Nepal Insurers Association formulates code of conduct for Non-life Insurance Companies; Full document available

Nepal Insurers Association has come up with a list of code of conduct with an aim to avoid unhealthy competition between the companies. The document has been named, "Codes of conduct for non-life insurers, 2076".

The first point of the document says that the Companies are not allowed to sell policies below the rate specified by Beema Samiti. Similarly, the CEO's of the companies need to be present during the meetings of Nepal Insurers Association and other formal programs. In other cases, someone else from the management team can attend.

The document also explicitly prohibits the companies from providing any form of a gift, cash or discounts to individuals related to the Insured (Client) or his/her relative.

The full document is shown below: