IB selects 8 Insurers for First ever DDA in Insurance Industry

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Kathmandu:The Insurance Board has selected  8 companies for due diligence audit.

The Board has decided for DDA of Shikhar Insurance, NECO Insurance, Sagarmatha Insurance, Siddhartha Insurance, Nepal Life, LIC, Surya Life and Union Life.

The board has published notice for EOI from chartered accountancy firms or companies willing to do DDA in the selected insurance companies in the current Fiscal Year 2078/79.

As per the Article (27) of the Directive on Corporate Good Governance Directives(CGGD) 2075 an insurer is obliged for DDA in every five years.Even after two years of the issue of the directives, not a single company has done DDA.

Executive Director Raju Raman Poudel said that instruction has been given to conduct DDA as per CGGD.

Separate firms will be appointed for each insurer for the confidentiality. DDA can be done by the companies themselves too.But for sampling ,independent and reliable DDA, the board has decided to appoint the chartered accountants itself.

The board has also prepared the necessary criteria for it.

 

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