Kathmandu: The Insurance Board(IB) has instructed Nepal Life Insurance Company(NLIC) to stop the ongoing Number 1 campaign stating that its against the sensitivity of the life insurance business. The spokesperson of the IB, Raju Raman Paudel, has informed insurancekhabar.com that the management of Nepal Life has been verbally instructed to stop the so called number one proclaim campaign.
Nepal Life’s media campaign has been widely criticized on the ground that the company itself cannot claim to be the number one since there’s various indicators on which Nepal Life lags behind other life insurance companies. Most importantly, Nepal Life is found to have poor corporate governance. The IB has already taken actions against Nepal Life against the violation of the Insurer’s Corporate Governance Directives 2075. The board of the IB has directed Nepal Life to cancel the promotion of CA Amit Keyal to DGM. Nepal Life has also been instructed to control over the excess expenses on the so called meetings of BODs.
It has been alleged that the IB is favoring Nepal Life to wide spread the recent media campaign. About a decade ago, the IB had taken immediate action against Asian Life Insurance when it had launched the ‘Number One Life Insurance Campaign’ and forced to stop the campaign. But this time the IB’s leadership is found enjoying the media campaign of Nepal Life.