Kathmandu. The Chairman of Nepal Insurance Authority (NEA) has been empowered to change the schedule of the directive regarding foreign employment insurance bridge.
The NRA has made the second amendment to the directive regarding the establishment and operation of foreign employment term life insurance collective insurance fund (bridge). In the earlier directive, no one was given to the officer who changed the schedule.
Similarly, insurers who do not comply with the revised directives will not be able to sell foreign employment term life insurance policies. According to the earlier directive, insurers whose membership has been canceled and not enlisted in the Department of Foreign Employment will not be able to sell the insurance policy to participate in the collective fund.
Now according to the amended provision, the insurer whose membership has been canceled and is not enlisted in the Department of Foreign Employment and does not follow the instructions will not be able to sell foreign employment term insurance.
