Kathmandu. Nepal Insurance Authority (NEA) has issued a 5-point directive for the renewal of insurance agents’ licenses.

According to the decision of the NRA on Monday, a 5-point directive has been issued.

In the directive issued by the authority, the life insurance agent has to submit proof of renewal of at least one percent insurance policy as per clause (b) of sub-rule (1) of Rule 43 of the Insurance Rules, 2081.

In the IRMIS system, the personal details of the insurance agent should be uploaded and updated by uploading clear and understandable documents.

The insurance agent has to pay Rs 1,000 as renewal fee and regulation fee of Rs 500 as per Schedule 7 of the Insurance Regulations.

According to Section 94 (2) of the Insurance Act, 2079, an insurance agent who has not been able to renew the license within the period of the license can apply for the application by paying only Rs. 1,000 as per Schedule-7 within 3 months from the expiry of the time period.

According to Section 95 of the Insurance Act, 2079, the license of an insurance agent who fails to submit an application for renewal within 3 months from the expiry period of the license will automatically be revoked.