A survey was done by our team at Beema Samiti, the Insurance Regulatory Authority of Nepal and several questions were asked using interview method. This is the summarized presentation of our study.

1. Insurance Business in Nepal :
A survey in Beema Samiti
PRESENTED BY:
ANIL ACHARYA
ANUJA KANDEL
BIRAJ PURI
ISHWOR TRIPATHI
Presented At:
School of Management
Tribhuvan University
Kirtipur, Nepal

2. Introduction
 Beema > Insurance; Samiti> Board
 Regulatory body
 Under ministry of finance
 To systematize, regularize, develop and regulate the
insurance business within the country under Insurance Act,
1992.
 License Claim
 Arbitrator
 Acts as a first court regarding insurance dispute

3. Strategic Goals and Objective
 Promote insurance intake
 Insurance sector development
 Encourage merger and acquisition
 Raising standards of regulation
 Strengthen legal for claim settlement
 Human Capacity Development
 Establishment of Branches in the Federal States
 Promote Insurance Education in the national curriculum

4. Functions, Duties & Power of the Board
The board shall have full power to regulate and
monitor all activities of insurance.
The board may suspense the license if the business
person does any act against the insurance law
To systematized regular and developed and
regulate the insurance business.

5. To frame necessary insurance policy
To register and re-new the insurer, insurance
agent ,surveyor or broker
To settle dispute between insurer and
insured.
To issue necessary directives.

6. Capital
Life insurance :2 arba
Non-life Insurance :1 arba
Reinsurance Company :5 arba

7. Insurance act
7 chapters, 48 sections
Board to systematize, regularize, develop and
regulate the Insurance Business- 5 members
Can appoint employees to complete its function
Registration of insurer, cancellation and renewal
Can delegate power to subcommittee, chairperson
or employees

8. Insurer to prepare and audit financial
statements and make actuarial valuation
Provisions relating to insurance agents,
surveyor and Broker
 Make inquiry and investigation and re-audit
insurance business

9. Insurance Regulation, 1993
7 chapters, 40 sections
Categories of Insurance Business
Provisions relating with insurer; registration, renewal,
revocation, reserve fund
Provisions relating with insurance agent, surveyor and
broker- license, qualifications, cancellation of license
Provisions relating to payment against insurance
claims

10. Contd…
Rules and bylaws
I. Employee bylaws
II. Purchase bylaws
III. Financial bylaws
 Compilations of decisions
 Circulars and directives

11. Problems in Insurance industry
Lack of human resource
Lack of insurance education
Lack of knowledge about Beema Samiti
Located only in Kathmandu
People not conscious of Insurance
Lack of provision of compulsory insurance in
many sectors.

12. Thank You