Nepal Insurance Authority Directs Insurers to Facilitate Claims for Flood Victims
Summary
Nepal Insurance Authority has directed life and micro-life insurers to simplify claim settlements for victims of the Rasuwa floods, including death claims, policy surrender, loans and maturity payments. The directive also grants up to a six-month extension on premium and loan repayments without interest or penalties.
Key Points
- Nepal Insurance Authority has ordered insurers to make claim payments easier for people affected by the Rasuwa floods.
- The circular allows simplified claim applications, accepts government IDs and local or judicial verification, and waives the need for original policy documents if destroyed.
- Insurers must issue duplicate policy documents free of charge and help update records if company documents were lost in the flood.
- Affected policyholders get up to six months to pay premiums or loan installments without interest or penalties, and missing insured persons can be settled through heir self-declaration.
