Insurance

Insurance Board agrees to Reduce Premium of Engineering Insurance

Apr 29, 2022 0 3 minutes 48 seconds to read

April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy…

Insurance Board to Bring National Insurance Policy for the First Time

Mar 24, 2022 0 2 minutes 52 seconds to read

March 24: The Insurance Board Nepal has started the process to launch the national insurance policy for the first time in Nepal with the objective of regulating and developing the insurance sector of the…

Sipradi Trading’s Cashless Insurance Anchor

Nov 19, 2018 0 59 seconds to read

November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless…

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NEPSE

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			'title' => ' Insurance Board agrees to Reduce Premium of Engineering Insurance  ',
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			'summary' => 'April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has formed a task force under the coordination of its executive director Raju Raman Poudel for this purpose.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has moved ahead with the process of reducing the minimum premium rate of engineering insurance by conducting necessary study.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The task force includes representatives from the Federation of Contractors&rsquo; Association of Nepal, Independent Power Producers&rsquo; Association of Nepal (IPPAN), Nepal Insurers&rsquo; Association and Reinsurance Company, Federation of Nepalese Chambers of Commerce and Industry, Federation of Heavy Equipment Entrepreneurs&rsquo; Association of Nepal, Ministry of Urban Development, Ministry of Physical Infrastructure and Transport, Public Procurement and Monitoring Office, Nepal Surveyors&rsquo; Association.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has already written to these bodies to send their representative for the study. The task force has been given seven days to conduct the study. The task force will study the issue of revising the insurance premium rate of engineering insurance. Based on the study, the task force will submit a report with recommendations to the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The minimum rate of engineering insurance will be reduced as per the suggestion in the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It&#39;s very challenging to reduce the minimum rate. However, businessmen in the targeted areas have been protesting,&rdquo; said Poudel, adding, &ldquo;We are making an attempt to resolve this issue by conducting necessary study. The rate may be reduced after the study.&rdquo;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the new insurance regulation will not be applicable during the study period. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board had issued a directive on September 22, 2020 and fixed the minimum rate of such insurance.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following the decision, the promoter companies and construction entrepreneurs started protesting. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">They also surrounded the office of the Insurance Board at Kupondole, Lalitpur after which the board reached an agreement with the agitating sides to form the task force. Meanwhile, the protest of construction and energy entrepreneurs has been postponed for the time being. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that an appropriate decision would be taken on the basis of the report submitted by the task force.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board is preparing to bring the national insurance policy in collaboration with the government. For this, the board has prepared a preliminary draft of the national insurance policy and sent it to the Ministry of Finance. Chairman of the board Surya Prasad Silwal said that the national insurance policy will be brought after necessary discussions between the ministry and the board.&nbsp;</span></span></span></p>

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<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Finance may issue the policy after holding necessary discussions on the draft. The insurance board is planning to bring the national insurance policy focusing on four objectives. The first objective of the national insurance policy is to extend the reach of insurance to all sectors and classes. Another objective of the board is to insure life, property and liability by identifying potential risks.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It is mentioned in the draft that the new insurance policy is being brought with the objective of developing the insurance sector in line with the international standards and building a prosperous society and economy through strong and expanded insurance services.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has also proposed to formulate 9 different insurance policies through draft. Likewise, the board is preparing to bring policies to help maintain financial and economic stability with the help of the insurance sector, and make the sector accountable and transparent. The board also aims to set up an insurance information center to control fraud in the insurance sector.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Raju Raman Poudel, executive director of the board said, &quot;There is concerns that fraudulent activities are increasing in the insurance sector. So, we are also planning to set up an information center to control it.&quot;&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Sipradi Trading’s Cashless Insurance Anchor',
			'sub_title' => 'Sipradi Trading and Shikhar Insurance sign agreement on Cashless Insurance',
			'summary' => 'November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.',
			'content' => '<p>November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.</p>

<p>According to a statement issued by Sipradi Trading, Rajan Babu Shrestha, CEO of Sipradi Trading, and Deep Prasad Pandey, CEO of Shikhar Insurance, signed the agreement on behalf of their respective organisations amid a recent event held at the head office of Shikhar Insurance.</p>

<p>Sipradi Trading claimed that this cashless insurance is a first of its kind in Nepal.</p>

<p>Under this scheme, customers of Tata vehicles can claim insurance claim in case their vehicle meets with an accident.</p>

<p>Both the companies claimed that such arrangements will prove beneficial in providing fast, easily accessible and hassle-free services to their customers.</p>

<p>Sipradi Trading said it also plans to collaborate with other insurance companies in the near future with a motive of providing this kind of service to more customers.</p>

<p>&ldquo;New technologies and ever evolving experiments like progressive insurance were discussed during the event. The benefit of collaboration between multiple companies was also a major focus of the event,&rdquo; the statement said.</p>
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			'title' => ' Insurance Board agrees to Reduce Premium of Engineering Insurance  ',
			'sub_title' => '',
			'summary' => 'April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has formed a task force under the coordination of its executive director Raju Raman Poudel for this purpose.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has moved ahead with the process of reducing the minimum premium rate of engineering insurance by conducting necessary study.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The task force includes representatives from the Federation of Contractors&rsquo; Association of Nepal, Independent Power Producers&rsquo; Association of Nepal (IPPAN), Nepal Insurers&rsquo; Association and Reinsurance Company, Federation of Nepalese Chambers of Commerce and Industry, Federation of Heavy Equipment Entrepreneurs&rsquo; Association of Nepal, Ministry of Urban Development, Ministry of Physical Infrastructure and Transport, Public Procurement and Monitoring Office, Nepal Surveyors&rsquo; Association.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has already written to these bodies to send their representative for the study. The task force has been given seven days to conduct the study. The task force will study the issue of revising the insurance premium rate of engineering insurance. Based on the study, the task force will submit a report with recommendations to the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The minimum rate of engineering insurance will be reduced as per the suggestion in the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It&#39;s very challenging to reduce the minimum rate. However, businessmen in the targeted areas have been protesting,&rdquo; said Poudel, adding, &ldquo;We are making an attempt to resolve this issue by conducting necessary study. The rate may be reduced after the study.&rdquo;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the new insurance regulation will not be applicable during the study period. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board had issued a directive on September 22, 2020 and fixed the minimum rate of such insurance.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following the decision, the promoter companies and construction entrepreneurs started protesting. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">They also surrounded the office of the Insurance Board at Kupondole, Lalitpur after which the board reached an agreement with the agitating sides to form the task force. Meanwhile, the protest of construction and energy entrepreneurs has been postponed for the time being. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that an appropriate decision would be taken on the basis of the report submitted by the task force.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board is preparing to bring the national insurance policy in collaboration with the government. For this, the board has prepared a preliminary draft of the national insurance policy and sent it to the Ministry of Finance. Chairman of the board Surya Prasad Silwal said that the national insurance policy will be brought after necessary discussions between the ministry and the board.&nbsp;</span></span></span></p>

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<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Finance may issue the policy after holding necessary discussions on the draft. The insurance board is planning to bring the national insurance policy focusing on four objectives. The first objective of the national insurance policy is to extend the reach of insurance to all sectors and classes. Another objective of the board is to insure life, property and liability by identifying potential risks.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It is mentioned in the draft that the new insurance policy is being brought with the objective of developing the insurance sector in line with the international standards and building a prosperous society and economy through strong and expanded insurance services.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has also proposed to formulate 9 different insurance policies through draft. Likewise, the board is preparing to bring policies to help maintain financial and economic stability with the help of the insurance sector, and make the sector accountable and transparent. The board also aims to set up an insurance information center to control fraud in the insurance sector.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Raju Raman Poudel, executive director of the board said, &quot;There is concerns that fraudulent activities are increasing in the insurance sector. So, we are also planning to set up an information center to control it.&quot;&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'summary' => 'November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.',
			'content' => '<p>November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.</p>

<p>According to a statement issued by Sipradi Trading, Rajan Babu Shrestha, CEO of Sipradi Trading, and Deep Prasad Pandey, CEO of Shikhar Insurance, signed the agreement on behalf of their respective organisations amid a recent event held at the head office of Shikhar Insurance.</p>

<p>Sipradi Trading claimed that this cashless insurance is a first of its kind in Nepal.</p>

<p>Under this scheme, customers of Tata vehicles can claim insurance claim in case their vehicle meets with an accident.</p>

<p>Both the companies claimed that such arrangements will prove beneficial in providing fast, easily accessible and hassle-free services to their customers.</p>

<p>Sipradi Trading said it also plans to collaborate with other insurance companies in the near future with a motive of providing this kind of service to more customers.</p>

<p>&ldquo;New technologies and ever evolving experiments like progressive insurance were discussed during the event. The benefit of collaboration between multiple companies was also a major focus of the event,&rdquo; the statement said.</p>
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			'title' => ' Insurance Board agrees to Reduce Premium of Engineering Insurance  ',
			'sub_title' => '',
			'summary' => 'April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has formed a task force under the coordination of its executive director Raju Raman Poudel for this purpose.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has moved ahead with the process of reducing the minimum premium rate of engineering insurance by conducting necessary study.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The task force includes representatives from the Federation of Contractors&rsquo; Association of Nepal, Independent Power Producers&rsquo; Association of Nepal (IPPAN), Nepal Insurers&rsquo; Association and Reinsurance Company, Federation of Nepalese Chambers of Commerce and Industry, Federation of Heavy Equipment Entrepreneurs&rsquo; Association of Nepal, Ministry of Urban Development, Ministry of Physical Infrastructure and Transport, Public Procurement and Monitoring Office, Nepal Surveyors&rsquo; Association.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has already written to these bodies to send their representative for the study. The task force has been given seven days to conduct the study. The task force will study the issue of revising the insurance premium rate of engineering insurance. Based on the study, the task force will submit a report with recommendations to the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The minimum rate of engineering insurance will be reduced as per the suggestion in the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It&#39;s very challenging to reduce the minimum rate. However, businessmen in the targeted areas have been protesting,&rdquo; said Poudel, adding, &ldquo;We are making an attempt to resolve this issue by conducting necessary study. The rate may be reduced after the study.&rdquo;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the new insurance regulation will not be applicable during the study period. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board had issued a directive on September 22, 2020 and fixed the minimum rate of such insurance.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following the decision, the promoter companies and construction entrepreneurs started protesting. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">They also surrounded the office of the Insurance Board at Kupondole, Lalitpur after which the board reached an agreement with the agitating sides to form the task force. Meanwhile, the protest of construction and energy entrepreneurs has been postponed for the time being. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that an appropriate decision would be taken on the basis of the report submitted by the task force.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Insurance Board to Bring National Insurance Policy for the First Time ',
			'sub_title' => '',
			'summary' => 'March 24: The Insurance Board Nepal has started the process to launch the national insurance policy for the first time in Nepal with the objective of regulating and developing the insurance sector of the country. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">March 24: The Insurance Board Nepal has started the process to launch the national insurance policy for the first time in Nepal with the objective of regulating and developing the insurance sector of the country.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board is preparing to bring the national insurance policy in collaboration with the government. For this, the board has prepared a preliminary draft of the national insurance policy and sent it to the Ministry of Finance. Chairman of the board Surya Prasad Silwal said that the national insurance policy will be brought after necessary discussions between the ministry and the board.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;There is no clear national policy on insurance at the moment. There should be policy on how the local level, province and center operate insurance services at a time when the country has moved to federalism and ways to regulate the overall insurance sector,&quot; he said, adding, &quot;We have already drafted the national insurance policy and sent it to the Ministry of Finance for review.&quot;&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Finance may issue the policy after holding necessary discussions on the draft. The insurance board is planning to bring the national insurance policy focusing on four objectives. The first objective of the national insurance policy is to extend the reach of insurance to all sectors and classes. Another objective of the board is to insure life, property and liability by identifying potential risks.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It is mentioned in the draft that the new insurance policy is being brought with the objective of developing the insurance sector in line with the international standards and building a prosperous society and economy through strong and expanded insurance services.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has also proposed to formulate 9 different insurance policies through draft. Likewise, the board is preparing to bring policies to help maintain financial and economic stability with the help of the insurance sector, and make the sector accountable and transparent. The board also aims to set up an insurance information center to control fraud in the insurance sector.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Raju Raman Poudel, executive director of the board said, &quot;There is concerns that fraudulent activities are increasing in the insurance sector. So, we are also planning to set up an information center to control it.&quot;&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'title' => 'Sipradi Trading’s Cashless Insurance Anchor',
			'sub_title' => 'Sipradi Trading and Shikhar Insurance sign agreement on Cashless Insurance',
			'summary' => 'November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.',
			'content' => '<p>November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.</p>

<p>According to a statement issued by Sipradi Trading, Rajan Babu Shrestha, CEO of Sipradi Trading, and Deep Prasad Pandey, CEO of Shikhar Insurance, signed the agreement on behalf of their respective organisations amid a recent event held at the head office of Shikhar Insurance.</p>

<p>Sipradi Trading claimed that this cashless insurance is a first of its kind in Nepal.</p>

<p>Under this scheme, customers of Tata vehicles can claim insurance claim in case their vehicle meets with an accident.</p>

<p>Both the companies claimed that such arrangements will prove beneficial in providing fast, easily accessible and hassle-free services to their customers.</p>

<p>Sipradi Trading said it also plans to collaborate with other insurance companies in the near future with a motive of providing this kind of service to more customers.</p>

<p>&ldquo;New technologies and ever evolving experiments like progressive insurance were discussed during the event. The benefit of collaboration between multiple companies was also a major focus of the event,&rdquo; the statement said.</p>
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			'title' => ' Insurance Board agrees to Reduce Premium of Engineering Insurance  ',
			'sub_title' => '',
			'summary' => 'April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs. ',
			'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">April 29: The Insurance Board of Nepal (IBN) has agreed to review the minimum insurance premium rate for engineering (non-tariff) amid pressure from the agitating construction and energy entrepreneurs.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has formed a task force under the coordination of its executive director Raju Raman Poudel for this purpose.</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has moved ahead with the process of reducing the minimum premium rate of engineering insurance by conducting necessary study.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The task force includes representatives from the Federation of Contractors&rsquo; Association of Nepal, Independent Power Producers&rsquo; Association of Nepal (IPPAN), Nepal Insurers&rsquo; Association and Reinsurance Company, Federation of Nepalese Chambers of Commerce and Industry, Federation of Heavy Equipment Entrepreneurs&rsquo; Association of Nepal, Ministry of Urban Development, Ministry of Physical Infrastructure and Transport, Public Procurement and Monitoring Office, Nepal Surveyors&rsquo; Association.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has already written to these bodies to send their representative for the study. The task force has been given seven days to conduct the study. The task force will study the issue of revising the insurance premium rate of engineering insurance. Based on the study, the task force will submit a report with recommendations to the board.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The minimum rate of engineering insurance will be reduced as per the suggestion in the report. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&ldquo;It&#39;s very challenging to reduce the minimum rate. However, businessmen in the targeted areas have been protesting,&rdquo; said Poudel, adding, &ldquo;We are making an attempt to resolve this issue by conducting necessary study. The rate may be reduced after the study.&rdquo;&nbsp;&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Similarly, the new insurance regulation will not be applicable during the study period. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board had issued a directive on September 22, 2020 and fixed the minimum rate of such insurance.&nbsp;</span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Following the decision, the promoter companies and construction entrepreneurs started protesting. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">They also surrounded the office of the Insurance Board at Kupondole, Lalitpur after which the board reached an agreement with the agitating sides to form the task force. Meanwhile, the protest of construction and energy entrepreneurs has been postponed for the time being. </span></span></span></span></p>

<p><span style="font-size:11pt"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-size:12.0pt"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Chairman of the Insurance Board Surya Prasad Silwal said that an appropriate decision would be taken on the basis of the report submitted by the task force.&nbsp;</span></span></span></span></p>

<p>&nbsp;</p>
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			'title' => 'Insurance Board to Bring National Insurance Policy for the First Time ',
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			'summary' => 'March 24: The Insurance Board Nepal has started the process to launch the national insurance policy for the first time in Nepal with the objective of regulating and developing the insurance sector of the country. ',
			'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">March 24: The Insurance Board Nepal has started the process to launch the national insurance policy for the first time in Nepal with the objective of regulating and developing the insurance sector of the country.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board is preparing to bring the national insurance policy in collaboration with the government. For this, the board has prepared a preliminary draft of the national insurance policy and sent it to the Ministry of Finance. Chairman of the board Surya Prasad Silwal said that the national insurance policy will be brought after necessary discussions between the ministry and the board.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">&quot;There is no clear national policy on insurance at the moment. There should be policy on how the local level, province and center operate insurance services at a time when the country has moved to federalism and ways to regulate the overall insurance sector,&quot; he said, adding, &quot;We have already drafted the national insurance policy and sent it to the Ministry of Finance for review.&quot;&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The Ministry of Finance may issue the policy after holding necessary discussions on the draft. The insurance board is planning to bring the national insurance policy focusing on four objectives. The first objective of the national insurance policy is to extend the reach of insurance to all sectors and classes. Another objective of the board is to insure life, property and liability by identifying potential risks.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">It is mentioned in the draft that the new insurance policy is being brought with the objective of developing the insurance sector in line with the international standards and building a prosperous society and economy through strong and expanded insurance services.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">The board has also proposed to formulate 9 different insurance policies through draft. Likewise, the board is preparing to bring policies to help maintain financial and economic stability with the help of the insurance sector, and make the sector accountable and transparent. The board also aims to set up an insurance information center to control fraud in the insurance sector.&nbsp;</span></span></span></p>

<p><span style="font-size:18px"><span style="font-family:Calibri,&quot;sans-serif&quot;"><span style="font-family:&quot;Times New Roman&quot;,&quot;serif&quot;">Raju Raman Poudel, executive director of the board said, &quot;There is concerns that fraudulent activities are increasing in the insurance sector. So, we are also planning to set up an information center to control it.&quot;&nbsp;</span></span></span></p>

<p>&nbsp;</p>

<p><br />
&nbsp;</p>

<p>&nbsp;</p>
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			'id' => '9449',
			'article_category_id' => '264',
			'title' => 'Sipradi Trading’s Cashless Insurance Anchor',
			'sub_title' => 'Sipradi Trading and Shikhar Insurance sign agreement on Cashless Insurance',
			'summary' => 'November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.',
			'content' => '<p>November 19: Sipradi Trading, the sole distributor of Tata motors in Nepal, has signed an agreement with Shikhar Insurance Company for cashless insurance.</p>

<p>According to a statement issued by Sipradi Trading, Rajan Babu Shrestha, CEO of Sipradi Trading, and Deep Prasad Pandey, CEO of Shikhar Insurance, signed the agreement on behalf of their respective organisations amid a recent event held at the head office of Shikhar Insurance.</p>

<p>Sipradi Trading claimed that this cashless insurance is a first of its kind in Nepal.</p>

<p>Under this scheme, customers of Tata vehicles can claim insurance claim in case their vehicle meets with an accident.</p>

<p>Both the companies claimed that such arrangements will prove beneficial in providing fast, easily accessible and hassle-free services to their customers.</p>

<p>Sipradi Trading said it also plans to collaborate with other insurance companies in the near future with a motive of providing this kind of service to more customers.</p>

<p>&ldquo;New technologies and ever evolving experiments like progressive insurance were discussed during the event. The benefit of collaboration between multiple companies was also a major focus of the event,&rdquo; the statement said.</p>
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FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00