First Business News Portal in English from Nepal
KATHMANDU: The Ministry of Finance has directed Beema Samiti to make arrangements to provide COVID-19 insurance compensation payment within three days of claims.
The Finance Ministry told the insurance market regulator not only to settle the claims within three days but also send daily progress reports.
The directive from the ministry came following widespread complaints that insurance companies have been lingering to provide the payment they are supposed to make for claims against the Covid-19 insurance policies.
The ministry said that many of its earlier instructions have not been effectively enforced. Earlier, the Ministry had asked Beema Samiti to implement a decision made by the Finance Ministry to settle the COVID-19 insurance claims within seven days which was not implemented.
The ministry has not only reduced the time to settle the claims to three days from seven days, but also asked to immediately make payments after verifications for those claims that need verifications.
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