Here are some of the issues covered in the insurance sector in the budget for the next financial year.

Kathmandu. The government has significantly included the insurance sector in the budget for the current fiscal year. This year’s budget has given a boost to the insurance sector. This year’s budget has effectively and positively incorporated the issues of insurance companies and reinsurance companies. The budget has included 14 points related to the insurance sector.

Here are the topics covered in insurance

• Shares of National Life Insurance Company to be issued to the general public.
• Providing up to 80 percent premium subsidy on agriculture and livestock insurance and removing other subsidies gradually.

Rs. 2 TAG_OPEN_li_31.10 billion has been allocated for subsidy subsidy on agricultural insurance premium.

• Comprehensive restructuring of the health insurance program.
• With the universalization of health insurance, 90 percent of Nepalese will be covered by health insurance and personal treatment in the next three years. There will be a significant reduction in expenses.

Rs TAG_OPEN_li_28 15 billion allocated for health insurance programme.

• Compulsory compensation for workplace accidents and making the insurance claims system more effective.

At least TAG_OPEN_li_26 20 percent of the sum insured to be issued by the Nepali insurance company shall be made from the Nepal Reinsurance Company.

• To be led and operated by Nepal Reinsurance Company for the group insurance fund of long-term nature. To reduce the risk, make arrangements to share a certain portion of the reinsurance with the foreign reinsurance company.
• Third party insured which has not been increased for a long time will be increased to Rs. 10 lakhs.
• Employees Provident Fund, Citizen Investment Trust, Deposit and Credit Guarantee Fund, Health Insurance Board and Social Security Fund will be re-insured through Nepal Reinsurance Company.
• To make it mandatory to provide insurance while approving the design of building construction in urban areas.
• Expand risk transfer tools, including insurance for disaster compensation, relief and reconstruction.
• Provision shall be made to deduct a maximum of ten thousand rupees for income tax purposes for the insurance of residential building.