IB Issues ‘Insurer Co-Operation Business Directive 2076’

Dec 09, 2019 12:39 PM Merolagani

Insurance Board (IB) has issued ‘Insurer Co-Operation Business Directive 2076’ on December 8. The board issued the directive to maintain uniformity in business operation and promotion of insurance products so that to manage their risks.

In the directive, insurance companies must mention the name of affiliated companies while promoting their products in cooperation with any other companies.

Moreover, the insurance companies must mention that the insurance premium will be borne by the company if the partnered company is to pay the insurance premium under their mutual agreement during product promotion.

IB has prohibited using the term ‘free insurance’ for any bancassurance product promoted under an agreement between BFIs and insurance companies.

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