Kathmandu. Finance Minister Dr. Swarnim Wagle for the fiscal year 2083. In the budget presented in the joint meeting of the Federal Parliament for 84 years, important announcements related to the insurance sector have been made. The budget has announced sweeping policy changes in various sectors ranging from life insurance to agricultural insurance, from health insurance to labor insurance. <\/p>\n
KATHMANDU: The government has announced to issue shares to the general public in order to increase the share capital of the National Life Insurance Company. It will take a few more years for the company to implement the government’s announcement. Because this government-owned company has not been audited and AGM has been held for the last 4 years. <\/p>\n
Comprehensive restructuring of health insurance<\/strong><\/span><\/p>\n }<\/p>\n This is one of the most ambitious announcements of the budget. The government has announced to adopt a single payment method by integrating the social health protection programs and health related liabilities. With the universalization of health insurance, 90 percent of Nepalese health insurance will be covered in the next three years and there will be a significant reduction in the cost of personal treatment. For the health insurance program only, Rs. A budget of Rs 15 billion has been allocated. <\/p>\n Continuation of subsidy in agricultural insurance<\/strong><\/span><\/p>\n }<\/p>\n The government has continued the subsidy programme of providing up to 80 per cent premium subsidy on agriculture and livestock insurance. The subsidy on the insurance premium of agricultural insurance is Rs. Rs 2.19 billion has been allocated. This arrangement is expected to help protect farmers from natural calamities, diseases and market risks. <\/p>\n {{TAG_OPEN_strong_37}Mandatory Insurance for Workers<\/strong><\/span><\/p>\n It has been announced that workers and employers will be compulsorily associated with the labour registry. Under this, construction, agriculture, hospitality, transport and industrial workers will be brought under the ambit of insurance. Written agreements, minimum wages, insurance and workplace safety standards will be made mandatory in the labour sector. It has been mentioned that the system of compulsory compensation and insurance claims for workplace accidents will be made more effective. <\/p>\n hedging service for exchange risk mitigation{<\/strong><\/span><\/p>\n Arrangements have been made to provide hedging service at an appropriate insurance rate from the next fiscal year in order to minimize the exchange risk in foreign debt or investment projects. This arrangement is expected to protect investors and project promoters from foreign exchange fluctuations. <\/p>\n National Trauma Policy<\/strong><\/span><\/p>\n The budget has announced to formulate a national trauma policy to reduce the loss of life and property due to road accidents and accidental trauma. Experts say that this will further strengthen accident insurance and treatment management. <\/p>\n Credit Guarantee for Small and Medium Enterprises <\/strong><\/span><\/p>\n }<\/p>\n In order to ensure financial access to small and medium enterprises, a provision has been announced to secure loans for ‘first loss recovery’. This will reduce the risk of the lender and make it easier for small entrepreneurs to get loans. <\/p>\n Overall, this budget aims to further expand, make the insurance sector more accessible and accessible. In particular, the universalization of health insurance and expansion of agricultural insurance are the notable aspects of this budget.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. Finance Minister Dr. Swarnim Wagle for the fiscal year 2083. In the budget presented in the joint meeting of the Federal Parliament for 84 years, important announcements related to the insurance sector have been made. The budget has announced sweeping policy changes in various sectors ranging from life insurance to agricultural insurance, from health […]<\/p>\n","protected":false},"author":5,"featured_media":301466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45060,45067,45159],"tags":[],"class_list":["post-301468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-corporate-en","category-important-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=301468"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301468\/revisions"}],"predecessor-version":[{"id":301469,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301468\/revisions\/301469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/301466"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=301468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=301468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=301468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}