Kathmandu. After the actuary valuation and financial statement file submitted by the insurance company was studied and approved by the Insurance Authority at the same time, the companies are now declaring dividend on time and calling the general meeting.

Earlier, it used to take time for the companies to declare dividend and call the annual general meeting once the actuary valuation was approved by the Insurance Authority and then approved the financial statements.

The then suspended chairman of the NRA, Sharad Ojha, had directed the government to approve the report within seven days. None of the previous chairmen of the NRA had done this work.

According to the same directive, if the employees approve the file on time, the company will declare dividend and call the general meeting on time. Earlier, the insurance companies were not able to hold the meeting on time as the actuary valuation and financial details were not approved by the authority on time.

Now the concerned department of the authority will look at the details at the same time and if the details actuary valuation and financial details do not match, the authority will give instructions to adjust it. Accordingly, the file is approved on time.

Insurance companies have been saying that there is no skilled manpower for valuation in Nepal, they do not submit financial statements on time, they do not declare dividend until the second quarter of the fiscal year and do not hold the general meeting on time.

Insurance companies have not been able to submit audit reports within six months and do not follow the directives given while approving the financial statements. The insurance company has also started taking action if the AGM is not held on time.

Nepal Life Insurance Company Limited (NLIC) has called its annual general meeting (AGM) on January 19.

The company has proposed a 16.05 percent cash dividend and 5 percent bonus shares.

IME Life Insurance has declared a cash dividend of 10.52 percent from the profit of the last FY.

Siddhartha Premier Insurance Company has announced a 25% cash dividend to its shareholders.

IGI Prudential Insurance Company has announced a cash dividend of 5% including tax.

Citizen Life Insurance Company has declared 20% cash dividend on its shareholders.