Kathmandu. Nepal Insurance Authority (NEA) has been supervising the site and non-site in the last fiscal year 2081 BS. A total of 58 on-site inspections have been carried out in 82.
The Insurance Authority, which is responsible for regulating the insurance sector, conducted an on-site inspection of the insurers on the basis of risk. According to the statistics, in the last fiscal year, nea has carried out a total of 48 on-site inspections including 25 in life insurers, 27 in non-life insurers, two in reinsurers and four times in micro-life insurers.
According to the NRA, a total of 12 emergency inspections have been carried out in life insurers, four in life insurers, two in reinsurers and one in short life insurers. According to the NRA, an emergency inspection has been carried out at the insurer’s office in case it is necessary to investigate the periodic reports submitted by the insurer, regular transaction details as well as complaints received from the service providers or other regulatory bodies.
Similarly, in the review year, nea has carried out 33 regular inspections including 7 times in life insurer, 23 times in non-life insurer and 3 times in small life insurer.
In the last fiscal year, nea has carried out 13 inspections on prevention of money laundering and financing of terrorist activities in life insurers. According to the NRA, the inspection was carried out for the purpose of investigating the risks seen in the business of the insurer, weak internal control system, money laundering and complaints.
In the first phase, the AUTHORITY has been seeking a written explanation from the insurer on the issue of caffeine after the on-site inspection. It has called the head of the concerned department and chief executive officer of the insurer to the office and also asked for a written or oral explanation on sensitive issues like money laundering.
In the review year, the AUTHORITY has not carried out any kind of inspection at the office of the micro-life insurer.
