”A circular has been issued in accordance with the decision to make arrangements for all types of payments to be made from there to be made directly to the bank account of the concerned individual or organization through the electronic system from Magh 1,” the directive issued by the authority states.
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Insurance companies in operation will have to make all types of payments through electronic means (banking system) from January 1. The Insurance Authority issued a circular on Tuesday, instructing all insurance companies to do so.
‘A circular has been issued in accordance with the decision to make arrangements to make all types of payments from there directly to the bank account of the concerned person or institution through the electronic system from Magh 1,’ the directive issued by the Authority said.
Currently, there are life insurance companies, non-life insurance companies, microinsurance companies, reinsurance companies and insurance brokers operating in Nepal. The aforementioned directive is for all companies.
The Anti-Money Laundering Directive, 2082, stipulates that the insurer, while paying claims under an insurance policy, must make the payment in the account of the person receiving the payment in a bank or financial institution as per the terms of the insurance policy or prevailing law, and therefore the directive has been issued by the Authority.
