- 1,300 chickens and 200 ducks had a lot of financial value. What are the implication of destroying the 1500 birds ? These birds might have been the financial asset of many low income people ...
- Did the Government announced any compensation package to those who suffered the financial loss ?
- Nepal Insurance Board need to put there act together and promote micro insurance among the low income people. Micro insurance coverage for livestock (is chicken considered livestock) can help low income people to hedge there risk
- Like how Nepal Rastra Bank has made it mandatory for large scale financial insinuations to lend certain percentage of their loan portfolio to "deprived sector",may Nepal Insurance Board need to adapt similar kind of policy and force Insurance companies to sell micro insurance product for vulnerable communities ?
- I want some haas ko choyela :)
Micro-Insurance:
The insurance sector in Nepal is governed by the Insurance Act, 1993 under the supervision of Nepal insurance board (IB). Over all insurance sector in the country is not well develop, there is a lack of awareness about insurance among the general population and the existing companies have some little interest to penetrate the semi-urban and rural areas.
To promote micro insurance sector in the country, micro insurance bill 2010 was proposed by the Nepal Insurance Board. In 2011, the Finance Ministry of Nepal directed the Nepal Insurance Board to identify 10 rural districts where first phase micro insurance program can be implemented. According to the Nepal Insurance Board, micro insurance will cover health and assets like crops, livestock, rickshaws and tea shops. Currently, the IB has identified six micro insurance products which will provide coverage of up to Rs 100,000[1].
In the near future, the Nepal Insurance Board also plans to issue a directive that will oblige all the Non Governmental Organization, community groups and microfinance companies to work as agents of government-authorized insurance companies. Currently, some of the microfinance companies are selling micro-insurance products without taking the permission of the Nepal Insurance Board
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