Insurance Board issues ultimatum to Non-Life Insurers to settle unpaid claims

Kathmandu: The Insurance Board has given three months ultimatum to non life insurers for the settlement of unpaid claim.
The IB has given such ultimatum to Himalayan Insurance, Siddhartha Insurance, Everest Insurance, NECO Insurance, Nepal Insurance, Prudential Insurance.The IB has sought written clarification from Non-life Insurers for the reasons behind long pending unpaid claims.
A director of the IB informed that the insurance companies have been asked for clarification and given ultimatum to settle the remaining claims within stipulated time.
Complaints that most of the participating companies do not pay their claims have been heard by the IB.  Stating that the insurance sector has been defamed due to non-payment of claims by the companies, the IB has taken a policy of instruct the insurance companies to expedite the claim process.

Companies have been saying that there is issues in paying the claim as the subsidy for agriculture and livestock insurance has not been received for years from Government of Nepal.

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