IB to revise motor insurance directive

KATHMANDU, Feb 22: 

The Insurance Board (IB) -- the insurance sector regulator -- has formed a 10-member committee to revise a directive on motor insurance for the third time since its enactment two and half years ago.

The committee, headed by Shekhar Kumar Aryal, deputy director of the IB, will comprise two members each from the IB, Nepal Transport Entrepreneurs National Federation, Nepal Truck and Tanker Transporters Association, Nepal Insurers Association and Nepal Surveyors Association. 

“The committee will begin its work by next week,” Aryal said. “Once all the recommendations from various sectors are collected, the committee will incorporated them in the new directive and present it before the IB´s board for final approval.”

According to Aryal, the main objective behind amendment to the directive is to make it timely. 

“This will incorporate revision in prices of motor insurance policies and third party policies,” Aryal said. “Besides, we will also try to address problems faced by clients who complain about delay in settlement of claims.”

Source: Republica