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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
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List of Insurance Companies in Nepal

There are 39 insurance companies in Nepal, among them, 18 are Life Insurance companies, 20 Non-Life insurance companies, and one reinsurance company. Life Insurance companies do the business related to a contract regarding the life of any person under which he/she or his/her heir in the event of his/her death, will be paid a particular amount in case a specified amount is paid in installment on the basis of his/her age. Non-Life Insurance companies deal with other insurance than the Life Insurance. Re-Insurance companies work for re-insuring the portion of the risk which is excess of the risk to be held by the Insurer. List of insurance companies in Nepal are as follow S.No Name Type Website 1 Rastriya Beema Sanstha Life Website 2 National Life Insurance Company Ltd. Life Website 3 Nepal Life Insurance Company Ltd. Life Website 4 Life Insurance Corporation (Nepal) Ltd. Life Website 5 Met Life Insurance Life Website 6 Asian Life Insurance Company Ltd. Life Website 7 Surya
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Insurance: An Introduction

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Insurance is the means by which risks of loss or damage can be shifted to another party (the insurers) on payment of a charge known as premium.  The party whose risk is shifted to the insurer is known as the insured. Obviously, the insurer is generally an organization (Insurance Company), which is willing to share the loss or damage and it is also qualified to do so. Insurance is a contract between the insurer and insured whereby the insurer undertakes to pay the insured a fixed amount, in exchange for a fixed sum (premium), on the happening of a certain event (like at a certain age or on death), or compensate the actual loss when it takes place, due to the risk insured. Insurance is a contract between two parties whereby one party, insurer, undertakes, in exchange for a fixed sum called premium, to pay the other party on happening of a certain event. Insurance is a protection against a financial loss arising from the happening of an expected event. Insurance companies collect the
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