Kathmandu, March 19: Nepal Insurance Authority, the regulatory body, has started insurance agents management system. With the aim of fully implementing the existing legal arrangement that one agent cannot join more than one insurance company of the same type, the authority has started management through an online system.
Chairman of Nepal Insurance Authority Mr Surya Prasad Silwal launched the agent management system on Sunday. The system provides information about agents whether they are involved in more than one insurance company of the same nature. The Authority introduced a policy of “one insurer, one insurance agent”.
“After managing through the online system, it will be easy to monitor the agents as they will have clear information about their identity, residence and affiliated companies,” Chairman Silwal said.
Rajuraman Paudel, Executive Director of the Authority, said that through the online system, the process of agent management and license renewal will be simple and easy. “The authority has continued the work of renewing the licenses of intermediaries (insurance agents and surveyors) by paying renewal fees from various online payment gateways along with the management of one insurer, one insurance agent through the online system.”
So far, 163,925 agents have updated their details by including necessary documents with permanent account numbers in the authority’s online system through the insurance company. According to the authority, the number of those who were found eligible to update the agent’s license is 221,850. So far, 163,925 have been updated and the remaining 57,925 are in the process of updating.
It was found that 5,045 agents were working for different companies. According to the authority, agents working in more than one insurance company can choose only one system. Similarly, information about the renewal of license of agents and surveyors has also been arranged through an online system to be sent to the concerned person via email.
