February 27, 2014, 3:42 pm Patan Appellate Court has stayed Insurance Board’s reduction of commission rate for non-life insurance agents until final verdict.
The board had slashed slashed the commission of non-life insurance agents by one-third in January to be effected from mid-January.
But the insurance agents moved to court asking to overturn the move.
After the court ruling, the board has backed its move to enforce the new reduced commission.
The non-life insurance agents were to be paid a maximum of five per cent commission on the premium of policy issued from the previous rate of 15 per cent. The board, instead, had added policy holders benefit.
Appellate Court stays Insurance Board’s directive to slash agent fee
