Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has directed 4 micro-insurers to form a board of directors and make arrangements for their daily operations.
The authority has issued a circular to Protect Micro Insurance, Liberty Micro Life, Crest Micro Life and Guardian Micro Life Insurance.
They were suspended after cases were filed against the board members, CEOs and officials of these companies in different courts as per the Civil Decency Procedure Code, 2074 BS, the Insurance Act, 2079, the Money Laundering Prevention Act, 2064 and the Foreign Regulation Act-2019. The company’s day-to-day operations and important decisions have been affected by the absence of a director and acting CEO for nearly a month.
Keeping this situation in mind, the authority has directed the companies to form a board of directors and follow the process as per the prevailing laws to operate their daily operations.
