Regulatory Hammer Falls: Sagarmatha Lumbini Insurance and Lord Buddha Reinsurance Broking Hit With Fines!
The Nepal Insurance Authority has imposed cash penalties on Sagarmatha Lumbini Insurance and Lord Buddha Reinsurance Broking for violating regulatory directives and the Insurance Act.
The Nepal Insurance Authority has issued cash fines to Sagarmatha Lumbini Insurance and Lord Buddha Reinsurance Broking for failing to comply with regulatory standards. According to a notice from the Authority, Sagarmatha Lumbini Insurance (SALICO) was fined NPR 200,000 for violating Section 25 (2) of the Property Insurance Directive 2080. This penalty was issued under Section 138 (4) (a) of the Insurance Act 2079, which mandates a minimum fine for first-time offenses. Additionally, Lord Buddha Reinsurance Broking was fined NPR 5,000 for non-compliance with Section 15 (1) and (2) of the Reinsurance Broker Directive 2078. The Authority confirmed that these actions were finalized following a decision made on Baisakh 15.