Kathmandu. KATHMANDU: The Nepal Insurance Authority (NEA) has directed all types of insurers to have a transparency dashboard on their websites in order to bring transparency in their financial condition, insurance-friendly services and strength.
In a directive issued last week, the authority has directed the insurer to make public the status of claim payment, the number of claims remaining to be paid and the number of rejected claims. Apart from this, the insurer will also have to mention the ratio of registered claims and settled claims. In addition, if the claim is rejected, it has been directed to publish monthly updated information explaining the reasons for the same.
The office of the insurer has also been directed to make public the data on the number of complaints registered, the number of complaints addressed, the time taken between the receipt of the complaint and the time taken to resolve it.
The NRA has also asked to make public the latest financial status of the insurer, income and progress of the insurance company, branch network. Apart from this, the insurer will also have to publish the type of policy and simplified details of the policy.
When the insurer publishes these details in an updated form, it will be easier for the insured to compare the customer service and financial condition of which insurer on the basis of these indicators and make the necessary decision.
It is believed that this provision will curb the tendency of insurers who have been misleading the insured by claiming the best and best on their own without any basis.
Among the 8 strategies of the second five-year strategic plan released by the Insurance Authority for the promotion of the insurance sector, the strategy is to strengthen the accountability and transparency of the insurer. Apart from this, the NRA’s annual policy and program for the current fiscal year has also set the main goal of maintaining more institutional governance in the insurance sector by developing and expanding competitive and reliable insurance system.
