Kathmandu. Relief has been given to old agents through the Insurance Regulations, 2081.
The Insurance Regulations, which were recently approved by the Council of Ministers, have provided relief in renewing the licenses of old agents. There was a lot of opposition and debate in the insurance sector that the regulation was going to introduce a provision that at least 12th grade should be passed to become an agent and renew an existing license. However, the regulations currently provide that those who have completed secondary level (SEE) studies will be sufficient to renew their licenses if they have completed the same level of study.
The Insurance Act states that the minimum educational qualification for an agent who has already obtained an insurance agent license is the Secondary Education Examination (SEE) or its equivalent. The regulations have provided that the minimum educational qualification for renewing the license of such agents or obtaining a new license by giving an exemption from renewal will be SEE or its equivalent.
Similarly, it has now been made mandatory to pass the 12th standard to become an insurance agent. The regulations have provided that only those who have passed the 10th plus two or proficiency certificate level or its equivalent from a recognized institution or board will be eligible to obtain an insurance agent’s license.
To obtain an agent’s license, one must have received insurance-related training from the authority, insurer or an institution recognized by the authority. To get a license, you must also pass the insurance agent exam.
Similarly, a person who is not blacklisted by the authority or the insurer and is eligible to enter into contracts as per the prevailing law will be allowed to become an agent.
Similarly, a person who has taken action under the Insurance Act and Regulations by the authority will not be considered eligible to be an insurance agent until a period of 3 years has elapsed from the date of the decision to take such action. In the case of an institutional agent, the director, chief executive officer or any of the top managers of the concerned institution must have the qualifications. The license of an institutional agent will automatically be revoked until the prescribed qualifications are maintained.
