Kathmandu: Nepal Insurance Authority mulls delegating authorities to its provincial offices for the agency license renewal and new license distribution. The Authority has made arrangements for online application submission and online examination for the new agency license. Similarly, the agency license renewal service is also available online through the agency license portal of the Authority.
At present, license distribution and renewal tasks are performed only by the central office of the Authority, but now the Provincial Offices of the Authority too will deliver license-related services to agencies and insurers.
Out of the seven provinces, the Authority has already set up its provincial office in Sudurpaschim Province, Karnali Province, and Madhes Province. Preparations are underway to set up provincial offices at Biratnagar of Province No. 1, Pokhara of Gandaki Province, and Butwal of Lumbini Province.
In addition, preparations are underway to delegate authorities to the regional offices of the insurance companies to accomplish all the jobs related to the agency application processing, forwarding, and facilitating online examination.
At present, the agency department at the central office of the insurance companies controls and coordinate agency license-related services.
The Authority has tried to streamline the application approval process by assigning full responsibility to the insurance company.