With the amended Insurance Act going into effect on November 8, 2022, the Nepal Insurance Authority (NIA) has officially started operating.
The Beema Samiti (Insurance Board) becomes the Nepal Insurance Authority under the Insurance Act (2079 BS) (NIA). The Federal Parliament approved the Insurance Bill in September, and on October 8th, President Bidya Devi Bhandari certified it. The modified law was supposed to go into force on November 8th, one month from then.
In accordance with the Insurance Act of 1992, the Samiti was established as a separate entity with the mission of developing, systematizing, and regulating the nation's insurance industry.
According to Mr. Surya Prasad Silwal, NIA chairman, the NIA now serves as the industry's regulatory body.
According to a KhabarHub report, Mr. Silwal emphasized the need for the amended insurance law to be implemented gradually because its provisions are still open to further interpretation as they are put into effect. He declared, "We will concentrate on the empowering of Authority, making it technology-friendly.
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