Insurance Authority Seeks Report on Decentralization of Authority for Claim

Kathmandu: The Nepal Insurance Authority has instructed insurers to delegate the authority for claim settlement to the lower unit. In a move to facilitate the claim settlement process, the regulatory authority has shown interest in the claim settlement process and structure of insurers.

It has asked all the insurers to submit their reports within 3 days with the details about the decentralization of authority for claim settlement. Earlier, it had given instruction to the insurers to delegate authorities to the branch or sub-branch offices for the settlement of minor claims.

The second amendment made in the Claim Settlement Guidelines for the Insurers 2079 has the provision of settlement of minor claims within 15 days. The clause states that after the submission of all the required documents by the claimant, the claim must be settled within 15 days. If the insurer needs any additional information or documents, it must ask the claimant in writing.

During nationwide interaction programs held by the Authority, policyholders made wide complaints about the delay and hassles they have to face to get the claim settled.

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