Kathmandu. Nepal Insurance Authority (NEA) has removed the provision of depositing the insurance premium received while issuing foreign employment term life insurance policy in real time (real time).
NeA has removed such a provision by making the second amendment to the directive related to the establishment and operation of foreign employment term life insurance collective insurance fund (BRIDGE). According to the revised provision, the member insurers will now have to submit the details of the insurance fee from 1st to 15th of every month and from 16th to mid-july of the next month.
Similarly, the directive has been amended to remove the provision of submitting daily details of foreign employment insurance to the fund manager. According to the amended provision, the member insurer will now have to submit the details of the foreign employment term life insurance issued by him (number of insurance and insurance, payment and pending claim amount and number) of each month from 1st to 15th of every month and the details from 16th to mid-march to the fund manager by the 1st of next month.
Earlier, member insurers were required to submit the details of the insurance policy to the fund manager on a daily basis. The AUTHORITY has removed this provision by amending the directive.
Likewise, the NEA has amended the provision that the previous insurer should submit the details of the amount paid by him to the fund manager by the 7th of every month. According to the amended provision, the member insurer will now have to submit the details of the claim paid by him from 1st to 15th of every month and the details from 16th to mid-july to the fund manager by the 1st of the next month.
NeA has given the responsibility of fund manager of foreign employment insurance bridge to Himalayan Reinsurance.
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