Notice

नियुक्ति लिन आउने बारे सूचना     बाढी तथा पहिरोबाट उत्पन्न दावीको विवरण मंसिर १२ सम्मको।     Risk Based Capital and Solvency Directive, 2024 जारी गरिएको सम्बन्धमा।     Guide to Supervisory Intervention Framework 2024     कृषि तथा पशुपन्छी बीमा प्रणालीको प्रयोगकर्ता म्यानुअल।     बीमालेख सफ्टवेयर मार्फत जारी गर्ने बारे।     Risk Free Rate has been published     Spread Rate has been published     According to the Insurance Act 2079, the insurance nature of the business need to be registered in Nepal Insurance Authority.    

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Function Duties & Power of the Authority

As per the section 5 of the Insurance Act, 2079 BS, the following are the powers, functions and duties of the Authority: –

  • To act as an advisor of the Government of Nepal regarding Insurance,
  • To draft the National Policy on Insurance and make recommendation to Government of Nepal,
  • To grant prior approval for the establishment of Insurance company, issue license or revoke such license,
  • To formulate necessary Bylaws, Directives, guidelines or orders for the Insurance Business,
  • To issues licenses to Insurance Intermediaries, renew and revoke such licenses,
  • To determine the Capital and Capital fund,
  • To prepare and implement the necessary programs to make the insurance business systematic, regular, competitive and credible,
  • To conduct or cause to conduct the study, research, trainings, orientation or outreach programs for the development and expansion of Insurance Business,
  • To provide the decision on the complaints filed by insured against insurer regarding the determination of insurance liability,
  • To settle the disputes concerning various parties of insurance,
  • To take necessary actions for minimization of risk in insurance business,
  • To prepare and implement the programs for the development of human resources and for the promotion of insurance education for the development of insurance business,
  • To prepare and implement the insurance promotion programs to increase the access to insurance by all the people,
  • To promote microinsurance business to ensure the access to insurance of the people with low income,
  • To cooperate, coordinate and exchange information with other governmental, or non-governmental organizations for the regulation, inspection, supervision and development of insurance business,
  • To cooperate with the foreign Insurance Regulatory Agency, international organization and other organizations that conduct study, research and trainings in insurance,
  • To represent the Government of Nepal or Authority in international organizations relating Insurance Regulation and to obtain membership of such organizations,
  • To operate Fund for protection of Policy holder’s interest and carry out or cause to carry out other necessary activities,
  • To coordinate with provinces regarding insurance,
  • To carry out other necessary activities relating insurance as a Regulatory agency.