The Nepal Insurance Authority has taken action against eight insurance-related companies for failing to comply with provisions of the Insurance Act 2079.
The companies facing action include Nepal Life Insurance, Asian Life Insurance, Nepal Reinsurance Company, Himalayan Reinsurance, Neco Insurance, Himalayan Life Insurance, Oriental Insurance, and Alliant Insurance Broker.
According to the authority, Surendra Thapa, CEO of Nepal Reinsurance Company, has been issued a warning or directive aimed at institutional improvement.
Meanwhile, Alliant Insurance Broker has been suspended for three months.
The remaining companies have been fined NPR 200,000 each in accordance with the existing provisions of the Insurance Act.
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