Nepal Insurance Authority (Nepal Beema Pradhikaran)

Details

The Nepal Insurance Authority (Nepal Beema Pradhikaran), formerly known as Beema Samiti (established in 1968), is the apex regulatory body for the insurance sector in Nepal. It was restructured and renamed under the Insurance Act, 2079 (2022).

Key Roles

Licensing & Regulation: Registers, licenses, and regulates life, non-life, and reinsurance companies operating in Nepal.
Policyholder Protection: Protects the rights and interests of policyholders and resolves insurance disputes.
Market Development: Formulates policies to increase insurance penetration across the country.

Sector Landscape (Post-Merger)

To strengthen capital bases, the regulator mandated mergers, reducing the number of active players:

Life Insurance Companies: 14 active companies
Non-Life Insurance Companies: 14 active companies
Reinsurance Companies: 2 active companies (Nepal Reinsurance Company and Himalayan Reinsurance Limited)

Category

Financial Institution

Fiscal Year

2082

Key Figure/Rate

Est. 1968, Restructured 2022; 14 Life + 14 Non-Life + 2 Reinsurance