Kathmandu. The Insurance Authority of Nepal (BEE) has become strict to control the illegal practice of selling life insurance policies. <\/p>\n
Issuing a circular in the name of all life and micro life insurance companies today, the authority has directed them to control the illegal practice of selling life insurance. Since the insurance business is a sensitive service directly related to the financial risk transfer and financial security of the insured, it is the responsibility of the insurer and the concerned agent to provide correct, clear, complete and factual information to the insured while selling the insurance plan. <\/p>\n
However, the authority has issued a 7-point directive to the Life and Short Life Insurance Company to control the malpractice in the sale of life insurance policies. <\/p>\n
Here are the instructions<\/strong><\/span><\/p>\n }<\/p>\n Insurance plans cannot be sold as ‘Fixed Deposit Plan’, ‘Interest Paying Scheme’, ‘Double Money Scheme’, ‘Fixed Investment Return’ or any other deposit and investment scheme<\/p>\n .<\/p>\n Cannot assure that certain bonus, return, amount or benefit will be received beyond the terms and conditions of the policy and the benefits approved by the Authority, <\/p>\n Except for the publicity material approved by the insurance company, the agent is not allowed to promote the insurance plan through social media or other means, <\/p>\n }<\/p>\n When submitting an insurance proposal, it should be clearly stated that the insurance plan is not a deposit or a fixed deposit<\/p>\n .<\/p>\n While selling the policy, the appropriate insurance plan should be recommended taking into account the needs of the insured, financial capacity, age, source of income and insurance object<\/p>\n ives.<\/p>\n The insurer should examine the sales materials of the insurance agents, analyze and address customer complaints and make arrangements for regular monitoring of the insurance publicity done through social media. <\/p>\n Maintain a separate record of the complaints related to mis-selling and make arrangements to submit the details of the number, nature, resolution and action taken to the Authority on a regular basis every quarter.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. The Insurance Authority of Nepal (BEE) has become strict to control the illegal practice of selling life insurance policies. Issuing a circular in the name of all life and micro life insurance companies today, the authority has directed them to control the illegal practice of selling life insurance. Since the insurance business is a […]<\/p>\n","protected":false},"author":16,"featured_media":312418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45057,45031,45152,45159,45099],"tags":[71854,71860,56076],"class_list":["post-312420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abhikarta-en","category-banner-news-en","category-life-insurance-en","category-news-en","category-regulatory-en","tag-lifeinsurance-en","tag-nepalinsuranceauthority-en","tag-nia-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=312420"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312420\/revisions"}],"predecessor-version":[{"id":312421,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312420\/revisions\/312421"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/312418"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=312420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=312420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=312420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}