Insurance Board Mulls to Decentralize Authority For Agency License

Kathmandu: Nepal Insurance Authority mulls delegating authority to its provincial office to issue and renew agency licenses. The Authority is making necessary preparation to facilitate provincial offices for the agency license.

The provincial offices will get a separate login in the agency license portal to renew and issue agency licenses to both life and general insurance companies. It will lower the burden of tasks at the central office of the Authority.

The agent’s license has not yet been completely transferred to the online system. Although there is work in the software, the authority has not been able to take the agent’s exam in full swing and issue the certificate online. Although a provision has been made to obtain the agent’s license from the software, the companies themselves are issuing license certificates.

Further, the provincial offices will be instructed to facilitate the proposed micro-insurance companies that are about the establish in each of the seven provinces. It will ease the micro-insurance companies to get agency licenses without many hassles.

Till today there are only three provincial offices in operation i.e. Madesh Province, Karnali Province, and Sudurpaschim Province. The Authority has yet to open provincial offices in four provinces i.e. Bagmati Province, Gandaki Province, Province No. 1, and Lumbini Province. The Authority is making necessary preparation for the establishment of new provincial offices.

Comment Your Feedback :

Related News