Insurance Authority Cracks Down, Fines Eight Companies
Kathmandu – The Nepal Insurance Authority has fined eight insurance companies for non-compliance with regulatory provisions.
The regulator imposed a penalty of two lakh rupees on each company for failing to operate in line with the Insurance Act.
According to the Authority, the companies had been asked to submit clarifications after not following its directives. However, their responses were deemed unsatisfactory, prompting the regulator to take action.
The decision was approved by the Authority’s Board of Directors.
The companies penalized include Nepal Re, Himalayan Re, Neco Insurance, Alliant Insurance Broker Company, Nepal Life Insurance, Asian Life Insurance, Oriental Insurance, and Himalayan Life.
The Authority said the fines were imposed for operating in violation of its rules and directives.