First Business News Portal in English from Nepal
KATHMANDU: The Insurance Board has directed insurance firms not to sell insurance policies on credit.
Issuing a directive, the board gave direction to this effect to curb trend of selling insurance policies on credit, which is on rise.
Insurance Board Chairman Surya Prasad Silwal informed that insurance companies have been asked not to sell insurance policies on credit and be cautious.
“Selling insurance policies on credit is against the Insurance Act. As insurance companies did not stop this trend, we directed them not to sell policies in credit through a directive,” informed Silwal.
In a bid to meet yearly target, a number of insurance companies are seen selling insurance policies in credit, especially during the end of the fiscal year.
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