Beema Samiti Insurance Board Nepal : An Overview

An Overview of Beema Samiti Insurance Board Nepal

This post is about An Overview of Beema Samiti insurance board Nepal. Beema Samiti is the official government organization of Nepal to manage, regulate, develop and control of insurance business in Nepal. Insurance board of Nepal is called Beema Samiti, Nepal. Insurance Board is the independent institution established by the government of Nepal 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.

The official website of Beema Samiti Insurance Board Nepal is www.bsib.org.np

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beema samiti insurance board Nepal

As Insurance may be defined as co-operative device to spread, the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against that risk. This means that insurance provides a pool to which the many people contribute a certain sum of money called the premium and out of which the insurer compensates the few who suffer losses. By insurance the risks is transferred from the individual to the insurance who takes into account the total likely loss in a certain period and then fixes the premium to be charged from each person insured.

The insurance a tool a minimize the risk. The insurance minimize the financial loss cuased due to risk. Insurance minimize financial loss on life insurance, fire insurance and marine insurance. Although, insurance provide financial loss but loss occure in death of people in life insurance can not be fully covered as there is sentiment associated. The same died person can not be return back although insurance company provide money to nominee. Life insurance is associated with human and living being but fire and marine insurance is associated with non living being

In context to Nepal, there are 25 insurance companies in Nepal incorporated with Beema Samiti Insurance Board Nepal. Among them, some the companies are life insurance companies in Nepal. There are non life insurance companies in Nepal as well. Name list of insurance companies in Nepal are already published in this blog. Name list of Life Insurance Companies in Nepal are already published. Name list of Non Life Insurance Companies in Nepal are already published.

Beema Samiti Insurance Board Nepal

The Insurance Board of Nepal is constituted under the Insurance Act, 1992, article 3. The form of the Insurance Board of Nepal is as under.

  1. A person nominated or designated by Nepal Government – Chairman
  2. Representative from Ministry of Law, Justice and Parliamentary Affairs : Member
  3. Representative from Ministry of Finance : Member
  4. A person nominated by Nepal Government from among the person having the special knowledge in the Insurance Business : Member
  5. A person nominated by Nepal Government from among the insured : Member
Board of Beema Samiti Insurance Board Nepal

Organogram

Government of Nepal may make alteration of the member of the Board by publishing a notification in the Nepal Gazette, if it deems necessary. The tenure of the nominated members of the Board shall be four years. They may be re-nominated up to twice after the expiry of their tenure.

Beema Samiti Insurance Board Nepal is the supreme body authorized by the government to manage, regulate and control the insurance business within the country. It is playing an important role in the development of insurance business, which is essential for smooth economic development. All insurance 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 premious collected asservice charge in this board. This is the basic financial source of the board. To regulate the insurance business, this board has provided the following services to insurer, insured, surveyor, broker and general public.

Services, Duties provided by Beema Samiti Insurance Board Nepal
  1. Registration and renewal of insurer, surveyor, broker and insurance agent and to cancel or cause to cancel such registration,.
  2. Expansion of branch of insurer
  3. Judgment of insurance claimsArbitrate in the disputes, which arises between the insurer and insured,
  4. Recommendation of foreign currencies.
  5. Training for surveyor, insurance agent broker and others involved in insurance sector.
  6. Acceptance of insurance fund
  7. Acceptance of insurance policy
  8. Publishing and providing information regarding insurance for concerned sectors.
  9. Providing advice to government to formulate plan and policy regarding insurance business.Set out guidelines for insurers to invest their fund and prescribe the priority sectors for such investment,
  10. Issue necessary directives to the insurer from time to time regarding insurance business,
  11. Formulate necessary basis fo the protection of interest of the insured, 

Beema Samiti Insurance Board Nepal is the supreme authority for the management of insurance business within the country Nepal. Basically, insurance companies are the main customer of the board, paying certain amount form insurance fun collected from insured, the insurance companies receive different services from the board. Apart from those companies, surveyor, broker, researcher, students and general public may also enjoy the services from the board. All types of service provided by the board are totally based upon the Insurance act 2049, Insurance Regulation 2049 and other concerned regulations.

An Overview of Beema Samiti Insurance Board Nepal

This post about “Beema Samiti Insurance Board Nepal” is sent by Ramesh Shrestha. It is published as it is. Thanks to him. If you want to publish your article, then mail your article to [email protected]

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