February 1, 2022 | Investopaper
The Insurance Board (Beema Samiti) has taken action against 11 insurance companies for not submitting audit reports. According to the Executive Director of the board, Rajuraman Poudel, the insurance company that has not submitted the report for the fiscal year 2076/77 has been fined Rs. 10,000.
The companies which have been fined include Oriental Insurance Company, National Insurance Company, Rastriya Beema Company, Rastriya Beema Company, Nepal Life Insurance, Gurans Life Insurance, IME Life Insurance, Union Life Insurance, Sun Nepal Life Insurance, Reliable Nepal Life Insurance, and Sanima Life Insurance.
According to the Insurance Act, 2049 BS, the insurance company has to audit the accounts of its insurance business from an accredited auditor and submit the report to the board within 10 months from the end of each year.