6.3 Regulation of Intermediaries

The regulatory architecture (the exam's list): The licensing's gate (the intermediaries' registration — the insurer's-and-regulator's licensing; the qualification-and-training requirements; the fit-and-proper faces); The conduct's code (the selling's discipline: the mis-selling's prohibition; the suitability's duty; the disclosure's requirements — the commission's-and-product's revelation; the cooling- off faces); The commission's regulation (the caps-and-structures — the regulator's schedule; the anti- churning rules — the replacement-abuse's bar); The surveyor's certification (the technical-qualification requirements; the licensing's renewal; the report's standards — the surveyor's professional discipline); The broker's registration (the broker's capital-and-conduct requirements; the professional- indemnity faces); The disciplinary machinery (the complaints' hearing; the licence's suspension-and- cancellation; the penalty's scale); The Nepali frame: the Insurance Act's-and-Rules' intermediary provisions (the licensing by the Authority/Board; the agency-and-brokerage regulations; the surveyor's rules — the claim's surveyor-report requirements); the mis-selling's practice (the market's audit — the consumer's complaints' pattern; the regulator's action's record); the bancassurance's regulation (the bank- agency's framework). Exam Focus Long questions: (i) The trio's anatomy (the agent-broker-surveyor's roles-and- distinctions — the banker); (ii) The agency principles' application (the authority's-and- responsibility's craft); (iii) The intermediaries' regulation (the licensing-conduct- discipline). Short questions: the apparent authority; the knowledge's imputation; the surveyor's report; the mis-selling. Trick areas: (i) The AGENT is the INSURER's person; the BROKER is the INSURED's — the allegiance's classic (the broker's commission paradox noted); (ii) The agent's apparent…