HIMALAYAN NEWS SERVICE
KATHMANDU: Insurance Board (IB), the regulatory authority of the insurance market, has directed some insurance companies to maintain record of portfolio-wise income and expenses.
“We have sent letters to the insurance companies reminding them to maintain the portfolio-wise income and expense details as per the rule. We have found some discrepancies during inspection in income and expense records,” said Dr Phatta Bahadur KC, chairman of the Insurance Board. “Insurance companies can not spend income from one policy on another policy.”
We have directed them to also follow the government guideline to have a Third-Party Administrator (TPA),” he said, adding that the Board received complaints that some companies are refusing to follow the TPA mode for a speedy and hassle-free delivery of insurance claims. Some of the insurance companies are not adding TPA facility to their services as they were interested in selling their package and denying customers the TPA benefits, he said.
TPA was made mandatory in the budget for the fiscal year 2009-10 to check people’s protest specially on the highways in case of accidents. TPA can improve the quality of service as victims can get compensation in such accident cases easily and speedily.
The regulatory authority said it also received a complaint from a customer against overcharging by the insurance company. “After receiving the complaint, we have directed the company to pay back the amount it overcharged,” KC said.
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