IB asks companies to assess risks in detail

KATHMANDU:

The insurance regulator — Insurance Board (IB) — has asked non-life insurance companies to issue policies only after getting a detailed risk assessment.

Issuing a circular, IB has asked non-life insurers to abide by the regulation that forbids issuance of any policy without getting a detailed risk assessment undertaken. The circular has stated that insurance companies were found to have sold insurance policies without any physical examination of the insured property or objects.

The regulator has asked the companies to get the prospective policy holders to fill up the detailed forms and issue the policy based on detailed physical examination and inspection to assess the risks associated.

Likewise, IB has asked insurance surveyors to include independent, objective and professional opinions of the damaged properties they examine for claim settlement. They were found to have prepared reports without their own inputs.

Source: THT