The Nepal Insurance Regulatory Authority issued an instruction tightening the renewal process for insurance agent licences for both life and non-life agents, including minimum business activity evidence, mandatory updates to agent records in its system, and specified renewal and late fees. For renewals, agents must submit proof of having completed at least one percent of the total business in the previous fiscal year. Agents must also ensure their know-your-customer (KYC) details are clearly updated in the IRMIS system with supporting documents. The authority set a renewal fee of NPR 1,000 plus a regulation fee of NPR 500, for a total of NPR 1,500. Agents who miss the prescribed renewal timeframe may apply within three months of licence expiry by submitting a renewal application and paying a late fee of NPR 1,000. If no renewal application is submitted within three months from the expiry date, the licence will be automatically cancelled.
Nepal Insurance Regulatory Authority 2025-09-05
Nepal Insurance Regulatory Authority sets insurance agent licence renewal conditions including 1% business proof and NPR 1,500 fees
The Nepal Insurance Regulatory Authority has tightened the renewal process for insurance agent licences, requiring proof of at least one percent business activity from the previous fiscal year and updated KYC details in the IRMIS system. The renewal fee is set at NPR 1,500, with an additional late fee of NPR 1,000 for applications within three months post-expiry. Licences not renewed within this period will be automatically cancelled.