The Nepal Insurance Authority is preparing punitive measures against six insurance firms after on-site inspections revealed serious irregularities. The companies include Neco Insurance, Asian Life Insurance, Nepal Re-Insurance, Prabhu Insurance, Himalayan Re-Insurance, and Sanima GIC Insurance. A show-cause notice has been issued, asking the firms to justify why regulatory action should not be taken. If their responses are deemed unsatisfactory, the Authority’s Board of Directors will proceed with formal disciplinary measures. While specific violations were not disclosed, officials described them as significant breaches of insurance regulations.
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