Investigation on Academic Qualification Creates Tremor Among Insurers

Kathmandu: The ongoing investigation of the Insurance Board on academic qualification of employees of insurance companies has created tremor among employees. Industry sources confirm that there there are remarkable numbers of employees who has got job or promotion opportunity in insurance companies submitting their fake academic qualifications.

The IB has collected details about the educational qualifications, date of achieving each academic degree, equivalence of academic certificate and date of equivalence date of appointment and promotion. There has been a rift among the fake certificate holders who got jobs in the insurance company on the basis of nepotism favoritism. After nearly a decade, the IB, the regulatory authority, has sought details from insurance companies regarding educational qualifications.

About a decades ago, the regulatory authority had investigated the academic certificates of Nepal Life Insurance Company. It has been learnt that more than a dozen of employees of NLIC were forced to quit due to their fake academic certificates. This time too, sources confirm that more than a dozen of employees from different insurance companies have already decided to quit or submitted their resignation.

The investigation will be more focused on the academic qualification of higher level employees of the insurers. In recent days, mostly, the workforce from marketing field of insurance companies have got promotion opportunities beyond their academic qualification as stated in the Corporate Governance Directives of Insurers 2075.

The IB may request further details from the insurance companies in case of questionable employees on the basis of details regarding educational qualifications.

Some have obtained educational qualifications from foreign branches of foreign universities or from foreign open universities and there is no equivalent in Nepal in terms of educational qualifications of some technical subjects. Even after completing formal education from such a university and participating in the examination and acquiring academic qualifications, equivalence is not available in Nepal.

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