bsib.org.np with toll-free number 1660-01-56789 is a Beema Samiti Insurance Board of Nepal. Beema Samiti (Insurance Board) contact address is at Kupandol, Lalitpur with a Phone number of +977-1-5528618, +977-1-5538743, +977-1-5521079 and Fax number of 977-1-5520119.
Beema Samiti Insurance Board Nepal
The Insurance Regulatory Authority of Nepal is Beema Samiti Insurance Board. The Parliament has made this Act on the regime of HIS MAJESTY KING BIRENDRA BIR BIKRAM SHAH DEVA in the 21st year. According to the Insurance Act, 1992 the insurance board helps to systematize, regulate, develop and regulate the insurance business in the country. In the Federal Democratic Republic of Nepal, they look after all the insurance related activities. To create a professional, healthy and developed insurance market is the main concern of board as being a regulatory body. The insurance environment began to fluctuate after the restoration of Democracy in 1990. Insurance Act, 1968 was repulsed by new Insurance Act, 1992 i.e.Beema Ain, 2049 to meet the changing environment. The introductory part clearly defines the purpose of the Act. As the different purposes of Act are to establish an Insurance Board to systematize, regularize, develop and regulate the insurance business. Beema Samiti acts as an autonomous body of the Insurance Act of 1992 in order to achieve the introductory goal.
The different members of the Beema Samiti are Mr. Chiranjibi Chapagain, he is the chairman of the board, Mr. Raju Raman Paudel is the officiating Executive Director of the board, and Mrs. Pujan Dhungel (Adhikari) is the Deputy Director or information officer of the board. The Life insurance Business, Non-Life insurance business as well as Re-Insurance lies under the insurance business. As there are a different life and non-life insurance policy found in Nepal. As there are different insurance companies for providing both life and non-life insurance in Nepal. There are different schema or plan for both life and non-life insurance policy according to the scheme that insurance company provides you can do the insurance of your own, vehicles, building, companies and many others. As every company would have a better record of claim resolutions. They may provide different distinctive plans which satisfy its customer’s needs. An insurer can’t be judged by the amount of premium i.e. high premium or low premium or comparison to the premium rate on the ratio of the sum assured amount offered. The individual should look after the policy which will be helpful for them in the emergency, as which may financially and non-financially help at the time of need as well as which may help your family when you are not with them at the emergency. Before you involve into life insurance policy you should have mind make up for the lifestyle changes, a rate of inflation, and economy standards.
Writing about Beema Samiti Insurance Nepal background, Beema Samiti (Insurance Board) is regulated by the Ministry of Finance, Nepal. Beema stands for Insurance and Samiti stands for Board which combined forms Insurance Board. The main aim of Beema Samiti Insurance Board Nepal is to create professional, healthy and developed insurance market in Nepal.
Insurance Board is established under the insurance act 2049 and is independent institution. Official journal (Insurance News and views) is published thrice a year. Journals can be download from the official website of Beema Samiti Insurance Board Nepal is http://bsib.org.np.
Beema Samiti Insurance Board Nepal has been the supreme authority in Nepal for managing Insurance business.
The different function duties and power performed by the board are as follows,
- The Insurance board helps the insurers to set the procedures to invest their fund and to advise priority sector for their investment.
- They also helps insurer, insurance agent, broker so on to get Renewed and registered as well as they can cancel the registration and the cause for cancellation.
- As there may arise the complaint which will be handled by the board and made decision according to the complaint done by insurer accordance to settlement of liability of insurance.
- For the protection of interest of the insured they helps to formulate necessity of basis. the different important functions of insurance business are performed