Kathmandu. All the life insurance companies except Mate Life Insurance have come under the action of the Insurance Committee for not submitting the audit report on time. The Insurance Committee has fined 18 life insurance companies at the rate of Rs 10,000 to Rs 10,500 for not submitting the audit report for the fiscal year 2077/78. Apart from this, three non-life insurance companies and a government-owned reinsurance company Nepal Reinsurance Company have also been fined.

According to the Insurance Committee, LIC Nepal, Asian Life Insurance, Surya Life, Prime Life, Jyoti Life, Reliance Life, Citizens Life, Prabhu Life and Mahalakshmi Life Insurance have been fined Rs 10,000. The committee has also fined the government-owned Nepal Reinsurance Company Rs 10,000.

Similarly, National Life, Nepal Life, Rastriya Bima Sansthan, Gurans Life, IME Life, Union Life, Sun Nepal Life, Reliable Nepal Life and Sanima Life have been fined Rs 10,500 each. Among the non-life insurers, The Oriental Insurance, National Insurance and the state-owned Rastriya Bima Company have been fined Rs 10,500. These companies had earlier been fined by the Insurance Committee for not submitting their financial statements for 2076/77 on time.

Pursuant to Article 25 of the Insurance Act, 2049 BS, the insurance company has to submit the audit report to the committee within 10 months from the end of each fiscal year. According to the provision, the insurance companies that do not submit the audit report for the fiscal year 2077/78 have been fined Rs 10,000 each.