New Guidelines set for Salary and Allowances of Insurance Company CEOs

December 19: The Insurance Board has implemented the guidelines related to the salary, allowances and other benefits of the CEOs of insurance companies. The Insurance Board said that the guidelines have been implemented for proper management of the facilities of the CEOs.

As per the new guidelines, the salary, bonus and other facilities provided by the insurance companies to their CEOs have been divided into four categories which include annual salary and bonuses, remuneration according to work performance, facilities related to insurance and other facilities.

According to the committee, though the existing CEOs will get the same facilities and remuneration which they have been getting till now, the new insurance companies will have to adhere to the new guidelines from now onwards. According to the guidelines, the CEOs will get the facilities of periodic life insurance, accidental insurance and family health insurance.

Likewise, the CEOs will get bonuses not exceeding 70 percent of their annual salary on the basis of their work performance.  He or she will get fuel for vehicle, driver as well as mobile set, internet and laptop. The CEO will also get travel and health facilities at the time of their official visits.

 

Condition where the guidelines won’t be applicable

-Insurance companies which are in problem

-Insurance companies where the government appoints the CEO

-Insurance companies establishment with joint investment of domestic and foreign investors where the CEO is a foreign national and foreign insurance companies having branch in Nepal