NIA Instructs Insurers to Amend Their MoA and Bylaws in Accordance with New Act

Kathmandu: The Nepal Insurance Authority(NIA) has instructed all insurers to amend their Memorandum of Association(MoA),Article of Association(AoA), directives and bylaws to abide by the newly implemented Insurance Act 2079.

NIA has issued a circular to all insurers with a time limit of 15 days to check whether their MoA, AoA, internal circulars, bylaws, policies, guidelines are in conflict with the new Act or not. The regulatory authority has instructed all the insurers to make necessary changes If any conflicting provisions exist in their official bylaws, guidelines, policies, MoA or AoA etc. Insurers have been asked to submit the amended document within 15 days.

Further, the NIA has instructed all the insurers to make sure their agency members are working for only one insurers. As per the provision of the new Insurance Act 2079, an individual agent, except the agent appointed for micro-insurance; can work for only one insurance company.

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