Kathmandu. The Insurance Authority of Nepal (NIA) has issued a code of conduct for insurance agents through the Insurance Agent Directive 2083. This code of conduct contains details of the do’s and don’ts of the agent.
The main objective of the code of conduct is that the professionals involved in the concerned profession should fulfill their professional responsibilities by maintaining self-discipline and they should not harm any other party while doing their profession.
Here we have included the list of duties to be performed by an insurance agent as mentioned in the Code of Conduct of Insurance Agents 2083:
(a) Performance and authorization of the license: The insurance agent shall always carry the license obtained by the Authority and must show such license if the customer so desires or before starting the insurance business.
(b) Disclosure of Insurer and Interest: } The agent shall furnish the exact details of the insurer he or she represents and inform in advance of any personal or financial interest in making insurance recommendation.
(c) Factual Consultation and Complete Information: The customer should be fully informed about all the conditions, features, limitations, exceptions and claim process set forth in the insurance policy.
(d) Collection of documents and submission to the insurer: All the details required to be disclosed in the proposal form and necessary details and documents for the profession, source of income and risk assessment of the client should be obtained from the insured and submitted to the insurer.
(e) Filling and verifying the form: { The insurance proposal and health statement form must be filled by the proposer himself. If the proposer is illiterate or incapacitated, the information should be filled by a person he trusts and the information thereof should be entered into the system of the insurer and confirmed to the proposer.
(f) Professional services and assistance in claims: { should be actively coordinated and assisted in the payment of the premium within the specified time, in renewing the insurance policy, in changing the desired person, in taking a loan against the collateral of the insurance policy and in the process of payment of the claim of the insured.
(g) Notice of Decision: The decision made by the insurer regarding the acceptance or rejection of the customer’s insurance proposal must be informed immediately.
(h) Suitability Test: { {{{}}} Before recommending an insurance policy, a written or oral analysis of the nature of the risk and financial capacity of the insured should be made and a suitable policy should be proposed only on the basis of that.
