Kathmandu. The Insurance Committee has fined 22 insurance companies for not submitting audits on time. The committee has fined the life insurance company, non-life and reinsurance company as action. Earlier, the committee had imposed a fine of Rs 10,000 on some companies.

At present, the company has fined 10 companies an additional Rs 10,000 and 12 companies Rs 10,500. According to the Insurance Act, 2049 BS and Insurance Rules, 2049 BS, insurance companies are required to submit an audit report of their insurance business to the Insurance Committee within 10 months from the end of each financial year.

The committee has stated that each insurance company has been fined Rs 10,000 for not submitting the audit report for the fiscal year 2077/07 and Rs 10,500 for not submitting the audit report for the fiscal year 2073/07 for the second time.

Among the insurance companies that have not submitted their audit reports for the fiscal year 2077/07 are Nepal Reinsurance, Life Insurance Corporation (Nepal) Limited, Asian Life, Prime Life, Jyoti Life, Reliance Life, Citizen Life and Mahalakshmi Life. The committee has stated that these companies have been fined Rs 10,000.

Similarly, Rastriya Bima Sansthan, Gurans Life, Reliable, Sanima Life, Oriental National and Rastriya Bima Company have not submitted their audit reports for the year 2076/07.