Kathmandu. Insurance companies will also be able to include the amount contributed to the government reconstruction fund in the expenses under Corporate Social Responsibility.
The Board of Directors of Nepal Insurance Authority (NEA) has made the second amendment to the Directive on Corporate Good Governance, 2080 BS.
Amending Clause 48 of the guideline, the NRA has made a provision that the expenses incurred by the NRA for the reconstruction, economic revival, relief and other works caused by natural disasters, civil movements, public demonstrations or other causes can also be included in the expenses under the social responsibility.
According to the NEA, “Clause (e) has been added after clause (d) of sub-section (2) of Section 45 of the Insurance Directive, 2080.
Clause 48 of the bill states that an insurer should set aside 1 percent of the net profit of each fiscal year to set up an Corporate Social Responsibility fund.
The government has publicly appealed for help for the reconstruction of the government, citing the lack of financial resources after the courts, Singha Durbar, police stations, and government offices were torched and looted during the protests against corruption on September 23 and 24.
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