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Insurance Board Directs To Subsidize Insurance Premium: Nepal

Insurance Board, the insurance regulatory body has directed the non-life insurers to subsidize the insurance premiums for the industries shut in the lockdown due to coronavirus infection.
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N24 Staff Writer, KATHMANDU: Insurance Board, the insurance regulatory body has directed the non-life insurers to subsidize the insurance premiums for the industries shut in the lockdown due to coronavirus infection.

The Insurance Board made such a statement directing the non-life insurance companies to give subsidy in the premium rate to the closed factories as per the Property Insurance Directive 2018, according to Board’s Executive Director Raju Raman Poudel.

The Board has also recalled that the budget for the current fiscal year has managed to ensure one-third subsidy to the silent-risk and 50 per cent to the closed factories due to coronavirus. Such a subsidy will remain in place for 83 days, the Board added.

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