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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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February 22: At a time when the insurance policy holders are complaining the delay in settlement of claims related to Covid-19 insurance, the Ministry of Finance has claimed that the government does not have resources (budget) to provide such compensation.
The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.
Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.
"It simply came to our notice then that there was no resource to meet the demand," he said.
As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.
According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.
As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.
The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money.
Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.
The board added that the Ministry of Finance has not come up with a clear idea in this regard.
The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.
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'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 22: At a time when the insurance policy holders are complaining the delay in settlement of claims related to Covid-19 insurance, the Ministry of Finance has claimed that the government does not have resources (budget) to provide such compensation.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 22: At a time when the insurance policy holders are complaining the delay in settlement of claims related to Covid-19 insurance, the Ministry of Finance has claimed that the government does not have resources (budget) to provide such compensation.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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'content' => '<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">February 22: At a time when the insurance policy holders are complaining the delay in settlement of claims related to Covid-19 insurance, the Ministry of Finance has claimed that the government does not have resources (budget) to provide such compensation.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The insurance companies are unlikely to receive Rs 11 billion which the government is liable to pay the companies as per its commitment to fight against the pandemic.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Ramesh Kumar KC, joint secretary at the Ministry of Finance and Head of the Financial Sector Management and Corporation Co-ordination Division, informed that there is no immediate resource to settle the Covid-19 insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">"It simply came to our notice then that there was no resource to meet the demand," he said.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the of Covid-19 Insurance Procedure, insurance companies will have to bear up to Rs 3.5 billion for compensating the policy holders while the government will be responsible to bear any additional cost.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">According to the procedure, the Insurance Board, reinsurance companies, and insurance pools will have to contribute Rs 1 billion each, and non-life insurance companies will have to pay Rs 500 million. Witnessing the rise of Covid-19, the insurance companies suspended the Covid-19 insurance scheme stating that they don't have sufficient budget to settle the claims. The companies resumed operations after the government pledged to provide more than Rs 3.5 billion in insurance claims.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">As per the government’s commitment, it will have to pay Rs 11.43 billion after deducting the amount of Rs 3.5 billion which the insurance companies are liable to pay.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The settlement of Covid-19 insurance claims was suspended after the government failed to disburse the required amount. The insurance companies are adamant that the insurance claims will not be settled until the government releases the money. </span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">Chairman of the Insurance Board, Surya Prasad Silva, said that the insurance companies have not received any money from the Ministry of Finance.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The board added that the Ministry of Finance has not come up with a clear idea in this regard.</span></span></span></p>
<p><span style="font-size:18px"><span style="font-family:Calibri,"sans-serif""><span style="font-family:"Times New Roman","serif"">The Insurance Board had sent a letter to the Ministry of Finance a few months ago suggesting alternative means for raising the resources needed to settle the claims. The board had proposed that the insurance sector should pay 50 to 55 percent of the total amount.</span></span></span></p>
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'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '14810',
'hit' => '659'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
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
