Strict Measures Against Dual Benefits on Agricultural Insurance Subsidies; Insured Must Submit Mandatory Self-Declaration

The government has implemented the ‘Procedures for Providing Subsidies on Agricultural, Livestock, and Herbal Insurance Premiums 2083’ to ensure transparency in distributing subsidies for agricultural, livestock, and herbal insurance premiums. According to the new procedures, insurance companies are required to use the Nepal Insurance Authority’s real-time “Agriculture and Livestock Insurance System” when issuing insurance policies. To receive the subsidy, the insured must declare that they have not obtained subsidies from any other government agency for the same purpose. Any violations will be reported to the authority for strict action. Kathmandu, 9 Bhadra.

The government has imposed stringent policies to make the distribution of subsidies for agricultural, livestock, and herbal insurance premiums transparent, organized, and free from misuse. The Ministry of Agriculture, Forestry, and Environment has issued the ‘Procedures for Providing Subsidies on Agricultural, Livestock, and Herbal Insurance Premiums 2083,’ mandating the use of technology in the operational methods of insurance companies and subsidy distribution. The new procedures, approved by the Council of Ministers on 20 Saun and effective from 1 Bhadra, have replaced the previous procedures from 2082.

Under the new system, insurance companies must compulsorily use the Nepal Insurance Authority’s real-time software, “Agriculture and Livestock Insurance System,” when issuing agricultural and livestock insurance policies. The procedures strictly enforce technology use, allowing physical issuance of policies only under exceptional circumstances such as technical problems with the software. Even in such cases, prior approval from the Insurance Authority is mandatory. The procedures also clearly prevent double subsidies and potential misuse.