August 25: Insurance Board, the regulatory body of insurance companies in Nepal, has directed non-life insurance companies to provide discount on insurance fees to the industries that were closed during the lockdown period.

The board issued the directive through a circular to all non-life insurance companies on Monday (August 24), according to the state-owned national news agency of Nepal (RSS).

In the circular, the board has asked the insurance companies to provide discount on the insurance fees in line with the Property Insurance Guidelines 2075, informed Executive Director of Insurance Board Raju Raman Poudel.

The board has instructed the companies to reduce the insurance fee of the industries under risk zone by 50 percent as per the provision in the budget for the current fiscal year.

Insurance Board has made it clear that the discount will be valid for up to 83 days.