Kathmandu. The Insurance Act, 2079 provides that a licensed insurance intermediary person or institution acting on a commission basis on behalf of the insurer, other than the employees of the insurer,
It should be remembered that there is a definition of “insurance agent”.
The Insurance Act or Regulations do not use any other designation of a facilitator who provides the services of an intermediary between the insured and the insurer except “insurance agent”. Despite this provision, the advertisements of insurance agents appearing on social media have the designation ‘Insurance Advisor’ which is not mentioned in the Insurance Act.
When asked why Insurance Khabar has used the title of insurance advisor which is not in the law, he asked Yati Raj Adhikari, secretary of the Professional Insurance Agents Association Insurance Committee, National Life. I don’t know any rules and regulations.
Sambharaj Lamichhane, chief of the law division of the Nepal Insurance Authority, said that even if a licensee can write an insurance agent and give advice on insurance, he cannot use the title of advisor. He said that the Nepal Insurance Authority is the only advisor to advise the government on matters related to the insurance sector, and no one else.
