$user = $this->Session->read('Auth.User');
//find the group of logged user
$groupId = $user['Group']['id'];
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://old.newbusinessage.com/app/webroot/img/news/20220624020759_Insurance.jpg'
$user = null
include - APP/View/Articles/view.ctp, line 115
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 115]
$user = $this->Session->read('Auth.User');
//find the group of logged user
$groupId = $user['Group']['id'];
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://old.newbusinessage.com/app/webroot/img/news/20220624020759_Insurance.jpg'
$user = null
include - APP/View/Articles/view.ctp, line 115
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Notice (8): Trying to access array offset on value of type null [APP/View/Articles/view.ctp, line 116]
//find the group of logged user
$groupId = $user['Group']['id'];
$user_id=$user["id"];
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://old.newbusinessage.com/app/webroot/img/news/20220624020759_Insurance.jpg'
$user = null
$groupId = null
include - APP/View/Articles/view.ctp, line 116
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
$viewFile = '/var/www/html/newbusinessage.com/app/View/Articles/view.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$image = 'https://old.newbusinessage.com/app/webroot/img/news/20220624020759_Insurance.jpg'
$user = null
$groupId = null
$user_id = null
$date = '2022-06-24 14:07:16'
$dateFromDatabase = (int) 1656058936
$newDate = 'Jun 24, 2022'
$articleView = array(
'article_id' => '15498',
'hit' => '1424'
)
$word_count = (int) 590
$time_to_read = (float) 2.95
$time_to_read_min = (float) 2
$time_to_read_second = (float) 57
include - APP/View/Articles/view.ctp, line 241
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.
There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.
He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.
Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.
“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,” he said.
The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.
Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.
While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.
FormHelper::create() - CORE/Cake/View/Helper/FormHelper.php, line 383
include - APP/View/Articles/view.ctp, line 273
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 60
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
file not found!
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]
$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp'
$dataForView = array(
'article' => array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
[maximum depth reached]
)
),
'Slider' => array()
),
'current_user' => null,
'logged_in' => false
)
$article = array(
'Article' => array(
'id' => '15498',
'article_category_id' => '1',
'title' => '22 Insurance Companies Fined',
'sub_title' => '',
'summary' => 'June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports.',
'content' => '<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">June 24: The Insurance Board has fined 22 insurance companies for not submitting their audit reports. The board decided to slap fines ranging from Rs 10,000 to Rs 15,000 to such companies.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">There is a legal provision that insurance companies have to submit the audit report to the board within 10 months after the end of each fiscal year. Accordingly, the insurance companies should have submitted the audit report of the previous fiscal year to the board by mid-April. However, 22 companies are yet to submit the reporst. Therefore, Rajuraman Poudel, the executive director of the board said that the board decided to make the companies pay a fine of Rs 10,000 each.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">He said that an additional fine of Rs 5000 will be levied to the companies who did not submit the audit report on time in the fiscal year 2076/77 as well and proceeded to violate the rules this fiscal year as well.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Insurance companies are used to submitting the audit report late as the actuarial valuation needs to be done abroad. The board was lenient in this regard previously. However, it decided to fine the companies this time. Executive Director Poudel said that the companies have been fined as per the law.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">“We have been forced to make such decision as the companies failed to submit their audit reports within the stipulated time. Although actions were taken in the past as well in the same regard, it was not strict,”</span> he said.</span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">The Insurance Act, 2049 BS stipulates that the audit report must be submitted to the board within 10 months of the end of each fiscal year with the provision that the board can take action if it is not submitted in time.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">Among the insurance companies that failed to submit their audit reports for the fiscal year 2077/78 are Nepal Reinsurance Company, Life Insurance Corporation (Nepal), Asian Life Insurance Company, Surya Life Insurance Company, Prime Life Insurance Company, Jyoti Life Insurance Company, Reliance Life Insurance Company, Citizen Life Insurance Company, Prabhu Life Insurance Company and Mahalakshmi Life Insurance Company. Each of the companies have been fined Rs 10,000.</span></span></span></p>
<p><span style="font-size:12pt"><span style="font-family:"Times New Roman","serif""><span style="font-size:15.0pt">While on the other hand, Rastriya Beema Sansthan, National Life Insurance Company, Nepal Life Insurance Company, Gurans Life Insurance Company, IME Life Insurance Company, Union Life Insurance Company, Sun Nepal Life Insurance Company, Reliable Nepal Life Insurance Company, Sanima Life Insurance Company, Oriental Insurance Company, National Insurance Company have been fined Rs 15,000 each.</span></span></span></p>
<p> </p>
',
'published' => true,
'created' => '2022-06-24',
'modified' => '2022-06-24',
'keywords' => '',
'description' => '',
'sortorder' => '15240',
'image' => '20220624020759_Insurance.jpg',
'article_date' => '2022-06-24 14:07:16',
'homepage' => false,
'breaking_news' => false,
'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '15498',
'hit' => '1424'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
