Agent’s warning to Insurance Authority Chairman Silwal who is in the Stake of Reviving Bancassurance

Kathmandu: The insurance agents have warned Surya Prasad Silva, the chairman of Nepal Insurance Authority, who is in the stake of reviving the Bancassurance which was stopped by the Central Bank of Nepal through the monetary policy of the fiscal year 2076/77 B.S.

As the time to release the monetary policy of the first quarter of the Central Bank is approaching.On the same context, they are preparing proposals on bringing bancassurance into operation again. In a public program attended by Sunil KC, Chairman of the Bank Association raised question on bancassurance, due to which the agents have submitted a petition with

clarification to the authority, objecting to the question of resuming bancassurance.

Nepal Insurance Authority Chairman, Surya Prasad Silwal has expressed that discussions are being held on the proposal to resume bancassurance. He emphasized on the resumption of bancassurance as insurance access can be increased tremendously by moving forward with banks and insurance jointly.

In that program, he revealed that the matter is being discussed in the board of the Insurance Authority and if it is suitable with the Bankers’ Association, the discussion will proceed. As there are many examples in the world where bancassurance has made the insurance sector successful, the agents approached the authority with a petition and asked Chairman Silwal for clarification on the matter, regarding the news that emphasized the need for the authority to focus on this.

Chairman of the Authority, Silwal, gave a reply to the agents who raised the matter after discussing the reason why bancassurance was closed. Even though there are some problems in bancassurance, the insurance companies say that if it can be improved, it will benefit the entire sector.

While insurance companies have raised the issue of bancassurance, insurance agents have raised concerns about their livelihood. They have also warned them not to come up with any kind of plan due to the loss of their jobs. What is the insurance to the people?

According to the agents, it will not be justified if the bank takes away the business that have made by lots of hard labour and conviction.Insurance companies themselves have also admitted that there have been problems in bancassurance in the past. But even if there is a problem with bancassurance, there is no need to completely destroy such a good program, the CEOs of insurance companies argue.