Kathmandu. The licenses of 4.25 lakh agents licensed by the Nepal Insurance Authority (NIA) are active. Among them, the number of professionally active agents is only around 1 lakh. In the name of protecting the professional rights and interests of a limited number of agents, there are two organizations in the market, the Professional Insurance Agents Association of Nepal and the Nepal National Insurance Agents Association. <\/p>\n
The presidents of both the organizations claim, “We are more revolutionary than any other organization and more responsible for the protection of the professional rights of the agents.” However, in reality, the general public is not satisfied with the leadership of both the organizations. The professional agents complain that the leadership of both the organizations has not been able to ensure and protect the rights of the professional agents legally. <\/p>\n
There is a serious allegation that professional rights are being curtailed as the leaders of the agency organizations are conniving with the top leadership of the insurer and focusing on personal gains. They have put forward the provisions of the Insurance Regulations as evidence to prove the allegations. <\/p>\n
The government has tightened the services and facilities of insurance agents through both Insurance Act, 2079 and Insurance Rules, 2081. The entry into the insurance profession has been tightened. The commission and incentives received by agents have also been reduced through the new provision. <\/p>\n
On the other hand, the insurers themselves have also started to set new limits and terms for the incentive benefits that agents can receive as part of their strategy to cut down on the cost of acquiring a new insurance business. <\/p>\n
Rajendra Amatya, president of the Nepal National Insurance Agents Association, blamed the current situation as the leadership of the Professional Insurance Agents Association failed to raise voice in an organized manner for the protection of business rights. He said, “The law has been introduced to provide incentives on the basis of insurance policy renewal rate. The intention behind this provision is different. The worry here is that ‘the old man is dead’. Now, insurers and regulators seem to be moving forward with the intention of slowing down. \u2019<\/p>\n
Chairman of the Professional Insurance Agents Association of Nepal, Om Bahadur KC, said that it was not ethical to open a new organization without paying all the accounts while being in the old working committee. “They have not spoken anywhere to make the profession dignified and protect their professional interests,” he said. \u2019<\/p>\n
In response to a query about the possibility of working unity between the two organizations for the professional security of insurance agents, the chairpersons of both the organizations said that the possibility of working unity was open on the common issue of protection of professional rights and interests. They said that they would be positive for working unity if the proposal was made with a clear blueprint for the protection of professional interests. <\/p>\n
Amatya said, “We should join hands with each other, not prohibit each other. There are also a lot of friends out there who know. It does not mean that we should not discuss the proposal when it comes from them. What is the clear opinion about the protection of the interests of the agent, the insurance market and the insured? If they are corrected, we can have a working unity. \u2019<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The licenses of 4.25 lakh agents licensed by the Nepal Insurance Authority (NIA) are active. Among them, the number of professionally active agents is only around 1 lakh. In the name of protecting the professional rights and interests of a limited number of agents, there are two organizations in the market, the Professional Insurance […]<\/p>\n","protected":false},"author":5,"featured_media":311783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45057,45031,45159],"tags":[],"class_list":["post-311786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abhikarta-en","category-banner-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/311786","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=311786"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/311786\/revisions"}],"predecessor-version":[{"id":311787,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/311786\/revisions\/311787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/311783"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=311786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=311786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=311786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}