Kathmandu. Nepal Insurance Authority (NBA) has tightened the license of insurance surveyors. If the insurance surveyor license does not apply for renewal within 3 months of the expiry of the license, it will be automatically canceled.
The Nepal Insurance Authority (NIA) has issued a 5-point directive for the renewal of the license of Insurance Surveyor. According to the decision of the NRA on March 24, 2079, the license of an insurance surveyor who fails to submit an application for renewal within three months from the expiry of the license will automatically be revoked.
Similarly, in order to renew the license, the insurance surveyor has to submit the details and documents as per the sub-rule (1) of Rule 48 of the Insurance Rules, 2081. The renewal fee and regulation fee as per the Insurance Regulations for the renewal of the license of the Insurance Surveyor will be paid in the name of Nepal Insurance Authority (NEA) in the name of Nabil Bank. 01110013011001 has to submit a certificate or voucher of the deposit of the renewal fee specifying the purpose of depositing the amount. The allocation is Rs 11,000 for individuals and Rs 21,000 for institutional groups.
As per the directive, the bank vouchers that have been deposited as insurance surveyors, documents and license renewal fee should be submitted to the central office of the Authority by mid-April. According to the sub-section (1) of Section 94 of the Insurance Act, 2079, the insurance surveyor who has not been able to renew the license within the period of the license can submit the application by paying only Rs 5,000 within 3 months from the expiry of the deadline.
