Insurance Authority Conducts Inspection of All Insurance Companies on First Day of New Fiscal Year

Kathmandu — Marking the beginning of the new fiscal year 2082/83, the Insurance Authority of Nepal has deployed monitoring teams to all 37 insurance companies operating in the country.

The Authority’s teams reached each company’s head office today to collect firsthand transaction-related data from the previous fiscal year 2081/82. The move is part of a broader effort to ensure that financial and operational details submitted by insurers reflect accurate and timely records. The Authority stated that such monitoring helps identify any discrepancies between the data companies submit and their actual transactions.

Officials confirmed that the teams are gathering detailed information on insurance premiums earned by life and non-life insurance companies, claims settled, staff records, use of digital systems, and overall business conduct. The Authority is also keeping a close eye on signs of unhealthy competition, including whether any policies were sold with manipulated or backdated dates.

If mismatches are found between the records submitted by companies and the information collected during these on-site visits, the Insurance Authority has indicated it will take legal action as necessary. The monitoring teams are expected to finalize their evaluations soon, after which further steps will be taken based on the findings.