Beema Pradhikaran - Nepal Insurance Authority (Insurance Board) is the Insurance Regulatory Authority of Nepal which is under the Ministry of Finance, Government of Nepal. The word ‘Beema’ means ‘Insurance’ and ‘Samiti’ connotes ‘Board’. Hence, the Word ‘Beema Samiti’ is synonymous with Insurance Board which is constituted to systematize, regularize, develop and regulate the insurance business within the country under Insurance Act, 1992. This Samiti (Board) looks after all the insurance-related activities in the Federal Democratic Republic of Nepal. As a regulatory body, the Board’s main concern is to create a professional, healthy, and developed insurance market in Nepal.
Furthermore, after the restoration of democracy in 1990 AD, the insurance environment began to change simultaneously along with other factors. Thus to meet the requirements of the changing situation, the Insurance Act, of 1968 was repelled by the new Insurance Act, of 1992 (Beema Ain, 2049). The preamble of the Act clearly states the purpose of the Act, thus “to establish an Insurance Board to systematize, regularize, develop and regulate the insurance business”. To achieve the goal of the preamble, Beema Samiti (Insurance Board) is formed as an autonomous body as per the Insurance Act of 1992.