Authority Set to Act Against Over Half a Dozen Companies for Policy Manipulation
Kathmandu — The Nepal Insurance Authority has uncovered irregularities while monitoring and investigating more than half a dozen non-life insurance companies. The regulator is preparing to take action against companies found issuing insurance policies at rates that differ from approved standards and engaging in policy manipulation.
Under the Insurance Act, the authority is moving ahead with action against these companies for providing insurance at rates inconsistent with official policy terms. The authority has already sought clarifications from Neco Insurance, Sanima GIC, Siddhartha Premier Insurance, Sagarmatha Insurance, Himalayan Everest Insurance, and Prabhu Insurance. It stated that further action will follow if their responses are deemed unsatisfactory.
Sources within the authority also indicated that other companies showing similar rate discrepancies are currently under close monitoring.