Insurance Board of Nepal 

insurance board of nepal

Insurance Board of Nepal 

The Insurance Authority of Nepal ( Nepal Bima Pradhikaran ) is a branch of the Ministry of Finance regulated to operate the Insurance business legally. The Board solely looks after Insurance policies, services, rights of policyholders, and operations for an effective Insurance service to the public. As a government body, the Insurance authority plays a humongous role in looking after Insurance services in Nepal. 

The Insurance Board of Nepal is based on the core values of Integrity, Transparency, Accountability, Spirit, Service, Fairness, and Innovative.

Organizational Structures 

Taking about the Organizational Structure, The Authority structure is based on 5 five-member Board directors composition. The Structure is based as followings:

  • Chairperson: Appointed Through the Government of Nepal.
  • Member: Joint Secretary, Ministry of Finance.                                                                                             
  • Member: Joint Secretary, Ministry of Law, Justice, and Parliamentary Affairs.                                           
  • Member: Special expert on life insurance 
  • Member: Special expert on Non-Life Insurance Expert.

Insurance Acts 

For responsible and proper regulation, there have been two acts established for Insurance

  • Insurance Act, 2079 B.S
  • Insurance Regulation, 1992 A.D

Insurance companies available in Nepal 

There are 31 insurance companies currently offering their services up to date. This category includes Life, Nonlife, and Reinsurance companies. 

Life insurance companies

Asian Life Insurance Company Limited
Himalayan Life Insurance Limited
IME Life Insurance Company Limited
Life Insurance Corporation (Nepal) Limited
Mahalaxmi Life Insurance Limited
MetLife (ALICO)
National Life Insurance Company Limited
Nepal Life Insurance Company Limited
Prabhu Life Insurance Company Limited
Rastriya Beema Sansthan
Reliable Nepal Life Insurance Company Limited
Sanima Reliance Life Insurance Limited
Surya Jyoti Life Insurance Company Limited
Sun Nepal Life Insurance Company Limited
Citizen Life Insurance Limited

Non-life insurance 

Himalayan Everest Insurance Company Limited
IGI Prudential Insurance Limited
National Insurance Company Limited
Neco Insurance Limited
Nepal Insurance Company Limited
NLG Insurance Limtied
Prabhu Insurance Limited
Sagarmatha Lumbini Insurance Company Limited
Shikhar Insurance Company Limited
Siddhartha Premier Insurance Limited
The Oriental Insurance Company Limited
United Ajod Insurance Company Limited
Rastriya Beema Company Limited
Sanima GIC Insurance Limited

Reinsurance Companies 

1 Nepal Reinsurance Company Limited
2 Himalayan Reinsurance Company Limited

Insurance Board of Nepal Vision:

The Authority envisions transforming the Nepal Insurance Authority into a highly prestigious and leading Institution in Nepal.

The Insurance Authority of Nepal Headquarters is located in Lalitpur, Kupandole but also has six province offices which lie in Karnali Province, Madhesh Province, Sudurpashchim Province, Gandaki Province, Lumbini Province & Koshi Province.

insurance board of nepal

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