MP Bidushi Rana Questions Insurance Sector Issues and Regulator's Capacity

Kathmandu. National Independent Party (Rastriya Swatantra Party) MP Bidushi Rana has raised questions about the various problems seen in Nepal's insurance sector and the capacity of the regulatory body. 

Speaking at a meeting of the Finance Committee under the House of Representatives held on Tuesday, MP Rana mentioned that while paying insurance premiums is easy, the process of receiving insurance claim payments is extremely difficult, and public complaints have increased. 

She inquired about the concrete plans and reform efforts put forward by the Insurance Authority of Nepal to increase public trust in insurance. She emphasized the need to implement a 'Digital Claim Tracking System' so that insured individuals can easily get information about the status of their claims, why they are delayed, and when they will be paid. Speaking about agricultural and livestock insurance, she urged the authority to clarify the reason for the relatively low utilization of government premium subsidies. 

Speaking at the meeting, she said, 'Just like abroad, a digital tracking system must be implemented compulsorily in Nepal, so that service recipients do not have to rush to insurance companies and can get information about the status of their claims from home.' She added, 'Most countries in the world have moved to a non-tariff system. What is the clear timeline for the authority to take motor and property insurance in Nepal to an open competitive system?' 

MP Rana also questioned the preparations being made to take Nepal's insurance system to a 'non-tariff' system in line with global practices. Commenting on the regulatory capacity of the Insurance Authority, she argued that it is not possible for limited manpower to effectively monitor a large number of companies and agents.