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.