Section 93: Responsibilities of Insurance Intermediaries

1) The insurance mediators shall keep a copy of the license at their registered office to be clearly seen.

Provided that individual mediators and surveyors must show the license if requested by the concerned person.

2) The insurance mediators shall abide by the rules or regulations made under this act or the directives or directions provided by the Nepal Insurance Authority.

3) The insurance surveyor shall not evaluate or conduct a survey or cause to evaluate the loss of its close relatives or firms or companies where its family members belonging to the same family or their close relatives have a financial interest.

4) The insurance surveyor shall submit the report to the concerned insurer within the prescribed time.

5) The  Insurance  Surveyor shall employ only licensed insurance surveyors to carry out insurance surveys.

6) An insurance agent of any insurance shall not act as an insurance agent of another insurance of the same type during the same period.

Provided that this provision shall not be deemed to have prevented an insurance agent of an insurer carrying on life insurance business from acting as an insurance agent of an insurer carrying on non-life insurance business and an insurance agent of an insurer carrying on non-life insurance business from acting as an insurance agent of an insurer carrying on life insurance business.

7) Notwithstanding anything contained in sub-section (6), an insurance agent engaged in microinsurance activities may act as a microinsurance agent for more than one insurer.

8) An insurance broker or a third-party insurance facilitator shall not make any investment, guarantee or security or give any loan to any corporate body in which any member of its board of directors is a member of the board of directors or has any financial interest.

9) The work performed by an insurance intermediary or other insurance service provider, remuneration or commission, official conduct and other provisions shall be as prescribed.