Section 91: License to Insurance Mediators

1) Any person who is desirous of obtaining a license in relation to insurance intermediaries shall submit an application for a license to the Nepal Insurance Authority along with the prescribed documents and fees.

2) On receiving the application per sub-section (1), the Nepal Insurance Authority, after examination of documents, if it finds it appropriate, shall issue a license to carry on insurance intermediaries.

3) Validity of the issued license shall be of 3 years.

4) While granting the license of the Insurance Surveyor under non-life insurance, the license shall be issued to conduct the survey of one type of insurance (Portfolio) only.

However, this provision shall not apply to the companies established with the objective of carrying out the business as an insurance surveyor

5) Any person who had obtained the license of insurance surveyor of any insurance portfolio before the commencement of this act shall choose to carry one insurance portfolio within one year from the commencement of this act.

6) License issued under this act, cannot be used by, handed over or transferred to others.

7) When Issuing Insurance agent’s license, only one license of the same type will be issued.

8) The provisions regarding insurance mediators and other insurance service providers shall be as prescribed.