Formation of the Board
Section 3 of Insurance Act
Last Updated: 2022-07-21Sub-Section 1
An Insurance Board shall be formed to systematize, regularize, develop and regulate the Insurance Business.
Sub-Section 2
| a) A person nominated or designated by the Nepal Government | Chairperson |
| b) Representative, Ministry of Law, Justice and Parliamentary Affairs | Member |
| c) Representative, Ministry of Finance | Member |
| d) A person nominated by the Nepal Government from among the persons having the special knowledge in the Insurance Business | Member |
| e) A person nominated by the Nepal Government from among the Insured | Member |
Sub-Section 3
An employee designated by the Board shall perform the duty as a Secretary of the Board.
Sub-Section 4
The Nepal Government may make alteration of the Members of the Board by publishing a notification in the Nepal Gazette, if it deems necessary.
Sub-Section 5
If it is deemed necessary, the Board may invite any national or foreign experts in the meeting of the Board as an observer
Sub-Section 6
The tenure of the nominated Members of the Board shall be four years. They may be re-nominated up to twice after the expiry of their tenure.
Sub-Section 7
The Head office of the Board shall be located in Kathmandu .
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