Insurance Companies Ordered to Update Key Details Online to Combat Money Laundering

Kathmandu — The Nepal Insurance Authority has directed all licensed insurers to update and publicly disclose key institutional information on their websites in accordance with legal provisions on the prevention of money laundering.

The Authority’s Anti-Money Laundering Division issued the request to all insurers on January 8, calling on them to update the required information. The Authority said the directive was issued to implement the requirement under Section 35G of the Asset (Money) Laundering Prevention Act, 2008, which requires insurers to make their institutional and regulatory information publicly available.

According to the Authority, insurers must update their websites with the complete addresses of their head offices, provincial offices, branch offices and sub-branch offices, along with the details of the respective office heads. They must also publicly disclose their registration date and license number.

Similarly, the Authority has instructed insurers to publish a brief profile clearly outlining their legal status and scope of operations. Information on the regulatory body overseeing the insurer and the applicable legal and regulatory framework must also be made available. This should include the Insurance Act, Insurance Regulations, and all directives and guidelines issued by the Nepal Insurance Authority.

Insurers must also publish the names and biographical details of members of their boards of directors. Details identifying the officials serving on other committees under the insurer must likewise be updated on their websites. If any other information is required to be made public under any prevailing law, such information must also be updated and made publicly accessible on the insurer’s website.