The Nepal Insurance Authority (NIA) has imposed a cash fine of Rs 200,000 on each of three insurers: United Ajod Insurance, Rastriya Beema Company, and IGI Prudential Insurance Ltd, for misconduct in insurance practices.

The NIA’s investigation revealed multiple infractions, including the sale of insurance policies on credit, manipulation of bonus rates, failure to implement anti-money laundering measures, and untimely settlement of insurance claims.

According to NIA sources, the regulatory body initiated the penalties after the insurers failed to provide satisfactory answers to the queries and clarifications sought during the investigation.