Kathmandu. There is a provision in the ‘Institutional Insurance Agent Directive 2078’ that at least one of the chief or chief managers of the institution must obtain a certificate by participating in the training of the insurance agent conducted by the Insurance Board(IB) or Insurance Company.
Such provision is mentioned on Article 3 (a) of the ‘Institutional Insurance Agent Directive 2078. As per the rules, a person or an institution which has obtained an agent’s certificate from one company cannot sell insurance policies of another company. The IB is encouraging institutional agency as it has paved the way through the Directives. But the issue is that the IB has not conducted training for Institutional Agency for a long.
However, on the basis of the agent’s certificate obtained from the Insurance Board, the policies of all life insurance companies can be sold.
It has been many years since the IB has not provided training to the institutional agency.
If the license of the institutional agent is to be given as per the directive, it seems that the IB has to give the certificate of agency to one of the officials of the institution. An individual or institutional agent obtaining license through one Insurance Company is not allowed to sale the insurance policies of any other company.