Kathmandu:Insurance agents have warned of agitation against the Beema Samiti, insurance regulator, and the life insurance companies. They are outraged after the insurance companies instructed all the agents to repay the loan within this Asar 2078(15 July 2021).
Beema Samiti had instructed to recover all the loans except policy loan given to the agents by mid-July this year. Samiti has taken stern action after finding that crores of rupees of loans provided to the agents without any genuine collateral.
Following the directive of the Samiti, the companies have been pressuring the agents to repay their loan. Meanwhile, some companies have withheld commission and incentives of agency to recover the loan.
Nanda Prasad Tiwari, the president of the Professional Insurance Agents Association of Nepal, said that the insurance companies have acted inhumanely by withholding commission and incentives in such a pandemic situation. He said: “It is inhumane to ask the agent to pay by mid-July when everyone is at home during the lockdown.At such times the agent does not earn. He questioned how justified is it to repay the loan instead of giving relief when the agents are suffering from no income.
“We urge insurance companies to take immediate action,” he said”If insurers don’t withdraw the decision we will launch a movement. ‘
If this situation continues, the agents will start the phasewise movement, said Tiwari. The agents are in a mood to call on the insured to surrender their policy and withdraw the premium they have paid.
The agents are making extensive preparations to launch movement. Life insurance business in Nepal is solely dependent on agents. Insurers suggest that the Beema Samiti also has to rethink about it’s directives to recover the loan. The loan provided to the agents must be recovered but the Samiti should extend it for some time considering the current adverse time.
Considerably, recently home ministry has issued an order to prohibit any strike in Insurance Service. The directive was based on the authority given by sub-section 1 of section 3 of the Essential Services Operation Act, 2014.