Nepal Insurance Authority Amends Governance Directive to Support Reconstruction Efforts
Kathmandu. The Nepal Insurance Authority (NIA) has introduced the second amendment to the Insurance Institutional Governance Directive, 2080, enabling insurance companies to contribute to the reconstruction of structures damaged during the Gen-Z protest as part of their social responsibility obligations.
The amendment, issued under the authority of Section 5, Clause (d), and Section 166 of the Insurance Act, 2079, was approved by the NIA’s Board of Directors.
As per the new provision, expenditure on rebuilding physical infrastructure damaged during the Genji Movement will now qualify as social responsibility spending by insurance companies.
“The following section (e) has been added after section (d) of sub-section (2) of Section 45 of the Insurance Institutional Governance Directive, 2080,” the Authority stated in its notice.
The revised directive further clarifies that such expenditures will be deposited in a government-established fund dedicated to reconstruction, economic revival, relief, and other activities arising from natural disasters, civil unrest, public demonstrations, or similar causes.
