Out of 19 Life Insurers, Only Met Life Has Accomplished Financial Audit of Last FY

Kathmandu: Most of the life insurance companies have not yet been able to submit the actuarial report for the last fiscal year 2077/78 to the regulatory authority. According to the Insurance Board, out of the 19 life insurance companies, no any company except Met Life(American Life Insurance) has submitted the actuarial valuation report of last fiscal year.

Guransh Life Insurance Company, Sanima Life Insurance Company and Rastriya Beema Sansthan have not yet received in-principle approval from the Insurance Board for actuarial valuation of last FY. Life insurance companies must obtain in-principle consent from the the Board for actuarial valuation.

Guransh Life, which has agreed to go for merger, still has no initiation to conduct an actuarial valuation. However, it has been agreed to complete the merger within this mid July and conduct integrated business immediately.

Rastriya Beema Sansthan has just prepared the audit report for the fiscal year 2073/74. The company has yet to submit its audit report for the next five fiscal years. Therefore, the report of this company will take some time to come.

The Board has been instructing the insurance companies to prepare the audit report by conducting actuarial assessment within stipulated time. The Board has also taken action against some companies for not completing the audit on time. Now there are less than two months left till the end of the current fiscal year. But life insurance companies have not been able to conduct audit and even actuarial assessments of last fiscal year yet.

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