Eleven insurance companies that did not submit audit reports have been booked for action. Insurance Board, the regulatory body of the insurance sector, has taken action against 11 insurance companies for not submitting the audit report of the fiscal year 2076/77.
Action has been taken against 11 companies for not submitting the audit report within 10 months of the end of the fiscal year and have been penalized Rs 10,000 each.
Among those booked are two government insurance companies. According to Rajuraman Poudel, executive director of the Insurance Board, action has been taken against Oriental Insurance Company, National Life Insurance Company, Rastriya Bima Sansthan, Rastriya Bima Company, Nepal Life Insurance and Gurans Life Insurance Company.
Similarly, action has been taken against IME Life Insurance, Union Life Insurance, Sun Nepal Life Insurance, Reliable Life Insurance and Sanima Life Insurance.
