The Insurance Board (IB) on Monday decided to send
a team of officials to Everest Insurance Company (EIC) to settle more
than 2,300 claims that have been pending since long.
According to IB officials, this is the first case of intervention by the regulator in its 25-year history. The insurance sector regulation on the day decided to send a three-member team led by Raju Raman Poudel to collect claim details, study them, and facilitate settlement of those claims.
Talking to Republica, Phatta Bahadur KC, chairman of IB, said they had to send a team to EIC after its management flouted multiple directions given by the regulator.The IB on July 19 asked EIC to submit details of claims within 15 days. The EIC management, however, neither submitted the details nor came in contact till Monday.
The team, which has been given 60 days to settle the claims, includes deputy director Kundan Sapkota and assistant director Lok Bahadur Adhikari. It will reach EIC office on Tuesday, according to IB.
Officials hope the EIC, which has remained shut for the past two and half months due to protest by the employees, will now return to business.
It is learnt that the IB took the decision after none of the EIC board members showed up at the regulators´ office on Monday. IB had asked IEC board members to show up at its office on Monday.
The IB decision comes five day after EIC employees launched sit-in protest in its premises. The employees had launched the protest seeking the regulator´s intervention to resume operations of the company and left suspension on its fire portfolio. Prior to this, they had launched sit-in at EIC for 70 days.
A year ago, IB had penalized CEO of the company and asked it to recover Rs 40 million paid to Himalayan Snax. It had also issued other directions to the company. But the company paid no heed to the directions.
Transport entrepreneurs alone have pending claims of over Rs 150 million.The claimants had reported to the IB that the management used to misbehave with the clients. IB had drawn attention of the EIC board even before July last year when it took action against the company.
Shamsher Rokka, one of the agitated employees, said employees would continue sit-in protest unless the IB lifts suspension on the company´s fire portfolio.
source: republica,7 Oct 2013
LINK
According to IB officials, this is the first case of intervention by the regulator in its 25-year history. The insurance sector regulation on the day decided to send a three-member team led by Raju Raman Poudel to collect claim details, study them, and facilitate settlement of those claims.
Talking to Republica, Phatta Bahadur KC, chairman of IB, said they had to send a team to EIC after its management flouted multiple directions given by the regulator.The IB on July 19 asked EIC to submit details of claims within 15 days. The EIC management, however, neither submitted the details nor came in contact till Monday.
The team, which has been given 60 days to settle the claims, includes deputy director Kundan Sapkota and assistant director Lok Bahadur Adhikari. It will reach EIC office on Tuesday, according to IB.
Officials hope the EIC, which has remained shut for the past two and half months due to protest by the employees, will now return to business.
It is learnt that the IB took the decision after none of the EIC board members showed up at the regulators´ office on Monday. IB had asked IEC board members to show up at its office on Monday.
The IB decision comes five day after EIC employees launched sit-in protest in its premises. The employees had launched the protest seeking the regulator´s intervention to resume operations of the company and left suspension on its fire portfolio. Prior to this, they had launched sit-in at EIC for 70 days.
A year ago, IB had penalized CEO of the company and asked it to recover Rs 40 million paid to Himalayan Snax. It had also issued other directions to the company. But the company paid no heed to the directions.
Transport entrepreneurs alone have pending claims of over Rs 150 million.The claimants had reported to the IB that the management used to misbehave with the clients. IB had drawn attention of the EIC board even before July last year when it took action against the company.
Shamsher Rokka, one of the agitated employees, said employees would continue sit-in protest unless the IB lifts suspension on the company´s fire portfolio.
source: republica,7 Oct 2013
LINK
Comments
Post a Comment