Nepal Insurance Authority to Revamp License Renewal Process for Agents and Surveyors

Kathmandu – The Nepal Insurance Authority (NIA) is set to introduce a new framework for renewing the licenses of insurance agents and surveyors. To facilitate this, the Authority has formed a dedicated committee tasked with studying and recommending appropriate training programs for license renewal.

The committee, led by NIA Director Kamal Prasad Regmi, includes representatives from various sectors, including insurance agents, surveyors, life insurers, non-life insurers, and micro insurers. The group has been directed to submit a comprehensive report within a week, which will form the basis for restructuring the license renewal process.

During the study, representatives will gather suggestions from stakeholders to identify the training needs and design a curriculum that meets the evolving demands of the insurance industry. The final report will include recommendations on improving the knowledge and skills of agents and surveyors, ensuring their contributions align with industry standards.

In a recent meeting with Acting Chairman of the Insurance Authority, Madan Dahal, insurance agents raised the need for attractive packages to encourage more individuals to join the profession. They also suggested that the training curriculum include fundamental topics such as Nepal’s Insurance Policy 2080, the Insurance Act 2079, Insurance Regulations 2049, directives issued by the NIA, and agreements made with the Professional Insurance Agents Association of Nepal. These inclusions, they argued, would better prepare agents for their roles and incentivize new entrants into the sector.

Surveyors, on the other hand, have emphasized the importance of internships and efficiency-building programs to enhance their expertise and performance. They provided verbal suggestions during the discussions, which are expected to be incorporated into the committee’s final recommendations.