Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Though it has been more than a week since the Ministry of Finance (MoF) directed the Insurance Board to settle all COVID insurance claims within three days, more than 22,000 such claims are yet to be settled.
So far, insurance companies have settled only 8,563 COVID insurance claims though insurance firms have received 30,500 plus insurance claims so far.
Initially, the government had directed Insurance Board and insurance companies to settle all COVID insurance claims within seven days. However, the Ministry of Finance redirected the board and insurance to settle all pending COVID insurance claims within three days after insurance firms were reluctant to clear such claims. Insurance firms have failed to settle COVID insurance claims even following repeated direction of the government.
Interestingly, the Insurance Board, the insurance sector regulatory body which should ensure that the public get their insurance claims as soon as possible is seen backing insurance firms instead of the public.
Issuing a statement on Thursday, the board asked recipients of COVID insurance claim amount to have patience stating that settling all insurance claims would take time.
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