Insurance Nepal

Beema Samiti (Insurance Board of Nepal)

Head Office : Kupandol, Lalitpur
Fax: 977-1-5520119
Toll Free No. :
Website :

Beema Samiti an autonomous body, established to develop,systemize,regularize and regulate the insurance business of Nepal under Insurance Act, 1992.

Insurance Board is a line agency of Nepal Government(Ministry of Finance), established to regularize, systematize and develop.It issues, renews, dismisses the liscences of insurance companies, insurance surveyors and insurance agents and supervise them.

Background :

Beema Samiti (Insurance Board) is the Insurance Regulatory Authority of Nepal, The line ministry of the Finance Ministry, Nepal. The word 'Beema' means 'Insurance' and 'Samiti' connotes 'Board'. Hence, the Word 'Beema Samiti' is synonymous to Insurance Board which is constituted to systematize, regularize, develop and regulate the insurance business within the country under Insurance Act, 1992. This Samiti (Board) looks after all the insurance related activities in the State of Nepal. As a regulatory body, the Board's main concern is to create a professional, healthy and developed insurance market in Nepal.

Further more, after the restoration of democracy in 1990 AD, insurance environment began to change simultaneously along with other factors. Thus to meet the requirements of the changing situation, Insurance Act, 1968 was repelled by new Insurance Act, 1992 (Beema Ain, 2049). The preamble of the Act clearly states the purpose of the Act, thus "to establish an Insurance Board to systematize, regularize, develop and regulate the insurance business". To achieve the goal of the preamble, Beema Samiti (Insurance Board) is formed as an autonomous body the Insurance Act of 1992.

Constitution of the Board :

The Board is constituted under the Insurance Act, 1992, article 3. The form of the board is as under.
  • Chairman - A person nominated or designated by Nepal Government.
  • Member - Representative, Ministry of Law, Justice and Parlimentary Affairs.
  • Member - Representative, Ministry of Finance.
  • Member - A person nominated by Nepal Government from among the person having the special knowledge in the Insurance Business.
  • Member - A person nominated by Nepal Government upfrom among the insureds.

Nepal Government may make alteration of the member of the Board by publishing a notification in the Nepal Gazette, if it deems necessary. The tenure of the nominated members of the Board shall be four years. They may be re-nominated up to twice after the expiry of their tenure.

Function, Duties and Power :

In order to systematize, regularize, develop and regulate the insurance business in the Kingdom, the following functions, duties and powers are conferred on Beema Samiti:
  • Provide suggestions to Nepal Govt. to formulate necessary policy for systematizing, regularizing, developing and regulating the insurance business.
  • Set out guidelines for insurers to invest their fund and prescribe the priority sectors for such investment.
  • Register and renew the Insurer, Insurance Agent, Surveyor or Broker and to cancel or cause to cancel such registration.
  • Arbitrate in the disputes, which arises between the insurer and insured, Make decision on the complaints filed by the insurer regarding to the settlement of liability of the insurance.
  • Issue necessary directives to the insurer from time to time regarding insurance business.
  • Formulate necessary basis fo the protection of interest of the insured, and Do or caused to do other necessary functions regarding insurance business.
Insurance Nepal Insurance Nepal Reviewed by Limbuwan on 4:51 PM Rating: 5

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