24 rth AGM Minute

प्रिमियर इन्स्योरेन्स कम्पनी (नेपाल) लि.

प्रिमियर इन्स्योरेन्स कं. (नेपाल) लिमिटेडको चौबीसौं वार्षिक साधारण्ँ सभा संचालक समितिका अध्यक्ष्ँ श्री सूरेश लाल श्रेष्ठज्युको अध्यक्षतामा २०७४ साल चैत्र २६ गते सोमबार तदनूसार २०१८ अप्रिल ९ तारिखका दिन नक्साल ब्याङ्के६, नक्साल,काठमाण्डौंमा बिहान १० बजे शूरु भई दिनको १२ः३० बजे समाप्त भयो ।

चौबीसौं वार्षिक साधारण्ँ सभाको विवरण्ँ (माइन्युट)

VACANCY ANNOUNCEMENT

VACANCY ANNOUNCEMENT

Premier Insurance Co.(Nepal) Limited is looking for individuals who has the drive and ability to work in a fast paced, dynamic and agile environment with problem solving skills, good organization skills and ability to manage teams in following positions:

VACANCY I

Position: Head- Human Resource Department

Purpose: Responsible for the provision of a comprehensive and professional   Human Resource service through leadership, in the implementation of strategic initiatives and management of operational HR activities.

Educational Requirements: Master’s degree from a reputed university majoring preferably in Human Resource or related field with Law background

Experience Requirements: 10 years of experience with 5 years in managerial position

 

VACANCY II

Position: Head- Internal Control Department

Purpose: Support the design and implementation of the Internal Control Framework in place to address insurance, finance and business process risks, securing financial viability, evaluate and assess risk and compliance with regulation and delivering operational effectiveness and efficiency.

Educational Requirements: Master’s degree from a reputed university in Business Administration / Law/ CA

Experience Requirements: At least 5 years in Internal Control, Legal and Compliance

 

All candidates are expected to be proficient in written/spoken English and Nepali and should have good analytical skills with working knowledge of office applications and typing skills in Nepali and English.

Only short listed candidates will be called for further selection process. Documentary evidence related to qualification and experience shall be sought from the shortlisted candidates. The Company reserves the right to reject any application without assigning any reason whatsoever. The applicant can submit their updated CV, recent passport sized photograph at hrd@picl.com.np no later than 5:30 pm April 17, 2018.

Premier Insurance Co. (Nepal) Ltd

Narayan Chaur, Naxal, P.O. Box 9183, Kathmandu Nepal

Phone: 4413543, 4439353, 4439359

Website: www.premier-insurance.com.np

Published on April 11, 2018 Wednesday, The Himalayan Times

Notice to open Demat Account for Bonus Share

प्रिमियर इन्स्योरेन्स कम्पनी (नेपाल) लिमिटेडको शेयरधनीहरुलाई बोनस शेयर जम्मा गर्नका लागि हितग्राही (डिम्याट) खाता उपलब्ध गराउने सम्बन्धी अत्यन्त जरुरी सूचना

यस कम्पनीको मिति २०७२/१२/१७ गते सम्पन्न २२ औं वार्षिक साधारण सभाबाट पारित भए बमोजिम आर्थिक वर्ष २०७१/०७२ को मुनाफाबाट ३० प्रतिशतका दरले वोनस शेयर दिने निर्णय भएको व्यहोरा सहर्ष जानकारी गराउंदछौं । वोनस शेयर हितग्राही खातामा जम्मा गर्ने सम्बन्धमा हितग्राही खाता खोली आफ्नो शेयर अभौतिकीकरण गराई सक्नुभएका शेयरधनीहरु महानुभावहरुलाई सम्बन्धित निकायहरुको स्वीकृती एंव सूचीकरण पश्चात बोनस शेयर सोझै हितग्राहीको खातामा जम्मा हुने व्यवस्था मिलाईएको तथा हितग्राही खाता नहुने शेयरधनीहरुले हितग्राही (डिम्याट) खाता खोली BOID NO कम्पनीमा उपलब्ध गराउन अनुरोध गर्दछौं ।

साथै बोनस शेयर हितग्राही खातामा जम्मा गर्ने बारेको निवेदन यस कम्पनीको केन्द्रिय कार्यालयबाट र कम्पनीको Website : premier- insurance.com.np बाट Download गर्न सकिने छ ।

Download Application Form

 

Motor Claim Filing Tips

The following tips are provided to educated and inform you about how you might handle a claim.

  1. Always report an accident to the police, regardless of how minor it seems. What looks like is a small dent or scratch could actually cost you several hundred to repair.
  2. Make sure the police officer gives you a copy of the report.
  3. Write down names, address and phone numbers of any witnesses in case you need them later.
  4. Call your insurance agents and company immediately for further instructions. The insurer may deny payment of your claim if you do not report the accident.
  5. Make sure that you include all information on your insurance application. If you withheld information which would have caused the insurance company to deny coverage originally, they may void your policy from its effective date and refuse to pay a claim.
  6. Do not make any commitment to the third party without your insurance company’s approval.
  7. Make sure that your insurance company agrees to pay before you start any repairs.
  8. Check all repairs afterwards. Check them at the shop and again at home.
  9. Get a copy of the itemized repairs on a form printed with the repair shop’s name and address.
  10. Your insurance company may send a surveyor to inspect your Motor before you obtain any necessary repairs, or it may instruct you to obtain a specified number of estimates for the work. Find out from your insurance company what to do about supplemental damage in cause the repair shop finds something caused by the accident but not on the original estimate.
  11. You may choose which repair shop you want to fix your vehicle after an accident, unless otherwise stated in the policy. Some companies require policyholders to use auto-repair shops approved by the company. These companies usually offer a premium discount in exchange for your agreement to this provision.

Perspective of Motor Insurance

Nepal is a mountainous country situated in the southern lap of mighty Himalayas. Total area of the country is 54,000 Sq. mile of which 83% is covered by mountain including high Himalayas and few valleys only 17% of the total land is plain area.

Transportation is therefore very difficult in vast mountainous part of the country and even in plain area there is no complex road net work. Kathmandu, the capital of the country is connected with Tribhuvan Highway (208 Km), Prithibi Highway and Sunali Highway (350 Km) both leading to India border and Kodari Highway (117 Km) leading to Chinese border to north. Apart from these, there are long east west high way connecting eastern part of Nepal to western part of Nepal and also there are few internal highways connecting mountainous area with the plain ones. In spite of these highways, travelling by road is very tedious as one has to drive ups and down, climbing and descending in the range up to 6000 ft and passing through narrow and steep roads with many turnings. Really journey through road is an adventure in the mountainous area. Moreover, many roads are not all weather, many a time obstructed by landslide in the summer.

Due to topographical condition and economic factor, motor vehicle was lately introduced in this country. However with the pace of development motorable roads are increasing rapidly with the mobilization of local factors as well as foreign aids. Consequently number of motor vehicles playing in the roads are also increasing considerably especially in the valleys and plain area. In the year 1975 the total number of vehicles playing in the country was 11,000 whereas it increased to around 20,000 in year 1980 and after 2001 it has increased so rapidly that within Kathmandu valley only about 1,16,700 are playing and in country about 2,05,800 vehicles are playing in the road.
The accident records reveal that the highest number of persons killed in accident are pedestrians and the killers are heavy vehicles, Truck and Busses. Because of lack of road safety education accidents are occurred in most of the part of country. In Kathmandu every day about 20 vehicles involved in accident (As per the Traffic Police Office record).

Insurance is a new concept in Nepal. Only before 3 decades ago Rastriya Beema Sansthan was established to create the needs of Insurance of the country. Before its advent there were branch offices of Indian Insurance Companies in Nepal, which transacted General Insurance, including Motor Insurance. But now there are 14 Insurance companies functioning non life Insurance business in Nepal, mostly private companies. As the number of vehicles was not much many vehicle owners were also not aware of Insurance, Motor Insurance premium in these days was very insignificant. But after the Rastriya Beema Sansthan was established people and even the government offices became conscious about Insurance and consequently the number of vehicles Insured also increased considerably. But now, after the establishment of many private companies, the volume of motor premium has been increased significantly. One of the main reason of increasing premium in motor Insurance is because the Government of Nepal make compulsory Insurance for the vehicles which are used for hire or reward For the transaction of Motor Insurance we have our own Motor Tariff which came in effect from 1984. Before that, we were following Indian Tariff Calcutta region for rating and formulation of policy wordings and endorsement.

Out of total vehicles are insured most of the vehicles belongs to government offices, Government owned corporation, industries and business firms, Transport Companies, Agencies and foreign diplomats. Many of the vehicles owned by private individuals are still not insured. The main reason for this is that Motor Insurance is not compulsory in Nepal. In absence of compulsory Motor vehicle Insurance Act in Nepal, it is only due to the increasing Insurance consciousness of the people that demand for Motor Insurance is increasing in the country. The other reason is that the vehicles are not manufactured in Nepal and therefore all the vehicles plying in this country are imported from foreign country and custom duty for such vehicles are very high and consequently the value of this vehicles are very high and insurance premium too and all the vehicles owner can not afford.
In the view of the fact that the amount of compensation in respect of Third Party is very nominal. Many injury cases even death cases are settled out of court with the mutual agreement between the Driver/owner if the vehicle and the third party.

However, with the initiative of Beema Samitee, the government is considering formulating the Motor Vehicle Act. After the Motor Vehicle Act is introduced it is hoped that proper record of accident will be kept by concerned office which will help to Beema Samitee for proper rating system and also it will help to fix the liability for the death and bodily injury to the Third Party and also it helps to make Motor Insurance (for some specific risk) compulsory in Nepal.

Underwriting means the acceptance or rejection of risk and this includes the determination of underwriting Policies, knowing that contract to insure determining the premium to be charged, determining the companies retention and many others.

Underwriting requires a high degree of technical skill. As a matter of procedure, and underwriter should draw up, set of underwriting regulation for his own guideline as well as those who are under his supervision. The underwriting regulation must be adhered faithfully If the underwriter becomes unduly liberal in applying underwriting regulation, adequate rates, terms and conditions then it may lead to substantial underwriting losses.

When a proposal is offered to an Insurance Company, someone on behalf of Insurance Company must asses the risk and decide whether it is acceptable or not if it is acceptable, he must decide the rate of premium to be charged and the terms and condition to be imposed This process of assessing the risk, determining premium rate, imposition of terms and condition on an Insurance contract is known as ” Underwriting”.

The Agents and Development officers are under the supervision of Marketing Department. The underwriting Department may not have control over them. To insure that they solicit good risk, they must be apprised of the Company’s underwriting regulation through the Marketing Department.

Insurance claims surge in quake aftermath

May 9, 2015-Insurance companies have received 6,000 earthquake-related claims as of Friday and the figure is expected to grow, the Insurance Board (IB) said on Friday. Most of the claims for compensation are related to property insurance while a few are related to accident, vehicle and life insurance.

IB Director Raju Raman Paudel said the insurers had reported that they were receiving “a significant number of claims” in the aftermath of the earthquake that rattled the country on April 25. “However, the total insured amount and claim settlement are yet to be confirmed”.

The earthquake has damaged more than 200,000 residential houses. The devastating 7.9 magnitude earthquake has claimed more than 7,900 lives as of Friday. “Since April 25, claims have been flowing in from the insured.”

Dip Prakash Pandey, chief executive director of Shikhar Insurance, a non-life insurer, said they received 750 claims in the last two weeks. “We expect the figure to swell for the next few weeks as rescue operations are still continuing,” he said. According to him, the company’s surveyors are busy assessing the actual damage caused by the tremor.

The insurance companies, however, are said to be not overly concerned as the vast numbers of earthquake affected people have not insured themselves or their properties. The IB does not have the actual figures related to property insurance.

According to the insurers, most of the homes in the housing colonies and apartment buildings are insured. Besides, a few homeowners who have taken loans from banks and financial institution have insured their properties. To fast-track claim settlement, the IB has eased the process and allowed insurers to hire foreign surveyors without its prior approval. Life insurers have been receiving a smaller number of claims compared to non-life insurance companies.

Vivek Jha, chief executive officer of Nepal Life Insurance, said they had received 24-25 claims worth Rs10-12.5 million so far. “Among the claims, we have settled a life insurance claim of a 12-year-old child from Narayanghat,” he said.

Jha said his company had mobilised all its agents in the earthquake-affected areas to identify insured victims. “As most of the potential claimants are still mourning the deaths of their family members, we expect the number of life insurance claims to rise after next week,” he said.

Published: 09-05-2015 09:53