Kathmandu: Though the financial year 2078-79 has already been passed, most of the life insurance companies are still lagging behind for the completion of their financial report of previous fiscal year 2077-78. According to the Insurance Board, out of the 19 life insurers, only 8 companies have been able to get their actuarial report for FY 2077-78 approved from the Board.
According to the bonus rates published by the life insurers, till date Asian Life, IME Life, Jyoti Life, Met Life, National Life, Nepal Life, Prime Life, Reliable Nepal Life and Surya Life Insurance have got their actuarial report approved for the previous year.
The regulatory authority has already slapped fine to most of the life insurance companies for their failure to submit financial report and conduct annual general meeting on time. The eight life insurance companies have announced a bonus rate in the range from Rs. 20 to Rs. 90 based on the maturity term and types of the policy.
Since the Insurance Board has instructed all the life insurers to maintain at least Rs. 5 billion paid-up capital by the end of Chaitra, 2079, most of the companies are hopeful to conduct the AGM for FY 2077-78 and FY 2078-79 by the end of the deadline and announce stock dividend to their shareholders. The companies hope that holding AGM on time will help them to accumulate more funds for paid-up capital through dividend distribution to their shareholders.