General Insurance Agent Code of Conduct Must Follow

General Insurance Agent Code
Share It On:

30th October 2022, Kathmandu

Every profession has its code of conduct. The insurance committee has also prepared a code of conduct for insurance agents where the things that the insurance agent should follow and the things that should not be are mentioned.

If the code of conduct is violated, action will be taken as prescribed by the Insurance Act. The act tries to make people aware and sensitive through the code of conduct so that they don’t have to take action from the law.

Similarly, a code of conduct made for insurance agents may not be known to all agents. Here is the Code of Conduct for Insurance Agents issued by the Insurance Committee:

  1. The insurance agent must always carry the open insurance agent’s license, including the type of insurance received from the insurance committee, and if the customer wants, he must show such license to the insurance committee.
  2. The insurance agent should only inform the customer about the real details (capital structure, investment policy, financial status, etc.) of the insurer for which he is the agent.
  3. The insurance agent must disclose all the details to be disclosed to the customer in the proposal form and submit the relevant documents from the customer to the insurer.
  4. The insurance agent must fully inform the customer about all the conditions and facilities mentioned in the insurance policy.
  5. The insurance agent must provide separate information to the insurer about the customer’s profession, social status, and level.
  6. The insurance agent will have to provide the insurer with additional details required for underwriting as required.
  7. If requested by the insured, the insurance agent shall assist in paying the insurance fee, renewing the insurance policy, changing/selecting the desired person, taking a loan for the insurance policy, making a claim, or providing other necessary insurance-related services.
  8. The insurance agent shall immediately inform the customer of the decision of the insurer regarding the acceptance of the offer of insurance
  9. If the customer pays the insurance fee amount through the insurance agent, the insurance agent shall immediately give the official reimbursement or receipt of such amount to the customer and such insurance fee shall be submitted to the relevant insurer on the same day as far as possible and if not possible, by the next day except in the case of uncontrollable circumstances.
  10. Insurance proposal form, health information form, etc. The forms to be filled by the proposer should be filled by the proposers themselves.
  11. An agent cannot sell insurance products without renewing the insurance agent’s license.
  12. The insurance agent should not disclose any necessary insurance-related details that he/she knows about the customer to the respective insurer.
  13. The insurance agent should disclose the details he knows about the customer to persons/organizations other than the relevant insurer.
  14. Insurance agents cannot misbehave with customers.
  15. Insurance agents cannot tax customers unnecessarily.
  16. Unnecessary interference by insurance agents in the business of other insurance agents through unhealthy competition is forbidden.
  17. The insurance agent cannot take any part of the amount received for the policy from the insured or the insured’s rightful owner.
  18. Insurance agent cannot take over the business by violating the prescribed insurance rate.
  19. An insurance agent cannot spread false publicity about any insurer of which he is not an agent.
  20. Insurance agent cannot conduct business in violation of other prevailing laws while conducting his professional business.

Share It On:

Recent Posts

Liberty Energy Rights Shares Offering: Eligibility, Application Process, and Future Plans

Liberty Energy Rights Shares Offering: Eligibility, Application Process, and Future

Share It On:22nd November 2024, Kathmandu Liberty Energy Company Limited is gearing up to issue rights shares starting December 1,

Asha Laghubitta’s 8th AGM 2024: Key Decisions and Future Plans

Asha Laghubitta’s 8th AGM 2024: Key Decisions and Future Plans

Share It On:22nd November 2024, Kathmandu Asha Laghubitta Bittiya Sanstha is holding its 8th Annual General Meeting (AGM) today, November

6th Asian Population Conference 2024 in Nepal: Advancing Sexual and Reproductive Health Policies

6th Asian Population Conference 2024 in Nepal: Advancing Sexual and

Share It On: 21st November, Kathmandu Nepal is set to host the 6th Asian Population Conference from November 27 to

Kumari Bank Promoter Share Sale: Eligibility, Application Process, and Price

Kumari Bank Promoter Share Sale: Eligibility, Application Process, and Price

Share It On:21st November, Kathmandu Kumari Bank Limited has officially declared its intention to sell a substantial number of promoter

Up to NPR 150 Cashback on Nepal Telecom and Ncell Services with Namaste Pay

Up to NPR 150 Cashback on Nepal Telecom and Ncell

Share It On:21st November, Kathmandu Namaste Pay has unveiled an exciting new campaign to reward its users with cashback on

Ncell introduces innovative feature, enabling customers to convert voice to data or data to voice services

Ncell introduces innovative feature, enabling customers to convert voice to

Share It On:21st November, Kathmandu Ncell customers can enjoy an innovative feature that allows them to convert or exchange remaining