The Royal Insurance Corporation of Bhutan Limited, RICBL, was adjudged the winner of this year’s Association of Development Financing Institutions in Asia and the Pacific Development, ADFIAP, award. The announcement was made during the 35th Annual General meeting held in Istanbul, Turkey. The award was in recognition for their Corporate Social Responsibility, CSR, under ‘Rural House Insurance Scheme’.
Speaking to BBS, the Chief Executive Officer, Namgyal Lhendup, said award would inspire them to work hard and do more to benefit the people. “The scheme in fact is a unique social security system, not seen in other parts of the world. ADFIAP recognised this and felt this is a unique scheme where the government in first place is taking so many initiatives and giving social security. Secondly, it reflects a lot of corporate social responsibility of RICBL because we manage the scheme at our own cost. We do not charge managing this scheme.”
The Rural House Insurance Scheme is managed by RICBL with guidance from Finance and Home and Cultural Affairs Ministries with support from 20 Dzongkhag administrations. The cost of managing the scheme is borne by RICBL while the claim is subsidised by the government. Today, the scheme covers and benefits about 70,000 rural households.
Founded in 1976, ADFIAP has currently 127 member institutions in 44 countries.
