Section 94: Renewal of License of Insurance Intermediaries

1) If an insurance intermediary or other insurance service provider wishes to renew its license, it must submit an application to the Authority, attaching the prescribed fee and other details, before the license expires.

2) If the application for license renewal cannot be submitted within the period specified in sub-section (1), the authority may extend the time limit for renewal for a maximum of three months if reasonable cause is produced.

3) If an application for renewal is received within the period pursuant to sub-section (1) or (2), the license shall be renewed for a period of three years if, upon necessary investigation, it is deemed appropriate to renew it.

4) If the license cannot be renewed, the Nepal Insurance Authority should provide a letter explaining the reason for non-renewal.

5) Other provisions regarding the renewal of the license of an insurance intermediary or other insurance service provider shall be as prescribed.