The Bhutanese Leading the way.
On 3rd March 2023 Gyem Gyeltshen from Lunana lost his wife and daughter to a helicopter crash and despite an insurance policy of USD 200,000 each being there for each death, the international reinsurance companies have only offered USD 10,000 each.
They cited local laws like the Road Transport Safety Act and the Bhutanese Penal Code to argue that the compensation of Bhutanese life inclusive of the death rituals is Nu 813,000.
When this paper asked the Finance Minister Lekey Dorji about this he said, “As per my information there is no law in the country where the value of a Bhutanese life is placed at Nu 813,000.”
The minister said that except for what they have read in the paper Gyem Gyeltshen has not approached them yet with his problem.
“If like you said the insurance is USD 400,000 and it is not being paid then it is quite a simple issue.”
“My question is if Gyem Gyeltshen has approached the case in court or not. The government cannot directly intervene as due process first has to take place.”
Lyonpo said Gyem Gyeltshen should seek the intervention of the courts to get justice and if he cannot afford a lawyer or cannot file an appeal since he is a humble man then it is the responsibility of the government to help.
The minister said they are looking at the insurance documents but they cannot directly intervene as it will not set a good precedence and Gyem should put it in court and if he cannot do so then the government will put in a lawyer.
India International Insurance has 20% stake in the reinsurance and the other players are Best Meridian International Insurance Company SPC with 16%, La Reunion with 15%, The New India Assurance Company with 15%, QBE Insurance (Australia) Limited with 10%, Fair Aviation Pool with 10% and Societe Central de Reassurance, Morocco with 7%. This is a total of 93% policy owned by foreign companies. The remaining 7% stake for reinsurance had been taken by a Bhutanese FDI company called GIC Bhutan Reinsurance Co Ltd.
