3 out of the 18-points guidelines of the Insurance Authority are challenging to be Implemented

Kathmandu : The insurance companies said that out of the 18 points issued in the insurance companies by the Nepal Insurance Authority based on public complaints, three points are challenging. As the branch offices operated by the insurance companies across the country are not of the same level, the Insurance Authority said that points 1, 2 and 3 of the integrated guidelines issued by the Insurance Authority on  6th of Chaitra , 2080 B.S cannot be implimented for the time being.

It said that the point of developing by keeping tables, chairs, computers, printers, drawers, meeting rooms, customer rooms and overall management of the office, cannot be implemented immediately (within two months). Similarly, the insurance company official said that manpower should be mobilized according to the standards set in the provincial, branch and sub-branch offices of the insurer (5 employees in the provincial office, 4 employees in the branch and 2 employees in the sub-branch should be mandatory) , will take time so, there there should be another arrangement for the time being.

The authorities of the company have asked the authority to think about this matter as the implementation of these 18 points of the authority will lead to an increase in expenses. The management of the insurance company has said that  the 18-point instructions given by the authority for implementation will increase the expenses but they don’t have enough budget due to  the economic recession. Attention has been drawn to the authority to think.

The Insurance Authority issued 18 points to the companies on the 6th of Chaitra, stating that the quality was found during on-site and off-site inspections, complaints were received in insurance-related interactions and discussions. The instructions have been given by the authority for the development of insurance branches, such as, minimum authorized level staff must be kept, 2% amount must be spent for improving the efficiency of the staff, etc.

Companies are also happy for business expansion. However, one of the CEO of a life insurance company has expressed his complaint about the directive of the authority regarding the intention to increase expenses in a place where there is no business. Chunky Chettri, the chairman of the Nepal Insurance Association, said that the 18-point guidelines issued by the authority are positive but the changes in the infrastructure and employees status is little expensive for the time being due to economic recession.

The Authority drew the attention of the companies by including the complaints received during the insurance-related interaction program at the provincial and local levels. This is the first decision that the Insurance Authority has issued a unified guide after collecting public complaints. Although the company seems to be positive towards other points, the companies have complained about the mandatory employees.