First Business News Portal in English from Nepal
KATHMANDU: The bill to amend and integrate insurance laws has been passed four years after it was registered in the House of Representatives. The Sunday meeting of the House of Representatives passed the bill by a majority.
In order to make the insurance system and insurance business orderly, regular, competitive and reliable, then Finance Minister Yuvraj Khatiwada registered the bill at the Federal Parliament Secretariat on 11th July 2018. At that time, the second session of the House of Representatives was going on and it has reached the 11th session to be passed.
The bill provides for the establishment of Nepal Insurance Authority as a regulatory body for insurance business. With the formation of the authority, the currently operating Insurance Board will be abolished.
The authority will not only work as an advisor to the government in relation to insurance, but also form the national insurance policy, approve the establishment of insurance companies, license, renew and cancel them.
Provisions related to separate funding of the authority are also kept in the bill. The fund will contain the amount received from the government, the amount for the establishment, pre-approval, license and renewal of the insurance company and the amount for the license and renewal of the insurance intermediary.
Similarly, the bill also provides that the regulatory fee of the insurance business and the amount received from various agencies will be kept in the fund.
The bill passed by the House of Representatives will go to the National Assembly. After being passed by the National Assembly, the Bill will be certified and sent to the President for approval. It will be implemented as an Act after the approval by the President Bidya Devi Bhandari.
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