Directives Not Aimed at Displacing Individual Agents: Regulator

Kathmandu:. Beema Samiti has responded to the ongoing disappointment of professional insurance agents. The regulator, Beema Samiti, has commented that the directives is aimed at to regulate the institutional agency effectively.

“We have no motive to displace the individual agents “Mr. Raju Raman Paudel, Executive Director, said that, “There was already the provision of institutional agency. We have just developed the directives.” He mentioned that still numbers of cooperative organizations are working as institutional agents under the provision of institutional agency.

The agents have been protesting against the issuance of the directive by the committee saying that the digital payment service providers(PSPs) will be given the agent’s license and they will take over the individual agent’s business. However, Mr. Poudel clarified that the directive was not issued by Beema Samiti with the intention of issuing licenses only to such PSPs. He said, “We have not brought this directive with the intention of licensing only payment service providers.”

As per the rules, the licensing of institutional agents will be given to those who have completed the process, he added, adding that “this directive does not provide anything to affect the agents currently working individually.”

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