Insurance Act 2022 comes into effect; Insurance Board turns into Nepal Insurance Authority
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KATHMANDU, NOVEMBER 08 : With the Insurance Act-2022 coming into effect from today, the Beema Samiti (Insurance Board) has now been formally changed into the Nepal Insurance Authority (NIA). At a programme here today, NIA Chairperson Surya Prasad Silwal said the NIA will function as the powerful regulatory body in the insurance sector.
The Samiti was established as an autonomous body to systematize, regularize, develop and regulate the insurance business within the country under Insurance Act, 1992. On the occasion, Silwal stressed the need to gradually implement the provisions incorporated in the Act. “The Provisions are required to the further interpreted in course of bringing them into practice.
We will be focused on the empowerment of Authority, making it technology-friendly,” he said. As he said, the Beema Samiti will function more effectively and efficiently at the insurance regulatory body of the insurance business in the form of the NIA.
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