About Beema Samiti (Insurance Board) of Nepal...

Beema Samiti (Insurance Board) a self-sufficient body, set up to create, systemize, regularize and direct the protection business of Nepal under Insurance Act, 1992.

BackgroundBeema Samiti (Insurance Board) is the Insurance Regulatory Authority of Nepal, The line service of the Finance Ministry, Nepal. "Beema" signifies "Protection" and "Samiti" indicates 'Board'. Thus, the Word 'Beema Samiti' is synonymous to Insurance Board which is constituted to systematize, regularize, create and direct the protection business inside the nation under Insurance Act, 1992. This Samiti (Board) cares for all the protection related exercises in the State of Nepal. As an administrative body, the Board's fundamental concern is to make an expert, solid and created protection market in Nepal.

Advance more, after the reclamation of vote based system in 1990 AD, protection environment started to change at the same time alongside different elements. In this manner to meet the necessities of the evolving circumstance, Insurance Act, 1968 was repulsed by new Insurance Act, 1992 (Beema Ain, 2049). The prelude of the Act unmistakably expresses the motivation behind the Act, in this way "to build up an Insurance Board to systematize, regularize, create and control the protection business". To accomplish the objective of the introduction, Beema Samiti (Insurance Board) is framed as a self-sufficient body the Insurance Act of 1992.