National Assembly Approves New Insurance Bill

Kathmandu: The Insurance Bill has been approved by the National Assembly on Tuesday. Finance Minister Janardhan Sharma had submitted a proposal to consider the Bill with the message from the House of Representatives. The bill was unanimously approved by the Assembly after discussion.

The Insurance Bill was passed by the Parliament on 29 Sawan 2079 after discussion with the report submitted by the Finance Committee of the House of Representatives. Minister Sharma informed that since the Insurance Act 2049 does not cover all the subjects of insurance, the need for a new Bill was considered for a long time.

Informing that all the issues of insurance are included in the Insurance Bill, he said, “According to international insurance practice, the Bill covers insurance regulation, insurance business, insurance contract, form of insurance fraud, punishment of insurance fraud, formation of supporting organizations, etc.” He also informed that there is a provision for separate micro insurance entity which will help spread micro insurance across rural areas.

The Insurance Bill will come into effect as an Act after approval by the President.

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