Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has taken action against six non-life insurance companies for mischief while issuing insurance policies for the construction of the Kathmandu-Tarai Madhesh Fast Track Project. <\/p>\n
Executive Director Sushil Dev Subedi said that the penalty of Rs 2 lakh each has been imposed on Himalayan Everest Insurance, Neco Insurance, Sanima GIC Insurance, Siddhartha Premier Insurance, Prabhu Insurance and United Ajod Insurance. <\/p>\n
The board meeting of NEA held on Sunday also imposed a fine and issued a written warning to the CEOs of all 6 insurers not to repeat the mistake. <\/p>\n
According to the NEA, under the fast track project, the Nepal Army had issued insurance policies at a much lower rate than the fixed rate while issuing the insurance policies , ‘Contractor All Risk’<\/em> and , ‘Professional Indemnity’, <\/em>. <\/p>\n A complaint was lodged at the Commission for the Investigation of Abuse of Authority (CIAA) regarding the non-life insurance companies issuing insurance policies for the construction of Kathmandu-Tarai Madhesh Fast Track Project at a much lower premium than the directive set by the NEA. <\/p>\n The Commission for the Investigation of Abuse of Authority (CIAA) had directed the NRA to investigate into the matter, saying that the insurance policy was issued at a very cheap fee. A task force led by NRA Director Dhruba Timilsina comprising Deputy Directors Keshav Dahal, Birodh Bhatta, Hridayeshwor Pandit and Ram Koju had submitted a report to the CIAA. <\/p>\n The Board of Directors of NEA has decided to take action against 6 insurers and their Chief Executive Officers after the Commission directed the authority to take regulatory action on the basis of the report. <\/p>\n The authority has also issued a written warning to the Chief Executive Officers of the concerned insurers as per the provisions of the Insurance Act. In case of repeat such mistakes, the Authority can take direct suspension action against them. <\/p>\n During the investigation, it was found that all the 6 insurers had issued insurance policies in violation of the guidelines of ‘{{TAG_OPEN_em_16 TAG_OPEN_em_17}} Minimum Premium Rate for Tariff’ TAG_CLOSE_em_17 and ‘<\/em> and ‘{{}}.<\/p>\n","protected":false},"excerpt":{"rendered":" Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) has taken action against six non-life insurance companies for mischief while issuing insurance policies for the construction of the Kathmandu-Tarai Madhesh Fast Track Project. Executive Director Sushil Dev Subedi said that the penalty of Rs 2 lakh each has been imposed on Himalayan Everest Insurance, Neco Insurance, Sanima GIC […]<\/p>\n","protected":false},"author":5,"featured_media":243393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45099],"tags":[],"class_list":["post-300061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-regulatory-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/300061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=300061"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/300061\/revisions"}],"predecessor-version":[{"id":300062,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/300061\/revisions\/300062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/243393"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=300061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=300061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=300061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}