Kathmandu. For the last five months, the guidelines related to electric vehicles (EVs) within the Insurance Authority have been stuck. The insurance authority’s long-term homework for bringing new guidelines related to EV has been stuck since last February.

The AUTHORITY, which was preparing to bring the guidelines of EV, had studied it for a long time at that time. It also held discussions with stakeholders. The stakeholders had also suggested the guidelines to be issued after the discussion. The suggestions given by the stakeholders have also been stuck within the AUTHORITY.

Although the NEA has brought the guidelines, it had also studied technical issues with the entrepreneurs, surveyors, Nepal Insurance Association and officials of alternative energy promotion center who imported EV. The directive aims to increase the premium rate of EV and facilitate the payment of insurance claims.

The import of EVs in Nepal is increasing almost every month. According to the Department of Customs, 28,774 EVs worth Rs 33.11 billion have been imported into Nepal till Mid-May.

Now the users of EVs in Nepal have increased significantly. With the increase in the import of EVs, its accidents are also increasing gradually. The demand for claim payment has started increasing due to floods and accidents that occurred at other times on October 10-11.

In case of any damage to fuel-powered vehicles, the demand claim for EV and the demand claim for EV are very different. Fuel-powered vehicles are damaged in some of the damaged areas, including floods, and their claim payment is low.

However, if there is damage to one part of the EV, its claim payment is more. Due to the EV system, if the system malfunctions, the vehicle itself is completely damaged. When the EV sinks, the battery, board, sensor, etc. are damaged. The AUTHORITY is going to bring a new guideline after the demand for more money in the EV started to be claimed. In the new guidelines, the premium rate on EVs will increase.

Non-life insurance companies have been demanding an increase in the premium rate. The AUTHORITY also agrees with this. NRA spokesperson and executive director Sushil Dev Subedi said the new EV guidelines are under construction.

According to him, the AUTHORITY is still studying it. Spokesperson Subedi said, “The concerned department is studying this matter in the NRA. According to him, internal preparations are underway to implement the new guidelines from Mid-July.

Although a lot of work was going on regarding the guidelines in February last year, the work of preparing the guidelines has been stalled even though assistant directors, deputy directors and directors were promoted and transferred at that time. According to sources, work has not been carried out in the areas of policy, formulation and implementation as the NEA has been paying attention elsewhere.