Kathmandu. Nepal Insurance Authority (NEA), which has been supervising the site and non-site, has been conducting on-site and non-site supervision for the current fiscal year 2081 BS. A total of 48 on-site inspections have been carried out till July 15, 2018.
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 data, nea has carried out a total of 48 on-site inspections including 15 times 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, the NRA has carried out 30 regular inspections including 4 times in life insurer, 23 times in non-life insurer and 3 times in short life insurer.
In the current fiscal year, nea has carried out six 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.
However, the AUTHORITY has not carried out any kind of inspection at the office of the micro-life insurer till this period.
