Kathmandu. The Nepal Insurance Authority (INSURANCE) has withdrawn its directive to stop the insurance business after one year.
The AUTHORITY had issued a directive through a circular no. 651 on August 1, 2018, prohibiting the insurer from issuing the policy on the date after the last month of any quarter. The AUTHORITY has sent a circular to the insurance companies today (July 14). 2 and 3 have been removed. With this, insurers will also be able to issue insurance policies on the date after the last month of every quarter.
Prior to this, the insurers could not issue insurance policies after September, December and April 12 of the current fiscal year due to the directives of the NRA. According to the directive, the policy was forced to be issued only in the next month on the basis of the insurance proposal to be received after the quarter.
Due to the previous circular of the AUTHORITY, the insurer could not sell the insurance policy even after the last month of the quarter even after opening the office.
Insurance Khabar had repeatedly published news about this impractical directive of the AUTHORITY.
