Try doing this
DECLARE @SQLString nvarchar(500);
SET @SQLString =
N'insert into Direct_Summary_Policies(EmpCode,Year,financialYear,@Quart) values('E28619',DATEPART(YEAR,@FROMDATE),@FinYaer,56000)';
SET @ParmDefinition = N'@Quart VARCHAR(30), @FROMDATE DATETIME, @FinYaer INT';
EXECUTE sp_executesql @SQLString, @ParmDefinition, @Quart, @FROMDATE, @FinYaer