Insurance Regulations: Insurers Must Settle Minor Claims Within 15 Days

Kathmandu: The Nepal Insurance Authority has issued special instructions to all life and non-life insurance companies to settle minor claims within 15 days of collection of the minimum required documents.

The Authority has instructed non-life(general) insurers to settle the claim of up to Rs. 2 lakhs within the period of two weeks. Claims up to Rs. 50,000 for crops, livestock, agriculture, and micro-insurance should be considered minor claims and must be settled as soon as possible.

Similarly, the regulatory authority has made it mandatory to publish the quarterly report of claim settlement within 15 days of the completion of each quarter. The Authority has added such a provision in the Claim Settlement Guidelines (Second Amendment) 2079.

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