Kathmandu: Now onwards every Insurer has to mention the phrase ‘Licensed by Insurance Board’ to their Sign Board.
The Insurance Board has issued the circulars to all the 41 companies, including 20 non-life, 19 life and 2 reinsurance companies. The IB has instructed the companies to update the sign boards of all offices including branch/sub branch and extension counters
Now it will be easier to the public to identify whether a company working as insurance service provider is licensed by the Insurance Board or not.
There are some companies which serve as insurance companies but not under the regulatory authority of the IB. The Health Insurance Program of Federal Government, the Deposit and Credit Guarantee Fund, the Medical Facilities of Employees Provident Funds are the examples of the services as like the insurance companies provide. But these companies are not under the regulation of the IB.