Introduction

Introduction

Nepal Insurance Authority is the sole Regulatory Agency established to systematize, regularize, inspect and supervise insurance business in Nepal. It is an autonomous institution, established as per section 3 of the Insurance Act, 2079 BS, having a legal personality with perpetual succession. The Authority is entrusted with the objective to ensure a fair, competitive, reliable and credible insurance service in Nepal. Similarly, the Authority is also responsible for the regulation of insurance business effectively to protect the rights and interest of policy holders. To carry out these broad objectives, the Authority cooperates and coordinates with various national competent Authorities, private sector, stakeholders, foreign counterparts and international organizations. It is a founding member of International Association of Insurance Supervisors(IAIS).

As a separate Regulator of the Insurance Sector, Insurance Board (Beema Samiti) was established in 2026 BS for the first time which with the enactment of Insurance Act, 2079 BS is converted into Nepal Insurance Authority.

The Authority has a Board of directors as the highest Governing body which comprises five members. As per section 6 of the Act, the composition of the Board is as following:

• Person appointed by Government of Nepal                                                                   – Chairperson
• Joint Secretary, Ministry of Finance                                                                                         -Member
• Joint Secretary, Ministry of Law, Justice and Parliamentary Affairs                                     -Member
• One person from amongst the persons having special knowledge in Life Insurance          -Member
• One person from amongst the persons having special knowledge in Non-Life Insurance  -Member