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Rastriya Beema Sansthan - History of Rastriya Beema samiti

History of Rastriya Beema Sansthan

Rastriya Beema sansthan is only composite of both life and non life insurance company which was established in 1968 and started non-life insurance business in same years but started life insurance business from 1972.

Now, numbers of insurance company has been reached to 25 ( 1 composite , 8 Life and 16 non-life).
Before 1947, large amount of premium was collected by Indian insurance companies for long times.

After establishment of life insurance company by Government of nepal, Indian companies stopped to collect their premium and phased out their business in Nepal.

Before restoration of multiparty democracy in 1990, there were only five insurance companies existed whereas, during 17 years period(1991 to 2008), additional 20 Insurance companies have been established.

Rastriya Beema sansthan or Rastriya Beema samiti was established under insurance Act 2025.

Post liberalization period is found fertile for insurance business. In this article, attempt has been made to explore the growth of insurance business during last Eight years period.

After reestablishment of democracy. Nepal also implemented the policy of privatization and economic liberalization and globalization. As the country was following economic liberalization, the previous acts were amended and new Insurance Act 2049 was introduced.

rastriya beema sansthan

Roles of Rastriya Beema samiti - Rastriya Bima Company

Beema samiti is also known as Insurance Board. It is an autonomous body in Nepal that has been established with the vision of developing, systemizing, regularising and regulating the insurance business of Nepal.Rastriya Beema samiti was established under the insurance Act 1992.

Rastriya Beema samiti has a vision of long term development of the nation's economy through developed, systematic, regularised and regulated insurance business. The board intends to develop healthy competition and reliability in the insurance business.

Rastriya Beema samiti is dedicated in formulation and amendment of insurance policies. Moreover, rastriya beema samiti also works to preserve insurance rights of the public. 

Rastriya Beema samiti aims to make insurance protected, transparent, reliable and competitive. Rastriya Beema samiti is continuosly developing and promoting insurance business.

Rastriya Beema samiti Circulates various updates and information through circulars, paper media as well as websites to aware the public about the trends in practice in an insurance business.

Rastriya Beema samiti regularly trains its workers to make sure the public get reliable and easy service. In order to systematize, regularize, develop and regulate the insurance business in the Nepal, the following functions, duties and powers are conferred on Rastriya Beema samiti:
  • Provide suggestions to Nepal Govt. to formulate necessary policy for systematizing, regularizing, developing and regulating the insurance business.
  • Set out guideliness for insurers to invest their fund and prescribe the priority sectors for such investment,
  • Register and renew the insurer, Insurance agent, Surveyor or Broker and to cancel or cause to cancel such registration,
  • Arbitrate in the disputes, which arises between the insurer and insured,
  • Make decision on the complaints filed by the insurer regarding to the settlement of liability of the insurance.
  • Issue necessary directives to the insurer from time to time regarding insurance business.
  • Formulate necessary basis for the protection of the insured, and
  • Do or caused to do other necessary functions regarding insurance business.

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