Insurance board is the independent institution established by the HMG under the Insurance Act 2049. It has been established to manage, regulate, develop and control of insurance business in Nepal. The board has the following organizational structure.
Insurance Board of Nepal
1. Person nominated by HMG..............................Chairman
2. Representative from Ministry of law, justice........Member
3. Representative from Ministry of finance...............Member
4. Representative, Insurance specialist nominated.....Member
5. Person from insured nominated by HMG..............Member
Insurance board is the supreme body authorized by the government to manage, regulate and control the insurance business within the country, It has playing an important role in the development of insurance, which is essential for smooth economic development. All insurances companies should register and get permission formally from the board to operate insurance business in the country. By regulation, all insurance companies have to submit one percent of the total insurance premium collected as services charge in this board . To regulate the insurance business, this board provided the followings services to insurer, insured, surveyor, broker and general public.
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