Finance Ministry tells Beema Samiti to provide Covid-19 insurance payment within 3 days

Published On: December 4, 2020 08:37 AM NPT By: Republica  | @RepublicaNepal

Finance Ministry says its earlier instructions on claim settlements were not implemented effectively by Beema Samiti

KATHMANDU, Dec 3:  The Ministry of Finance has instructed the Beema Samiti to make arrangements to provide COVID-19 insurance compensation payment within three days of claims that meet all processes and documentation.

Writing a letter to Beema Samiti on Thursday, 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 follows widespread complaints and media reports that insurance companies have been delaying or causing hassles to provide the payment they are supposed to make for claims against the Covid-19 insurance policies.

In its letter, the ministry said that many of its earlier instructions have not been effectively enforced.  Although Beema Samiti was asked to implement a decision made by the Finance Ministry to settle the COVID-19 insurance claims within seven days, very few payments have been made so far, the ministry said in its report. The ministry also said that the hotline phone service for coronavirus-related claims has not been set up in the Beema Samiti in line with the decisions made last month. Beema Samiti has also not sent the daily reports to the ministry regularly, according to the letter.

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.

Only 15 percent, or 4,929 people, received Covid-19 insurance compensation payment out of a total 32,784 claims till Tuesday.    


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