Beema Samiti instructs insurance companies to provide COVID-19 insurance compensation in seven days

Kathmandu / Nov 4: The Ministry of Finance (MoF) and the Beema Samiti have both instructed insurance companies to settle claims for COVID-19 insurance within seven days.

Following a meeting with Beema Samiti officials at the Ministry of Finance on Tuesday, the Beema Samiti on Wednesday issued a circular to all non-life insurance companies to provide payment to insured COVID-19 patients with PCR positive reports within seven days.

The new directive comes from the Finance Ministry and the insurance regulatory authority Beema Samiti amid widespread complaints of hassles and delays on acquiring the compensation for the COVID-19 insurance coverage.

While insurance companies have collected over a billion rupees in premiums by selling COVID-19 policies that provide coverage of up to Rs 100, 000, many policyholders have been complaining that insurers have delayed or caused hassles for the claim settlement.

Not only the Finance Ministry has instructed the Beema Samiti to make sure that policyholders get their insurance compensation within seven days, it has also asked the insurance regulatory authority to send daily reports of claim settlements.

Beema Samiti Chairman Chiranjibi Chapagain and Nepal Insurers’ Association (NIA) President Dip Prakash Pandey were present in the meeting.

Following the meeting, the Beema Samiti issued a circular directing non-life insurance companies to settle the COVID-19 insurance policy claims within seven days as stated in the guidelines.

In line with the decision in the meeting, the Beema Samiti has also formed a help desk to solicit grievances and complaints from the policy holders and instruct respective insurance companies to resolve those complaints.

According to Beema Samiti, it has formed the committee led by its director Pujan Dhungel Adhikari including deputy director Nirmal Adhikari and assistant director Kedar Nath Bhatta. Releasing a notice, Beema Samiti said that those seeking to get information or register grievances and complaints can contact them directly or Toll Free Number (1660-01-56789).