Insurance Regulator furnishes on site inspection

Kathmandu: On a move to improve the corporate governance, Beema Samiti; the insurance sector regulator, has conducted on-site inspection to all insurance companies. The inspection team is deputed for strictly implementing the practice of real-time transaction at the end of the FY.

A three members team comprising of senior officer of the regulators office were deputed to each insurance company.

Unlike previous year, this time the regulator has not allowed the insurers to continue their back date transaction even during the new financial year. The Nepalese financial year 2077/78 ended on 15 July 2021.

Most of the life insurers were busy to issue new policies till mid night of 15 July. 15 July was the deadline for all the insurers for their financial year closing.

The inspection team has collected the details in 10 different headings. The details include data of first premium earning with the details of total number of policy, contribution of single premium policy and traditional policy, renewal premium earning, growth percentage in first premium collection, number of policy  surrendered, cash balance, cheque in hand, first premium earning from foreign employment policy.

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