Insurance Regulations 2081 Set for Amendment Following Agent Protests

Kathmandu – The Nepal Insurance Authority has agreed to amend the Insurance Regulations 2081 following sustained pressure from insurance agents who claimed the provisions undermined their profession. An agreement was reached on Saturday, Jestha 17 (May 31), between the Authority and the Professional Insurance Agents Association to revise several contested provisions.

According to Kedarnath Adhikari, President of the Professional Insurance Agents Association, the amendments were recommended by a joint task force comprising representatives from the Insurance Authority, Professional Insurance Agents Association, Life Insurance Association, Nepal Insurers Association, Micro Insurance Association, and Surveyors Association. The task force’s report has been submitted to the Authority’s board and will be forwarded to the Ministry of Finance for final approval.

Among the provisions to be revised are the regulations concerning agent license renewal and incentives. Adhikari confirmed that controversial measures—such as providing only a percentage-based incentive on renewal fees and offering a 50% discount when clients approach insurers directly, are set to be amended.

General Secretary Om KC added that the Authority has committed to addressing all contentious points. He stated that the agreement between the Association and the Authority is being finalized at the board level and will then be submitted to the Ministry of Finance. A copy will also be shared with agents across the country.

The agents had raised concerns that the Insurance Regulations 2081 were implemented without adequate consultation and risked discouraging professionals in the sector. They criticized the Authority for its lack of engagement and transparency in the policymaking process.