Kathmandu: The agency license renewal process is expected to resume from 5th Chaitra 2079. According to the provisions in the Insurance Act 2079, the agency license must be renewed within the month of Chaitra 2079. The renewed license will be valid for three years. Earlier, the validity was only for a year.
The Insurance Act provides for the renewal of the agent license every three years, and those who renew within this month will have to do it only in Chaitra 2082. If not renewed, the license can be revoked paying penalties.
According to the Authority, a total of 1,64,000 agents have updated their personal details on the IRMIS. Now, all the agency details will be available online through the Authority’s web portal. The regulatory authority mulls giving online examinations for the new agency licenses.
The officials of the Authority have informed us that more digital payment service providers will be added in the payment gateway for the renewal fee payment.