Kathmandu. A new code of conduct has come into effect for insurance agents. <\/p>\n
Nepal Insurance Authority (NEA) has issued the Insurance Agent Directive, 2083 BS and implemented the new code of conduct. The new code of conduct clearly states what insurance agents can and cannot do. <\/p>\n
According to the code of conduct, the agent will have to carry the license he has obtained at all times. The insured and the insured will have to show their license when they wish. <\/p>\n
Similarly, the agent will have to provide the exact details of the insurer. The agent should explain the terms, details, limitations, exceptions and claim process mentioned in the policy in a language that the insured understands. <\/p>\n
The code of conduct stipulates that the insurance agent should not act in unhealthy competition and lure the insured. The code of conduct also stipulates that one cannot propose an insurance policy without a license and renewal. <\/p>\n
Insurance agents are prohibited from disclosing the information they have received about their customers to anyone other than their insurer. It also prohibits misbehaving with the customer, charging unnecessary taxes or encouraging the insured to change the policy unnecessarily. <\/p>\n