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December 29: Nepal Insurers Association has stated that the minimum rate for non-tariff insurance is in accordance with international practice. The insurers made such remark in response to the private sector's protest against the newly-fixed minimum rate of non-tariff insurance.
Issuing a press release on Tuesday, the association said that the minimum rate set for insurance was in line with international norms and practice. The association said that there is no need to protest as the minimum premium has been fixed considering the possible risks in Nepal. According to the association, the rates are fixed on the basis of risk assessment, possible premiums, potential losses and in accordance to the international practice.
The Insurance Board had fixed the minimum rate for non-tariff insurance on September 22. Since then, the private sector has been protesting against the decision, arguing that insurance premium has become expensive.
This week, the Independent Power Producer Association of Nepal (IPPAN) and the Federation of Contractors Association of Nepal (FCAN) met Prime Minister Sher Bahadur Deuba and demanded that the Insurance Board's directive be revoked. They have even warned to start protests if the directive is not revoked. In response, the Nepal Insurers Association stated that it is reasonable to specify a minimum rate for non-life insurance.
Insurance companies had started insuring at very cheap rates to get business. The international reinsurance companies did not even agree to take the insurance done at such a cheap rate. The board had fixed the minimum rates for non-life insurance due to an increase in unhealthy competition that threatened the entire insurance sector.
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'title' => 'Insurers’ Association defends Insurance Board's Decision to Fix Minimum Rates for Insurance Premium',
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'summary' => 'December 29: Nepal Insurers Association has stated that the minimum rate for non-tariff insurance is in accordance with international practice.',
'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">December 29: Nepal Insurers Association has stated that the minimum rate for non-tariff insurance is in accordance with international practice. The insurers made such remark in response to the private sector's protest against the newly-fixed minimum rate of non-tariff insurance. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Issuing a press release on Tuesday, the association said that the minimum rate set for insurance was in line with international norms and practice. The association said that there is no need to protest as the minimum premium has been fixed considering the possible risks in Nepal. According to the association, the rates are fixed on the basis of risk assessment, possible premiums, potential losses and in accordance to the international practice. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">The Insurance Board had fixed the minimum rate for non-tariff insurance on September 22. Since then, the private sector has been protesting against the decision, arguing that insurance premium has become expensive. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">This week, the Independent Power Producer Association of Nepal (IPPAN) and the Federation of Contractors Association of Nepal (FCAN) met Prime Minister Sher Bahadur Deuba and demanded that the Insurance Board's directive be revoked. They have even warned to start protests if the directive is not revoked. In response, the Nepal Insurers Association stated that it is reasonable to specify a minimum rate for non-life insurance. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Insurance companies had started insuring at very cheap rates to get business. The international reinsurance companies did not even agree to take the insurance done at such a cheap rate. The board had fixed the minimum rates for non-life insurance due to an increase in unhealthy competition that threatened the entire insurance sector. </span></span></span></span></p>
<p> </p>
<p> </p>
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simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
