Ongoing on-site inspection of Insurers expected to be concluded today

Kathmandu. The onsite inspection conducted by the Insurance Board(IB) is expected to be concluded today.
The regulatory authority is conducting started on-site supervision in all life and non-life insurance companies since last Tuesday.

The IB has stated that in the course of regular supervision, on-site inspection has been conducted in all insurers corporate offices.

Different teams of officers assigned by the IB are studying the implementation of the Insurance Act, Bylaws, Insurance Guidelines, Corporate Good Governance Guidelines, Information Technology Guidelines of Insurers and the directives issued by the IB over time.

According to a director assigned to the monitoring, during the on-site inspection, special attention has been paid to the underwriting of insurers, status of claims settlement, credit flow to employees and agents, insurance policy facilities, cash transactions, internal control system and good governance.

During the monitoring, the monitoring team will try to collect data and try to make sure that some insurance policy proposals, accounting transactions, issuance of insurance policies have been issued on loan or in cash.

Only a few days ago, the IB had demanded the details of all the insurers including the educational qualifications of the employees. Based on the information received, the on-site monitoring team is also seeking additional evidence regarding the educational qualifications and conducting research during the on-site supervision. In particular, the team is interested in the number of manpower, level, permanent temporary, contract staff details.

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