Notice
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: