Nepal Insurance Authority Trying to Implement ‘Cooling Period’

Kathmandu, Nepal insurance authority going to implement cooling period system over the insurance agents ”cooling period” system. Nepal Insurance Authority inform to implement ‘cooling period’ over the insurance agents. Authority providing the direction whole of life insurance companies over the insurance agents.  Without conversation Nepal Insurance Authority office with insurance agents forcefully going to implement the cooling period system and requested to follow suggestion.

According to association of chairman previously preparing insurance regulation without conversation with insurance agents, Sent cooling period direction to the Ministry of Finance saying sent drafted document demanding to back from ministry of finance.

Authority said, revised of point giving send back ministry of finance, Nepal Insurance Authority Insurance Act 2079’s  article 95’s sub-article-2, any insurance mediator or other insurance service provider will cancel to own license if any met the default. If not understood to authority may send application in written form.  According to offering the inquiry were not complete such of license may implement cancelation conditions. Authority preparing to provide implement license cancelation.

Agents issued registration date, gradually, 3 month, 6 month, 1 year, 2 year, 3 year or Along with provide suggestion letter after received within date of 7 days by authority.