Beema Samiti directs insurance companies to nullify their bancassurance agreements immediately

Beema Samiti, publishing a circular, has directed all insurance companies to immediately nullify all the bancassurance agreements.

The policy guideline issued on Mangsir 22, 2076 regarding selling insurance products via third party had specified that agreements done with banks to sell insurance products through bancassurance agreements should be nullified.

All the 39 insurance companies of Nepal had bancassurance agreements with one or more corporate agents such as banks. All the agreements are now to be considered void.