Beema Samiti Withdraws It’s Circular for Agency Loan Recovery Deadline

Kathmandu. Beema Samiti, the regulator of Insurers,has made amendments to it’s earlier circular against agency loan.

The earlier circular was issued on 15 April 2021 which had instructed the life insurance companies to recover the loan pledged to agency by the end of current fiscal year (mid July 2021).
But the agents association threated to launch agitation if Beema Samiti will not withdraw it’s instruction to recover the loan by mid July.

The new circular comes up with the instructions to the life insurers not to create unnecessary pressure on the agents to recover the loan provided to them within mid-July 2021.  Samiti’s Chairman Surya Prasad Silwal has informed that Samiti has issued a circular to all life insurance companies and instructed them not to put pressure on the agents to recover the loan.  He said that there is no compulsion to collect the loan by mid-July. We have instructed the life insurers to send us the loan recovery plan. ‘
The Samiti has mentioned that the amendment to earlier instruction was made after a formal and informal discussion with the companies regarding the repayment of the loan.
Now, it’s purely upto life insurers to decide by when to recover all loans. And sumbit their loan recovery schedule to the Beema Samiti.

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