Kathmandu. KATHMANDU: The National Insurance Agents Association of Nepal (NIA) has revealed that the insurance companies and the Nepal Insurance Authority (NEA) have been involved in cheating hundreds of thousands of policyholders. Organizing a press conference in Kathmandu on Thursday, Nepal Life Insurance Company has accused the company of being the biggest fraudster. <\/p>\n
Rajendra Amatya, president of the association, has revealed that insurance companies have been cheating millions of insured people. According to Amatya, the government has been paying very little amount to the insured for doubling the insurance premium and only Rs 37 per year for the bonus of Rs 65 per thousand per year. <\/p>\n
In the past, agents had been able to maintain a bonus of Rs 65 for eight years, but in the last five years, the bonus has been reduced to Rs 50 by dividing the agents. He said that the indicators of the financial progress of the companies are increasing, but instead of increasing the bonus given to the insured, the public perception towards the insurance is becoming negative. <\/p>\n
“We had not brought this issue out till today but now we are compelled to do so. Because the leading ‘Nepal Life Insurance Company’ started doing a lot of mischief, “he said. Amatya said that millions of insured people were forced to get insurance by giving false assurances and after the expiry of the period, they used to deduct huge amount in various pretexts. <\/p>\n
According to the agents, the insured is asked to insure according to the company’s policy. “How long will a company that makes profit by misusing public money and blame the agents for the problem, how long will we tolerate?” asked Amatya. He accused them of not paying heed to the regulatory bodies Nepal Insurance Authority and insurance companies at different times. <\/p>\n
Keshar Bahadur Garanja, general secretary of the association, said that the insurance company has increased the excesses after the agents protested against the bad intentions of the insurance company at the ‘Leadership Excellence Award’ organized by Nepal Life Insurance Company at Hotel Yak and Yeti in Kathmandu from August 17 to 6. The agents working there have been accused of being harassed and arrested for seeking organizational rights. <\/p>\n
“Why do we need 300 bouncers for a program with 600 attendees, what is the source of their expenses, what is the reason for being biased against the official organization,” Garanza asked. In a program called to honor the agents who had worked hard throughout the year to collect the first insurance premium, Garanja expressed his anger that they were mistreated instead. <\/p>\n
“It is highly condemnable that the police have arrested Krishna Prasad Acharya, president of Nepal Life Association, and Shubha Chandra Shah, president of Imadol branch committee, by misusing state power,” Garanja said. He accused the trade union leadership of being duly registered with the Labour Department as per the Constitution and prevailing laws. <\/p>\n
In the program, Garanja believes that by ignoring one association and ignoring the other association, the law has also been flouted. Garanza claims that there is a conspiracy to divide the agents and reduce the bonus of the insured and to weaken the voices raised against the irregularities within the insurance company. <\/p>\n
Nepal Life Insurance Company (NLIC) has demanded the arrest of its CEO.<\/a><\/p><\/blockquote>\n