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The insurance authority has instructed the companies to prioritize the collection of insurance fees of all amounts, small and large. The authority has given this instruction as the companies are currently busy making plans for the end of the financial year and the new financial year.
"There have been complaints that insurance companies give priority only to insurance policies that pay fixed and single insurance premiums when determining professional goals for subordinate employees and departments and offices," the statement of the authority said. Spokesperson Sushiledev Subedi said that the authority has given such instructions regarding the addition.
Authority has instructed life insurance companies and short life insurance companies to include renewal insurance premiums and term life insurance premiums in addition to the first premium when determining the professional goals (monthly, quarterly, half-yearly and annual goals set periodically) for their subordinates, departments and offices for the next financial year.
In the circular issued to all life insurance companies and short-term insurance companies, the authority has instructed 'for the coming financial year, their subordinates, sub-branches/branches/regional offices and departments to determine their professional goals in such a way that in addition to the first insurance fee, renewal insurance fee and term life insurance fee should also be included'.
