Chairman Silwal Instructed Insurance Companies to bring Insurance Policies as per the needs of citizens
Kathmandu : Under the organization of Nepal Insurance Authority, a discussion and interaction program on current issues related to insurance was held in Birgunj on 28th of Falgun, 2080 B.S with the chiefs, employees and stakeholders of insurance companies from different branches and sub-branches located in Madhesh province.
Addressing the program, the Chairman of Insurance Authority of Nepal, Surya Prasad Silwal, has instructed the insurance companies to bring insurance policies according to the needs of citizens after making overall research in the market.
Chairman Silwal said, “Insurance companies should implement the policy approved by the authority without making any changes, the provincial, branch and sub-branch offices of the company should use the delegated authority, and help to facilitate the payment of claims.”
Chairman Silwal has said that the chief executive officer of the insurance company who does not follow the path of good governance, insure loans, and does not use the money allocated for employee training for the same purpose, will be punished.
In the program, Dinesh Kumar Lal, director of Insurance Authority of Nepal, gave information on the overall issues related to insurance and answered the questions raised in the program.
The participants in the program were giving their opinion that a strategic plan should be made to significantly increase access to insurance, which is currently limited to 9 percent in Madhesh Province, and initiatives should be taken to include insurance subjects in the university curriculum and provide separate teaching.
In addition, the local participants in the program complained that Micro Insurance companies are more concentrated in urban areas than in their own areas, there is unhealthy competition when micro insurance companies insure at low rates, almost 60 percent of the branch offices of insurance companies in Madhesh Province are operating without any head officials and t no on-site inspection is done in case of animal death by the insurance companies.
About two hundred people participated in the program, including the heads of provincial, branch and sub-branch offices of insurance companies located in all the districts of Madhesh Province.
The program was conducted by Kusum Sharma, Head of Insurance Authority of Nepal, Madhesh Province Office.