About Beema Samiti (INSURANCE BOARD)

Background

Beema Samiti (Insurance Board) is the Insurance Regulatory Authority of Nepal, The line ministry of the Finance Ministry, Nepal. The word 'Beema' means 'Insurance' and 'Samiti' connotes 'Board'. Hence, the Word 'Beema Samiti' is synonymous to 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 State of Nepal. As a regulatory body, the Board's main concern is to create a professional, healthy and developed insurance market in Nepal.Further more, after the restoration of democracy in 1990 AD, insurance environment began to change simultaneously along with other factors. Thus to meet the requirements of the changing situation, Insurance Act, 1968 was repelled by new Insurance Act, 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 the Insurance Act of 1992.

पृष्ठभूमि

बीमा समिति नेपाल अधिराज्यको बीमा क्षेत्रको नियामनकारी आधिकारिक निकाय हो, जो नेपाल सरकार, अर्थ मन्त्रालयको एउटा लाइन संगठन हो । बीमा ऐन, २०४९ अनूसार नेपाल अधिराज्य भित्र बीमा ब्यवसायलाई ब्यवस्थित, विकसित, नियमित र नियन्त्रित गर्नका लागि बीमा समितिको स्थापना भएको हो । नेपाल अधिराज्य भित्रका बीमा तथा सो सम्बन्धि गतिविधिलाई यस समितिले नियमनकारी संस्थाको हैसियतले निगरानी राख्दछ । यस संस्थाको मूल उद्देश्य विकसित, स्वस्थ र पेशागत बीमा बजारको विकास गर्नु हो ।वि।सं.२०४६ सालमा प्रजातन्त्रको पुर्नस्थापना भए पश्चात अन्य क्षेत्रहरुमा जस्तै बीमा क्षेत्रमा पनि परिवर्तनहरु देखा परे । परिवर्तित सर्न्दर्भलाई मनन गरी वि.सं. २०४९ सालमा बीमा ऐन २०२५ लाई प्रतिस्थापन गर्दै नयां बीमा ऐन २०४९ जारी गरियो । ऐनको प्रस्तावनामा नै स्पष्ट रुपमा भनिएको छ "बीमा ब्यवसायलाई ब्यवस्थित, विकसित, नियमित र नियन्त्रित गर्नको लागि बीमा समितिको स्थापना गरिएको हो ।" प्रस्तावनामा उल्लेखित लक्ष्य प्राप्त गर्नका लागि एक स्वायत्त संस्थाका रुपमा बीमा ऐन २०४९ अनुसार यस समितिको स्थापना भएको हो ।

LOCATION OF BEEMA SAMITI-Kathmandu(Capital City of Nepal)

CONSTITUTION OF BOARD

The Board is constituted under the Insurance Act, 1992, article 3. The form of the board is as under.
A person nominated or designated by Nepal Government
Chairman
Representative, Ministry of Law, Justice and Parlimentary Affairs
Member
Representative, Ministry of Finance
Member
A person nominated by Nepal Government from among the person having the special knowledge in the Insurance Business
Member
A person nominated by Nepal Government from among the insured
Member
Nepal Government may make alteration of the member of the Board by publishing a notification in the Nepal Gazette, if it deems necessary. The tenure of the nominated members of the Board shall be four years. They may be re-nominated up to twice after the expiry

समिति को गठन
बीमा समितिको गठन बीमा ऐन २०४९ को दफा ३ अन्तर्गत हुने गर्दछ । संचालक समितिको स्वरुप यस प्रकार छ ।
नेपाल सरकारले नियुक्त गरेको वा तोकेको व्यक्ति
अध्यक्ष
प्रतिनिधि, कानुन, न्याय तथा संसदीय व्यवस्था मन्त्रालय
सदस्य
प्रतिनिधि, अर्थ मन्त्रालय
सदस्य
बीमा व्यवसायमा विशेष ज्ञान भएका व्यक्तिहरु मध्येबाट नेपाल सरकारले मनोनित गरेको एक जना व्यक्ति
सदस्य
बीमितहरु मध्येबाट नेपाल सरकारले मनोनीत गरेको एकजना व्यक्ति
सदस्य
नेपाल सरकारले आवश्यक देखेमा नेपाल राजपत्रमा सूचना प्रकाशित गरी सदस्यहरुको हेरफेर गर्न सक्नेछ । मनोनितहरुको कार्यवधि चार वर्षको हुनेछ । सदस्यहरुलाई पुन: दुई पल्टसम्म मनोनित गर्न सकिनेछ ।

FUNCTIONS, DUTIES AND RESPONSIBILITIES
In order to systematize, regularize, develop and regulate the insurance business in the Kingdom, the following functions, duties and powers are conferred on Beema Samiti:
Provide suggestions to Nepal Govt. to formulate necessary policy for systematizing, regularizing, developing and regulating the insurance business,
Set out guidelines for insurers to invest their fund and prescribe the priority sectors for such investment,
Register and renew the Insurer, Insurance Agent, Surveyor or Broker and to cancel or cause to cancel such registration,
Arbitrate in the disputes, which arises between the insurer and insured,
Make decision on the complaints filed by the insurer regarding to the settlement of liability of the insurance,
Issue necessary directives to the insurer from time to time regarding insurance business,
Formulate necessary basis fo the protection of interest of the insured, and
Do or caused to do other necessary functions regarding insurance business.

काम कर्तब्य र उत्तर्दैत्वा

नेपाल अधिराज्यको बीमा ब्यवसायलाई ब्यवस्थित, विकसित, नियमित र नियन्त्रित गर्नको लागि बीमा समितिको निम्न काम, कर्तब्य र अधिकार हुनेछ ।
बीमा व्यवसायलाई व्यवस्थित, नियमित, विकसित तथा नियन्त्रित गर्नको लागि नीति निर्धारण गर्न नेपाल सरकारलाई आवश्यक सूझाव दिने,
बीमाबाट प्राप्त हुन आएको रकम लगानी गर्नको लागि नीति निर्धारण गरी प्राथमिकता क्षेत्र तोक्ने,
बीमक, बीमा अभिकर्ता, सर्भेयर वा दलालको दर्ता र नवीकरण गर्ने तथा दर्ता खारेज गर्ने, गराउने,
बीमक तथा बीमित बीचको वाद विवादमा मध्यस्थता गर्ने,
बीमा दायित्व निर्धारणका सम्बन्धमा बीमक विरुद्ध बीमितले दिएको उजुरी उपर निर्णय गर्ने,
बीमा व्यवसायका सम्बन्धमा बीमकलाई समय समयमा आवश्यक निर्देशन दिने
बीमितको हित रक्षाको निम्ति आवश्यक आधार तर्जुमा गर्ने, र
बीमा व्यवसायसंग सम्बन्धित अन्य आवश्यक काम गर्ने

MISSION, GOAL & OBJECTIVE
Mission
To help to develop the Nepalese Economy and uplift the living standard of Nepalese people throgh fair, equitalble and sustainable development of whole insurance sector Nepal

Goal
To develop the insurance business of Nepal
To protect the interest of policyholders

Objective
To systematize, regularize. develop and regulate the insurance business of Nepal

मिसन ,लक्ष्य र उद्देश्य

मिसन
नेपालको समग्र बीमा क्षेत्रको स्वस्थ, समतामूलक तथा दीगो बिकास गरी नेपाली जनताको जीवनस्तर उकास्ने तथा नेपालको अर्थतन्त्रको विकासमा सहयोग पु-याउने

लक्ष्य
नेपालको बीमा ब्यवसायको बिकास गर्ने
बीमालेख लिनेहरुको हकिहतको रक्षा गर्ने

उद्देश्य
बीमा ब्यवसायलाई ब्यवस्थित, नियमित, बिकसित तथा नियन्त्रित गर्ने

POST BY BIJAY THAPA.

Beema Samiti- Insurance regalatory authority of Nepal

Citizen Charter
Citizen charter is published for the general public in order to inform how Beema Samiti works as a regulatory authority. Who and which departments are responsible for which task in what cost and time is mentioned in Citizen Charter. The charter is a public commitment of Samiti to accomplish job timely and accountably.

नागरिक बडापत्र

बीमा नियमनकारी निकायको रुपमा समितिले कसरी कार्य गर्दछ भन्ने जानकारी सर्बसाधारणलाइ प्रदान गर्नको लागि नागरिक बडापत्र प्रकाशित गरिन्छ । कुन बिभाग र कुन ब्यक्ति के कामका लागि जिम्मेवार छन् र उक्त कार्यको लागि कति लागत र समय लाग्दछ भन्ने जानकारी नागरिक बडापत्रमा उल्लेख हुन्छ । बडापत्र समितिले समयमा र जिम्मेवारीपूर्वक कार्य गर्नका लागि गरिएको एउटा सार्वजनिक प्रतिवद्धता हो ।

BEEMA SAMITI-Insurance Regulatory Authority of Nepal

Beema Samiti (Insurance Board) an autonomous body, established to develop, systemize, regularize and regulate the insurance business of Nepal under Insurance Act, 1992.

Initial Draft of the Prop.Ins. Act, 2009

We urge all general public, stakeholders, experts and professionals to comment, advise and suggest on the Initial Draft of the Proposed Insurance Act, 2009 to make it more approprate and addressive.
Note: Only Nepali version of the draft has been placed on the menu of Initial Draft of the Proposed Insurance Act, 2009,

Notice of Training of Agent

Notice of Training of Insurance Agent
Beema Samiti (Insurance Board) Provides training of Insurance Agents . If you are willing to work as a insurance agent , contact to Beema Samiti (Insurance Board). After taking training of life insurance agent or non life insurance training from Beema Samiti (Insruance Board), you can work as an agent of any one or more insurers of Nepal. But if you have taken insurer agent's training from insurance company, you can work as an insurance agent of the respective company only. To know the time and date of training, you can see the menu Training on the above horizontal bar and open the submenus Insurance Agents

Required Documents and fee for Agent's Training:

1. Transcript and Character Certificate of any level above SLC and their attested copies

2. Citizenship certificate and its attested copy3. Rs. 1000 per head.

(अभिकर्ताको तालिमको सूचना)

बीमा अभिकर्ताको तालिमको सूचना
बीमा समितिले जीवन तथा निर्जीवन बीमा अभिकर्ताको तालिम प्रदान गर्दछ । यदि बीमा अभिकर्ता र बीमा सर्भेयर भई काम गर्ने इच्छा छ भने बीमा समितिमा सम्पर्क राख्नुहोस् ।बीमा समितिबाट जीवन तथा निर्जीवन बीमा अभिकर्ताको तालिम लिएपछि कुनै पनि एक वा सो भद्ना बढी बीमा कम्पनीको अभिकर्ता भइ कार्य गर्न सकिन्छ । तर कुनै बीमा कम्पनीले प्रदान गरेको तलिम लिनु भएको छ भने सोही कम्पनीको अभिकर्ताको रुपमा मात्र कार्य गर्न सक्नु हुनेछ । जीवन तथा निर्जीवन बीमा अभिकर्ताको तालिम बीमा समितिमा कहिले कहिले हुन्छ भन्ने बारेमा जान्न यो पेजको माथिल्लो लहरमा देखिने तालिम मेनु भित्र रहेको बीमा अभिकर्ता शिर्षक हेर्नुहोस् ।
बीमा अभिकर्ताको तालिमको लागि आवश्यक काजगपत्र तथा

शुल्क

१. ट्रान्सकृप्ट र चारित्रिक प्रमाणपत्रको सक्कल र प्रमाणित नक्कल

२‌. नागरिकताको प्रमाणपत्र र र प्रमाणित नक्कल३. प्रति ब्यक्ति रु. १०००

Notice of Insurance Surveyors Training

Beema Samiti (Insurance Board) Provides training of Insurance Insurance Surveyors. If you are willing to work as a insurance surveyor, contact to Beema Samiti (Insurance Board).
To know the time and date of training, you can see the menu Training on the above horizontal bar and open the submenu Insurance Surveyor.

Required Documents and fee for Surveyor's Training:

1. Certificates and attested copies of being Bachelor in Engineering or Chartered Accountant or Bachelor in Insurance or having experience of being officer in any insurance company with Bachelor's Degree in any discipline

2. Citizenship certificate and its attested copy3. Rs. 2000 per head

(बीमा सर्भेयरको तालिमको सूचना)

बीमा समितिले बीमा सर्भेयरको तालिम प्रदान गर्दछ । यदि बीमा सर्भेयर भई काम गर्ने इच्छा छ भने बीमा समितिमा सम्पर्क राख्नुहोस् ।
सर्भेयरको तालिम बीमा समितिमा कहिले कहिले हुन्छ भन्ने बारेमा जान्न यो पेजको माथिल्लो लहरमा देखिने तालिम मेनु भित्र रहेको बीमा सर्भेयर शिर्षक हेर्नुहोस् ।
बीमा सर्भेयरको तालिमको लागि आवश्यक काजगपत्र तथा शुल्कः:

१. इन्जिनियरिङ वा बीमा ब्यवस्थापनमा स्नातक गरेको वा चार्टड एकाउण्टेन्सी उत्तिर्ण गरेको प्रमाणपत्रको सक्कल र प्रमाणित नक्कल वा स्नातक उत्तिर्ण गरी कमसेकम दश बर्ष कुनै बीमा कम्पनीमा अधिकृत स्तरमा कार्य गरेको प्रमाणपत्रको सक्कल र प्रमाणित नक्कल

२‌. नागरिकताको प्रमाणपत्र र र प्रमाणित

नक्कल३. प्रति ब्यक्ति रु. २०००

POST by Bijay Thapa.

PRIME LIFE BAIDESHIK ROJGAR JIVAN BIMA.

PRIME LIFE BAIDESHIK ROJGAR JIVAN BIMA
FOREIGN EMPLOYMENT POLICY

PRIME LIFE BAIDESHIK ROJGAR JIVAN BIMA IS DESIGNED TO COVER NATURAL AS WELL AS ACCIDENTAL INSURANCE FOR PEOPLE LIVING AND WORKING OUT OF NEPAL.

Key Features
Low premium rate as it does not carry any saving factor In the event of death of the person living abroad, a sum of Rs. 500,000 will be paid to the beneficiary

Policy Requirements
Minimum Entry Age: 18 Years
Maximum Entry Age: 55 Years
Maximum Minimum Policy Term: 1 Year
Maximum Policy Term: 5 years
Premiums Payment Mode: Single Premium
Benefits
Maturity Benefits- None
Death Benefits – NPR. 500,000 and body carrying cost of NPR. 50,000
Total Partial Disability Benefits
Two hands or two legs or two eye sight: 100% of Face Value
One hand and one leg: 100% of Face Value
One hand or one leg and one eye sight: 100% of Face Value
Hearing power of two ears: 50% of Face Value
Any one hand or leg: 50% of Face Value
Any one hand or leg: 50% of Face Value
Sample Premium ratesFollowing is the sample premium rate for PrimeLife Baideshek Rozgar insurance policy for Face Value NPR 500,000 on Single Premium payment mode .

PRIME LIFE KARJA SURAKSHYA JIVAN BIMA

PRIME LIFE KARJA SURAKSHYA JIVAN BIMA
Mortgage Redemption Insurance plan.

Mortgage Redemption Insurance product is designed to protect a repayment of mortgage debt.

Key Features
It is a special policy for financial institution’s loan customers Low premium rate as it does not carry any Saving factor Reducing coverage of the insurance corresponding to customer’s reducing outstanding loan balance In the event of death of the borrower, the proceeds of the policy will be paid to the Financial Institution to cover the current outstanding loan

Policy Requirements

Banks or Financial Institution will act as an administrator for collection and remittance of premiums and submission of loan customers’ application form to Prime Life Insurance Company Ltd.
Minimum Entry Age: 20 Years
Maximum Entry Age 55 Years
Maximum Maturity Age: 60 Years
Minimum Policy Term: 5 Years
Maximum Policy Term: 20 years
Premiums Payment Mode: Yearly

Benefits
Maturity Benefits- None
Death Benefits – Outstanding loans due to financial institutions will be paid by PrimeLife.

Supplementary Riders
None

Additional Disclosure

Policies on which premiums are paid will not carry any surrender value or loan facility.

Sample Premium rates

Following is the sample premium rate for PrimeLife Karja Surakshan Single Premium per NPR. 1000/- for Interest rate over 10% & upto 15% P.A.

THE TERM 'JIVAN BINA'=LIFE INSURANCE

POST By Bijay Thapa.

PRIME LIFE JIVAN SURAKSHAYA

PRIME LIFE JIVAN SURAKSHYA
(Whole life endowment with profits)
This product provides sum assured plus bonus at the end of the insurance period. Additional death risk cover for the entire life after the insurance period without any additional premium is provided.

Key Features
Insurance term can be determined as per requirement
Premium payment frequency can be chosen as per convenience
Sum insured can be chosen as per customer’s need

Policy Requirements
Minimum age of Entry 16 Years
Maximum age of Entry 65 Years
Minimum Sum 100,000
Maximum Sum Assured No limit
Minimum Policy Term 5 years
Maximum Policy Term 54 Years
Maximum Maturity Age 70 Years
Mode of Premium Payment Yearly, Half Yearly & Quarterly
Benefits
Maturity Benefits- Full sum assured plus bonus
Death Benefits - Full sum assured plus bonus

Supplementary Riders
Accidental Death Benefit (maximum up to NPR 500,000)

Sample Premium ratesFollowing is the sample premium rate for Whole Life Endowment per NPR. 1000/-

PRIME LIFE SWARNIM BEEMA

PRIME LIFE SWARNIM BEEMA
(Child Endowment with Profits)

This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. At PrimeLife, we understand the value of securing child’s future and offer a plan “PrimeLife Swarnim” to help secure a bright future for children.

Key Features
Insurance term can be determined as per requirement
Premium payment frequency can be chosen as per convenience
Sum insured can be chosen as per customer’s need

Policy Requirements
Minimum Sum assured 50,000
Maximum Sum Assured 1,000,000
Minimum age of Child 0 Years
Maximum age of Child 15 Years nearest birthday
Minimum age of Proposer 18 Years
Maximum age of Proposer 60 Years
Maximum maturity age of Proposer 65 Years
Minimum policy term 10 Years
Maximum policy term 30 Years
Mode of Premium payment Yearly, Half Yearly & Quarterly

Benefits
Maturity Benefits- Full sum assured plus bonus
Death Benefits – Full sum assured plus bonus

Supplementary Riders
Monthly Income Benefit
Premium Waiver Benefit

Sample Premium ratesFollowing is the sample premium rate for PrimeLife Dhan Sagar (Money back policy) per NPR 1000/-

POST BY Bijay Thapa.