Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has issued a notice of suspension to all the affiliates of insurance companies charged under the Securities Act-2063 BS.
In an electronic communication sent to the office of the concerned insurer late on Tuesday, the authority informed that the government of Nepal has been the plaintiff and has filed a case against the chairperson, members, office-bearers and employees of the board of directors mentioned in the charge sheet.
According to the insurer, the board members, chief executive officers and other officials and employees of Himalayan Reinsurance, Himalayan Life Insurance, Crest Micro Insurance, Nepal Maiko Insurance, Protective Micro Insurance, Liberty Micro Life Insurance and Guardian Micro Life Insurance have been suspended in the list of accused in the case filed at Kathmandu District Court on June 11, 2006. Yes.
The letter reads, “The chairperson, members, office-bearers and employees of the concerned insurer will be suspended as the case has been filed at the Kathmandu District Court under the Securities Act-2063 as per Section 32 of the Civil Criminal Procedure Code-2074.”
Earlier, the accused had been trying to stay in their former responsibilities by interpreting the legal provisions, saying that the suspension would not be imposed until the Securities Board of Nepal wrote to the Authority for its suspension.
Earlier on Monday, the Insurance Authority had informed that those accused in the charge sheet filed at the Special Court Kathmandu under the Prevention of Money Laundering Act, 2064 and Foreign Exchange (Regulation) Act, 2019 would be suspended as per Section 24 of the Laundering Prevention Act, 2064.
Six cases involving more than Rs 41 billion are pending at the court against Deepak Bhatta, Sulav Agrawal, Sahil Agrawal and Shekhar Golchha and other promoters of Himalayan Reinsurance Company and their close associates. The cases have been filed under banking offences, Prevention of Money Laundering Act 2064, Foreign Exchange (Regulation) Act 2019, Insurance Act 2079 and Securities Act 2063.
