All Insurance Company Directors Facing Criminal Charges Suspended

Kathmandu  — The Nepal Insurance Authority has issued letters suspending all chairpersons and directors of insurance companies who have been charged in criminal cases.

According to sources, the Insurance Authority sent suspension notices yesterday evening to all chairpersons, directors, and other employees against whom the Central Investigation Bureau (CIB) had filed criminal charges.

The decision was taken after the District Government Attorney Office registered criminal cases against the individuals and listed them as absconding defendants during the prosecution process. The Authority acted after some of those named on the police absconding list were reportedly attempting to continue performing their duties and attending office.

As a result of the suspension of entire boards of directors, Guardian Micro Life Insurance Limited has effectively been left without leadership. All of the company’s directors have been suspended, and with both its CEO and Deputy CEO also suspended, questions have emerged regarding how the company will continue its operations going forward.