Nepal Re’s Prez Ghimire Quits Amid Dispute Over Covid19 Insurance With Regulatory Authority

Prabhu Life Ad

Kathmandu: The chairman of Nepal Reinsurance Company,Dr. Rabindra Ghimire has resigned after dispute over the payment of Covid19 Insurance claims. Nepal Re is in confrontation with the Nepal Re-insurance Authority over its denial to release additional funds for the settlement of long pending Covid19 Insurance claim.

The Authority had instructed Nepal Re to provide Rs. 21.72 crore to the Covid19 Insurance Pool. But the meeting of the BODs of Nepal Re has denied to abide by the Authority’s direction and admitted that it has no liability for the pending Covid19 Insurance Pool. Earlier, Nepal Re had made some contribution to the Covid19 Insurance Pool based on the Covid19 Insurance Directives 2077 where it had been stated that any claim above the total sum of Rs.3.5 billion will be payable by the Federal Government. But later the Govt. denied to entertain the claims when the claim exceeded even Rs.10 billion.

It has been learnt that the Authority is mulling to take legal action against Nepal Re for its denial to entertain its instruction for the Covid19 Insurance fund allocation.

 

Comment Your Feedback :

Related News

x