EIC management settles 450 claims in two months

KATHMANDU, Dec 12:

The management committee deployed by the Insurance Board at Everest Insurance Company (EIC) has already settled some 450 claims pending since as early as 2007/2008.

Not only settling pending claims, Santosh Prasai, coordinator of the committee, said they have also resumed all businesses of EIC and sold insurance policy worth about Rs 30 million in the last two months.

The committee took the reins of the non-lifer insurer from October 10. The Insurance Board decided to intervene into the company after the EIC management disobeyed its directions and delayed settlements of claims.

Prasai said that they would hold annual general meeting of the company by February and settle all the pending claims before handing over the management to its promoters. He said the company has yet to settle around 2,700 claims worth about Rs 140 million.

Source: Rebulica