NIA slaps cash fines of Rs 200,000 against United Ajod Insurance, Rastriya Beema Company and IGI Prudential Insurance

Published On: January 3, 2024 09:15 AM NPT By: Republica  | @RepublicaNepal


NIA slaps cash fines of Rs 200,000 against United Ajod Insurance, Rastriya Beema Company and IGI Prudential Insurance

These insurers delayed claim settlement of their clients and failed to abide by anti-money laundering law

KATHMANDU, Jan 3: The Nepal Insurance Authority (NIA) has slapped a cash fine of Rs 200,000 against each of three insurers for their misconduct in insurance businesses.

According to the NIA, United Ajod Insurance, Rastriya Beema Company and IGI Prudential Insurance Ltd were among the insurers penalized by the regulator. These insurance companies have been found selling insurance policies on credit, curtailing the bonus rates, failing to implement measures of anti-money laundering and delaying settlement of insurance claims of their clients.

The NIA source said that the authority took action after the insurers failed to produce proper answers for the clarification sought by the regulator. 

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