Government Proposes Increased Fees for Insurance Licenses Under New Regulations

Kathmandu – The government has proposed significant increases in license fees for insurance agents, surveyors, brokers, and third-party facilitators under the draft Insurance Regulations 2081. The proposed changes aim to modernize the insurance sector and align it with current economic demands.

According to the Nepal Insurance Authority, the existing fees have remained unchanged since the enforcement of the Insurance Act 2049. Under the proposed regulations, new fees will replace the outdated rates.

Currently, individual insurance agents pay NPR 500 for a license, with an annual renewal fee of NPR 200. If the new regulations are approved, these rates will rise to NPR 2,500 for individual agents and NPR 10,000 for institutions, along with an additional NPR 500 regulatory fee. The annual renewal fee for all agents will increase to NPR 1,000.

Similarly, surveyor licenses, which were previously categorized, will now have a fixed rate of NPR 10,000 for individuals and NPR 20,000 for institutions. These fees will also apply to annual renewals. A regulatory fee of NPR 1,000 is proposed. The existing category-based structure charging up to NPR 12,000 depending on the category will be eliminated.

For insurance brokers, the proposed licensing fee is NPR 500,000, a sharp increase from the current NPR 25,000. Renewal fees will rise to NPR 25,000 annually, while a regulatory fee of NPR 5,000 will also be imposed.

The draft regulations also introduce a licensing structure for third-party facilitators, a new category. These facilitators will pay NPR 500,000 for a license, NPR 25,000 annually for renewal, and a regulatory fee of NPR 5,000.

The draft regulations are currently under review, with implementation pending final approval.