Kathmandu. The insurance companies that have been suspended for 3 months after the Chief Executive Officer (CEO) of the company was suspended on charges related to money laundering and securities transactions, among others, will be appointed as the acting CEO for 3 months.
Nepal Insurance Authority (IA) on Thursday sent separate electronic letters to the concerned insurance companies informing them about the arrangement of the acting CEO as per the provision of Clause 33 of the Corporate Good Governance Directive 2080.
According to the restrictive clause of Section 33, if the post of the chief executive of the insurer is vacant, the senior-most employee can be designated to work as the chief executive for a maximum of three months.
Chief Executive Officers of Himalayan Reinsurance, Himalayan Life Insurance, Nepal Micro Insurance, Guardian Micro Insurance, Crest Micro Life Insurance, Protective Micro and Liberty Micro Life Insurance have been suspended after cases were filed at the District and Special Court on June 12 and 29 on June 12 on the charge of money laundering, offences related to securities trading and offences related to the Insurance Act.
