October 10, 2022 | Investopaper
President Bidya Devi Bhandari has certified the insurance bill. The President’s office stated that the bills passed by the meeting of both the houses of the federal parliament and submitted for verification have been approved in accordance with clause (2) of Article 113 of the Constitution of Nepal.
With the approval of the bill, there is a provision to amend and unify the laws related to insurance. Also, the current insurance board (Beema Samiti) has been transformed into an Insurance Authority. With this, the name of Beema Samiti will now be changed into Insurance Authority (Beema Pradhikaran).
The chairman and the members of the board of directors of the insurance board will continue in the insurance authority.
With the verification of the Insurance Bill, the Insurance Act 2079 will be implemented. Also, the Insurance Act 2049 and the Rastriya Beema Sansthan Act, which are currently in force, will also be repealed.