NB Insurance in bad shape, IB wants DDA

ShareSansar, October 2:

Insurance Board (IB) has directed NB Insurance Company Limited to conduct a due diligence audit (DDA) after the company could not furnish their annual financial reports for the last two fiscal years.

“We have asked NB Insurance to conduct a DDA as we don’t know its financial health it has not given their annual reports for the fiscal year 2068/69 and 2069/70 due to its internal problems,” informed an auditor with IB.

Sources say that IB directed NB Insurance Company to do the DDA after it kept turning a deaf ear to repeated directives to furnish its financial reports.

IB has asked the insurance company not to make any expenses apart from the regular ones until it completes the DDA.

The company’s paid-up capital stands at Rs 10 crore, and it has reported a loss of Rs 15 crore.