Beema Samiti lifts ban on Asian Life Insurance

KATHMANDU, MAR 6: 

Beema Samiti (Insurance Board) has withdrawn all sorts of ban on Asian Life Insurance Company on Monday.

The Board has also withdrawn the decision to ban the bank accounts of the Asian Life Insurance in different banks and financial institutions through Nepal Rastra Bank (NRB) along with the previous order to ban on stock exchange transactions.

Releasing a press statement today, the Board has stated that the then Managing Director of Asian Life, Ramesh Kumar Bhattarai, was fined Rs 10,000 for carrying out works against the interests of the insurers and insured by distributing dividend overriding the Insurance Act, creating a situation to completely close the transaction of the company.

The statement reads that the company has followed the directive given by the Board and has withdrawn all dividend distributed to the shareholders and the application of the company was satisfactory.

Source: THT