Kathmandu: With the Insurance Act-2079 BS coming into force from today, Nepal Insurance Authority (NIA) has formally begun its business. The Act transforms the Beema Samiti (Insurance Board) into Nepal Insurance Authority (NIA).
At a programme here today, NIA Chairperson Surya Prasad Silwal said the NIA now functions as the powerful regulatory body in the insurance sector. The Samiti was established as an autonomous body to systematize, regularize, develop and regulate the insurance business within the country under Insurance Act, 1992.
On the occasion, Silwal stressed the need of gradually implementing the provisions incorporated in the Act. “The Provisions are required to the further interpreted in course of bringing them into practice. We fill be focused on the empowerment of Authority, making it technology-friendly,” he said.
As he said, the Beema Samiti will function more effectively and efficiently at the insurance regulatory body of insurance business in the form of the NIA.