The Nepal Insurance Authority (NIA) has cautioned 10 insurers to submit their financial reports on time or face actions.
According to the NIA, three life insurers, six non-life insurance companies and a reinsurance company have not submitted four-monthly financial reports to the regulator. Dinesh Lal Karna, director at the NIA, said they sent letters to the insurers concerned regarding the issue.
Gurans Life, Reliable Nepal Life and Sanima Life in the life insurance segment and Himalayan Reinsurance have been found defying the government rule. Likewise, Rastriya Beema Company, United Insurance, Sagarmatha Insurance, Prudential Insurance, Lumbini General Insurance and Siddhartha Insurance are the non-life insurers that have failed to submit the financial reports on time.
The NIA has been authorized to slap a cash fine of up to Rs 1 million if the insurance companies delay in submitting the financial reports. Likewise, the sector’s regulator can even bar these insurers from selling their insurance policies.
