New Regulations by Nepal Insurance Authority for Life Insurance Companies

New Regulations by Nepal Insurance Authority for Life Insurance Companies

The Nepal Insurance Authority has implemented three new regulations specifically for life insurance companies. These regulations aim to organize the incentives and other facilities provided by insurers to their agents and align with the cut-off dates for submitting periodic financial statements.

New Regulations:

1. Restriction on Approval of Insurance Proposals: Insurers will not be allowed to approve any insurance proposals on the last day of each quarter. This measure is intended to make financial management more straightforward and transparent.

2. Change in Setting Insurance Targets: When setting insurance targets, providing incentives, or issuing schemes for life insurance agents, the targets must be determined by the 28th of each month.

3. Incentive and Scheme Inclusion: Any insurance issued after the 28th of the month must be included in the target, incentives, or schemes of the following month, rather than the current month.

These regulations aim to make the operations of life insurance companies more organized, transparent, and result-oriented.