Insurance companies found doing frauds in Property Insurance; Warning of the authority

Kathmandu :The Nepal Insurance Authority has warned the insurance companies that work under the property insurance directive. The Nepal Insurance Authority has sent a circular to the companies to act according to the law, saying that they are not working according to the Property Insurance Directive 2080 B.S.

The Authority has informed the companies to be clear about the insurance rates used for the Banks in the Property Directive no.5 on the Point No. 4 where it has warned that those who disobey the provisions will be imprisoned.

As against the insurance guidelines, the authority has given this instruction to tighten the property insurance as it has been issued under the supervision of the issuance of property insurance for the risks of protection under various insurances including insurance and bankers’ indemnity insurance.

This insurance policy was issued for the risk of protection under various insurances including insurance and bankers’ indemnity insurance. So, if any company goes against this rule then they are punished by law.

The Authority has warned the insurance companies that they will issue such insurance policies against the Insurance Act in the coming days.