Insurance Board takes action against United Insurance; Halts Agni Beema scheme and asks to regain the over compensated amount worth Rs 3.21 crore

Insurance Board has taken action against United Insurance Company (UIC) on Friday.

The insurance company is charged of illegally insuring promoters property and compensating more than the lost amount. The insurance board has halted the company’s Agni Beema scheme under the same case after the verdict from Patan Court.

Also the board has asked the company to take the extra compensated amount of Rs 3.21 crore from EOL Pvt Ltd, CG Impex, CG Electronics and such as soon as possible.

Also, Mr Pravin Kumar Koirala, Head of Actuary Department, Mr Gopal Prasad Sharraf, Head of Claim Department and 2 other surveyors have been fine Rs 3,000 each.

The insurance company had provided compensation of Rs 38.18 crore for the fire occurred on Ashoj 29, 2069. The Insurance board stated that the claim amounted to Rs 34.96 crore which has resulted in the company facing action from the insurance board.