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Kathmandu, Nepal, November 7, 2022: The Existing insurance committee is going to be transformed into the insurance authority from Tuesday onwards. A meeting of the board of directors of the insurance committee has decided to convert the insurance committee into the authority from Tuesday.
The new insurance act 2079 has made a provision to transform the insurance committee into the insurance authority to execute all the role and responsibilities of the committee including the responsibilities as the regulatory body of the insurance companies in Nepal.
With the transform of the insurance committee into the insurance board, the Chairman and Members of the existing insurance committee will automatically be transformed into the Chairman and Members of the authority.
In the new act, the government deserves the right to appoint the chairman and members of the insurance authority from those who were recommended by the recommendation committee formed for the purpose.
The recommendation committee can be formed comprising the secretary of the Ministry of Finance and members related to the insurance sector to recommend the names to the government for the appointment of the chairman of the board of directors.
