necessary in the case of big claims and the reinsurance should also play a role in liquidity management.
On the occasion, Chief Executive Officer of Nepal Reinsurance Company said that the company is capable of paying the claim amount and pledged to provide the reinsurance amount to the insurers at the earliest after completing the necessary procedures.
The program was attended by Director of Nepal Insurance Authority Pujan Dhungel Adhikari, Director Dhruba Timilsina, Director Shambha Raj Lamichhane and Director Nirmal Adhikari.
