Lawmaker Raises Questions on Insurance Regulatory Body’s Capacity

On Ashar 30, 2083, National Independent Party (RSP) lawmaker Vidushi Rana raised questions about the various problems in Nepal’s insurance sector and the capacity of the regulatory body.

Speaking at the meeting of the Finance Committee under the House of Representatives on Tuesday, lawmaker Rana mentioned that while it is easy to pay insurance premiums, the process of receiving insurance claims is very cumbersome, and citizens’ complaints are increasing.

She expressed curiosity about the concrete plans and reform efforts made by the Nepal Insurance Authority to increase public trust in insurance.

Lawmaker Rana emphasized the need to implement a ‘Digital Claim Tracking System’ that allows policyholders to easily access information about the status of their claims, including the stage they are at, why they are being delayed, and when they will be settled.

Regarding agriculture and livestock insurance, she urged the authority to clarify why the utilization of government subsidies for premiums is relatively low despite being made available.

‘Like in foreign countries, Nepal should also implement a mandatory digital tracking system, which would allow service recipients to obtain information about the status of their claims from home without having to visit the insurance company,’ she said.

‘Most countries in the world have already adopted a non-tariff system. What is the authority’s clear timeline for bringing motor and property insurance into an open competitive system in Nepal?’ she asked.

Lawmaker Rana also questioned the preparations being made to bring Nepal’s insurance system into a ‘non-tariff’ system in line with global practices.