Kathmandu: The Insurance Board (IB) has directed all insurance companies to submit details of educational qualifications of their employees. The regulatory authority has issued a circular to all the companies on Thursday instructing them to submit the details within seven days. There are 19 life, 20 non-life and two reinsurance companies in Nepal.
The IB has also specified the format for the companies with the details including the name, address, designation, branch office, date of appointment, educational qualification, name of the educational institution studied, university, year of passing, certificate of equivalence if it is a foreign university and date of obtaining the said certificate.
At present, life insurance companies have more than 6,160 employees while non-life insurance companies have 5,390 employees.
The IB has sought such information after getting tips from the industry that some high level officers of insurers have been promoted violating the Corporate Good Governance Directives of Insurance Board. The directive has specified academic and professional qualifications requirements for the appointment and promotions of employees.
Recently, the regulatory authority had slapped penalty to Nepal Life Insurance Company (NLIC) for the violation of Corporate Good Governance. NLIC has been found giving promotion to CA Amit Kayal against the provision of the directives.