22 insurance companies fail to submit details

The Insurance Committee has taken action against the insurance company for not submitting the details of transaction and audit in time. The committee has decided to pay a fine of Rs.10 Thus, action has been taken against 22 insurance companies for not submitting their details on time.

Even before this, the committee had been taking action against the companies that were doing illegal work or living outside the scope. The committee has clarified that action has been taken to keep the companies that have gone beyond the regulatory limits within the ambit of law and to spread the message that no more mistakes should be made in the coming days.

Article 36 of the Insurance Act, 2049 has been violated by the Insurance Committee in accordance with Section 25 of the Insurance Act, 2049 BS. Those companies have been fined as per sub-section 910 of the IPC.