Kathmandu – The Professional Insurance Agents Association Nepal has strongly opposed the newly issued Insurance Regulations, arguing that they curtail the rights of insurance agents and discourage their profession. The association held a press conference in Kathmandu on February 21, expressing concerns over provisions that they claim make it more difficult for agents to operate effectively. The newly approved regulations are expected to significantly reduce the number of insurance agents, currently over 100,000, to nearly a quarter. Over the past three years, the number of insurance agents has been steadily declining, and industry professionals argue that these new provisions will accelerate that trend, negatively impacting the life insurance sector. Kedarnath Adhikari, President of the Professional Insurance Agents Association Nepal, criticized the regulations for imposing stricter conditions on agents, particularly concerning the renewal of insurance policies they have facilitated. He stated, “Instead of easing the work of agents, the new regulations have made it even more challenging, especially when insured individuals fail to renew their policies.” According to the association, the regulations have significantly reduced incentives for agents by lowering commission rates on policy renewals. The association strongly condemned this provision, calling it an unfair burden on agents who play a … Continue reading Insurance Agents to Protest Against New Insurance Regulations