July 9, Kathmandu. The Insurance Committee has taken action against the insurance companies for not submitting their financial statements on time. The Insurance Committee has taken action against the companies for not submitting the audit report of the business accounts.
According to the Insurance Act, 2049 and the Insurance Rules, 2049, the insurance companies are required to submit the audit report of their insurance business to the Insurance Committee within 10 months from the end of each financial year.
Rajuraman Pokharel, executive director of the committee, informed that action has been taken against each of the insurance companies for not submitting the audit report of the fiscal year 2077/078 as per the legal provisions.
Nepal Reinsurance Company, Life Insurance Corporation, Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company and Jyoti Life Insurance Company have been taken into custody. Similarly, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company have also been taken into custody.
Similarly, the committee has decided to impose additional Rs. 500 on each of the insurance companies violating the law for the second time without submitting the audit report of the same year.
Rastriya Bima Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance, Sun Nepal Life Insurance Insurance Company, Sanima Life Insurance Company, The Oriental Insurance Company, National Insurance Company and Rastriya Bima Company Limited have been charged with non-submission of audit report for the Fiscal Year 077/078.
According to Article 24 of the Insurance Act, 2049 BS, there is a deliberate violation of the provision that the insurance companies have to audit the accounts of their insurance business by an accredited auditor and submit the report within 10 months from the end of each financial year.
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