Insurance Agents Raises Concerns Over Regulatory Challenges, Chairman Ojha Remains Unresponsive
Kathmandu – Life insurance agents across Nepal are facing challenges due to certain provisions in the Insurance Regulations, and many are looking to Nepal Insurance Authority Chairman Sharad Ojha for support. Despite his background as an insurance agent, there is a perception among agents that their concerns have not been adequately addressed.
Before becoming Chairman, Ojha was a life insurance agent at Prabhu Mahalaxmi Life. He obtained his insurance agent’s license from the Nepal Insurance Authority on 31st Jestha 2080 (June 14, 2023) and continued his business in life insurance until Ashadh 2081(June 2024). Given his experience, many expected him to advocate for insurance agents. However, agents claim that he has remained largely unresponsive to their struggles.
The Insurance Regulations have introduced provisions that many life insurance agents find difficult to navigate, leading to uncertainty about their professional future. Nanda Tiwari, former Chairman of the Professional Insurance Agents Association, noted that agents frequently reach out to him with their concerns, receiving daily calls from agents expressing their grievances. He stated that discussions are ongoing among agents and stakeholders, and a formal statement is expected after further deliberation.
Tiwari acknowledged that the Insurance Regulations were introduced with the broader interest of the industry in mind. However, he revealed that discussions among agents are ongoing, and a formal statement addressing their concerns will be made public soon. Meanwhile, frustration among insurance agents continues to rise, with many questioning whether to persist in their profession.
Adding to their discontent, agents are dissatisfied with the current Chairman Ojha for neglecting their concerns. They argue that despite his firsthand experience in the insurance business, he has failed to intervene in the crisis that threatens the livelihood of insurance agents in Nepal.