Insurance Board of Nepal Beema samiti: An Introduction

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Insurance Board of Nepal Beema Samiti is an autonomous body, established in 1968  with the major objective to develop, systemize, regularize and regulate the insurance business of Nepal under Insurance Act, 1992.  Insurance Board of Nepal Beema Samiti is the Insurance Regulatory Authority of Nepal. It supervises all the insurance-related activities in Nepal.

Vision of Beema Samiti
Sustainable development of the economy of Nepal through the help insurance.

Formation of the Board 
The formation of the Insurance Board of Nepal consists of 5 members as follows:
A person nominated or designated by the Nepal Government
Chairperson
Representative, Ministry of Law, Justice and Parliamentary Affairs
Member
Representative, Ministry of Finance
Member
A person nominated by the Nepal Government
from among the persons having the special
knowledge in the Insurance Business
Member
A person nominated by the Nepal Government
from among the Insured
Member

The chairperson will be the Chief Administrative Officer of the Insurance Board of Nepal and shall have the power and duty to execute the decisions of the Insurance Board and supervise and control the functions and activities of the Insurance Board. The tenure of the chairperson will be four years and he/she may be re-appointed or designated by Nepal Government.
Chiranjibi Chapagain is the current chairperson of the Insurance Board appointed in January 2017 other board members include Dhanraj Gnyawali representative of Ministry of Law, Justice and Parliamentary Affairs,  Nirmal Hari Adhikari representative of  Ministry of Finance, Sugat Ratna Kansakar and Kapil Dev Oli.
Organization Structure of Beema Samiti
Organization Structure of Beema Samiti is as the below image
Functions, duties, and powers of the Insurance Board of Nepal Beema Samiti
The Functions, duties, and powers of the Insurance Board of Nepal Beema Samiti are as follows :
  1. To provide necessary suggestions to the Nepal Government to frame the Policy regarding systematize, regularize, develop and regulate the Insurance Business. 
  2. To frame a policy for the investment of the amount received from the insurance and to prescribe the priority sectors.
  3. To register and renew the Insurer, Insurance Agent, Surveyor or Broker and to cancel or cause to cancel such registration.
  4. To arbitrate in the dispute which arises between the Insurer and the Insured.
  5. To make the decision on the complaints filed by the Insured against the Insurer regarding the settlement of liability of the Insurance.
  6. To issue necessary directives to the Insurer from time to time regarding the Insurance Business
  7. To formulate the necessary basis for the protection of interests of the Insured, and
  8. To do or cause to do other necessary functions regarding the Insurance business
Future Plan of  Insurance Board of Nepal Beema Samiti
Insurance Board of Nepal has started to conduct compliance based inspection of insurance companies in Nepal. Moreover, the board is aiming to strengthen its offsite inspection and planning to use new software for this purpose, which will create the opportunity for the international level of inspection and supervision processes as well as make the Nepali insurance sector more competitive.

Insurance board is planning to start an insurance training institute which will be converted into an academy, a committee to establish the institute has already formed under Insurance board chairperson coordination. Insurance training institute will provide international level training to the employee of insurance companies. 

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