BEEMA SAMITI (INSURANCE BOARD) OF NEPAL

Background

·         Beema Samiti (Insurance Board) is the Insurance Regulatory Authority of Nepal

·         word 'Beema' means 'Insurance' and 'Samiti' connotes 'Board'

·   therefore Word 'Beema Samiti' is synonymous with Insurance Board which is constituted to systematize, regularize, develop and regulate the insurance business within the country under Insurance Act, 1992

·         This Samiti 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

·         insurance environment is changing simultaneously along with other factors

·      to meet the requirements of the changing situation, Insurance Act, 1968 was repelled by new Insurance Act, 1992 (Beema Ain, 2049)

·         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

Board is constituted under the Insurance Act, 1992, article 3. form of the board is as under

A person nominated or designated by Nepal Government	Chairman
Representative, Ministry of Law, Justice and Parliamentary 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 from among the insured.	Member

·         Nepal Government may make the 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

·         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 the disputes, which arises between the insurer and insured,

·         Make decision on the complaints filed by the insurer regarding the settlement of liability of the insurance,

·         Issue necessary directives to the insurer from time to time regarding insurance business,

·         Formulate necessary basis for the protection of interest of the insured, and

·         Do or caused to do other necessary functions regarding insurance business.

Address

Beema Samiti (Insurance Board)

Chabahil, Kathmandu

Phone: 977-1-4810818, 977-1-4810989

Fax: 977-1-4810490

Toll-Free No. 1660-01-56789

www.bsib.org.np

Email: info@bsib.org.np

bsib@wlink.com.np