Kathmandu. The Nepal Insurance Authority (NEA) has held discussions with the representatives of Insurance Association, Life Insurance Association, Nepal and Reinsurance Company to implement the provisions related to insurance brought by the government through the budget for the coming fiscal year.

The NRA held discussions on how to implement the provisions related to insurance in the budget for the fiscal year 2083/84 as soon as possible.

In the budget for the fiscal year 2083/84, Nepal Reinsurance Company should provide at least 20 percent of the insurance policy issued by the Nepali insurance company, Nepal Reinsurance Company should lead and operate the collective insurance fund of long-term insurance, a certain portion of the reinsurance policy should be shared with the foreign reinsurance company to reduce the risk, the third party insurance premium should be increased to Rs 1 million and the accident device should be installed in the vehicle to reduce the number of road accidents. Insurance for accidents, fatal diseases and transportation would be made mandatory and insurance would be made mandatory while approving the design of building construction in urban areas.

On the occasion, it was believed that the provisions related to insurance made by the government in the budget would be important for the development and expansion of the overall insurance sector.

On the occasion, Executive Director of Nepal Insurance Authority Sushil Dev Subedi said that the NEA would prepare and issue necessary directives as soon as possible for the implementation of the provisions related to insurance in the budget.

On the occasion, officials of Nepal Insurance Association, Life Insurance Association, Nepal and representatives of reinsurance companies expressed their commitment to implement the insurance provisions made in the budget by the government with the directive, facilitation and support of the NEA.