Kathmandu. Questions have been raised about the practice of using the MDRT (Million Dollar Round Table) logo by some agents and companies in life insurance companies in Nepal. Although meeting the target of insurance premium collection in the insurance business is an important achievement, no one can be presented as an MDRT member unless they meet the prescribed qualifications and obtain official membership. <\/p>\n
MDRT is an international professional organization that provides membership to qualified professionals working in the field of life insurance and financial services on the basis of certain criteria. Simply selling insurance policies, collecting insurance premiums from customers for selling insurance policies, or meeting the business goals set by the company is not a proof of MDRT membership. <\/p>\n
Life insurance agents in Nepal need to clarify the actual status of membership when using the name and logo of MDRT while expanding their business. If a person who is not an official member uses a logo to make it appear that he is an MDRT member, it can confuse customers, colleagues, and other stakeholders in the insurance sector. <\/p>\n
Similarly, insurance companies should make a clear distinction between the status of meeting the MDRT qualification, being eligible for membership and obtaining official membership while disclosing the achievements of their agents. It is not appropriate to automatically promote the company’s internal goals or the achievement of insurance premium collection as MDRT membership. <\/p>\n
The name and logo of MDRT is not only a means of personal promotion, but also a matter related to the identity of the organization. Therefore, it is necessary to follow the official rules, membership standards and brand guidelines while using it. <\/p>\n
Recently, the MDRT organization has warned the CEOs of the insurers by objecting in writing to the declaration of MDRT, TOT, COT by some life insurance companies in Nepal through social media. It has also warned not to misuse the logo of MDRT and warned of legal remedy if such incidents are repeated. <\/p>\n
The law related to the protection of intellectual property does not provide legal remedy to the concerned organization or individual in the case of brands that are not registered as intellectual property in Nepal. In case of brand misuse, the concerned company must register its brand through the Office of the Registrar of Companies in Nepal for legal remedy. <\/p>\n
In order to maintain the professional dignity of the insurance sector, it is important that the concerned companies, agents and regulatory bodies should be clear about membership claims and the use of logos.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Questions have been raised about the practice of using the MDRT (Million Dollar Round Table) logo by some agents and companies in life insurance companies in Nepal. Although meeting the target of insurance premium collection in the insurance business is an important achievement, no one can be presented as an MDRT member unless they […]<\/p>\n","protected":false},"author":5,"featured_media":200863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45057,45031,45159],"tags":[],"class_list":["post-320470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abhikarta-en","category-banner-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320470","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=320470"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320470\/revisions"}],"predecessor-version":[{"id":320471,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/320470\/revisions\/320471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/200863"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=320470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=320470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=320470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}