Kathmandu. Himalayan Reinsurance, a privately run reinsurance company, is just a simple example of the extent to which the limit of commission on reinsurance brokerage is not fixed due to unlimited and unsustainable expenditure on reinsurance commission. <\/p>\n
Deepak Bhatta, who is also the promoter of Himalayan Reinsurance, has misused the reinsurance commission through Alliant Reinsurance Brokers, a reinsurance broker registered in the name of his mother-in-law. Evidence of his unnaturally withdrawing the commission amount and transferring the amount to his personal account has been made public in the media. <\/p>\n
The Reinsurance Broker Directive, 2078 BS states that the amount of reinsurance commission has been exploited by misusing the legal loophole that does not specify the limit of the commission of the reinsurance broker. Himalayan Reinsurance has disbursed Rs 520 million as reinsurance commission to Alliant Reinsurance Brokers Pvt. Ltd. over a period of two years. <\/p>\n
This directive contains details of the authorized capital, paid-up capital, do’s and don’ts of reinsurance brokers. The directive is silent on fees. However, Section 16 (c) of the directive states that a reinsurance broker should not do anything contrary to the Money Laundering Prevention Act. <\/p>\n
According to NEA Executive Director Sushil Dev Subedi, the directive does not specify the rate of commission in the case of reinsurance brokers as it is determined by the international market. He said that the NRA could amend the directive to prevent the misuse of the reinsurance commission on the issue of taking advantage of the legal loophole.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Himalayan Reinsurance, a privately run reinsurance company, is just a simple example of the extent to which the limit of commission on reinsurance brokerage is not fixed due to unlimited and unsustainable expenditure on reinsurance commission. Deepak Bhatta, who is also the promoter of Himalayan Reinsurance, has misused the reinsurance commission through Alliant Reinsurance […]<\/p>\n","protected":false},"author":5,"featured_media":116539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45102],"tags":[],"class_list":["post-298289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-reinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/298289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=298289"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/298289\/revisions"}],"predecessor-version":[{"id":298290,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/298289\/revisions\/298290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/116539"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=298289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=298289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=298289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}