State-owned Non-life Insurer Gets Approved of Five Annual Report

Kathmandu: The Insurance Board(IB) has approved the five-years’ annual audit report submitted by the Rastriya Beema Company. The company has received approval for the audit reports from the IB for fiscal year 2068/69, 2069/70, 2070/71, 2071/72 and 2072/73.

Umesh Chandra Upadhyaya, Chairman of the Company, informed that the regulatory authority has approved the financial audit report on the condition of no dividend distribution. Rastriya Beema Company is a state-owned non-life insurance company.

He said that the disputed issue has been resolved under the guidance of the representatives of the IB, the Ministry of Finance and the Office of the Auditor General. The company is conducting audits for the fiscal years 2073/74 and 2074/75. Chairman Upadhyaya has informed that the task would be completed within a few months. Only then, the company will be allowed to distribute dividends to it’s shareholders.

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