Kathmandu: The Insurance Bill, 2075 has been passed by the meeting of the House of Representatives on Friday. Earlier, the approved by the National Assembly and forwarded to the HoR for endorsement.
In the meeting of the HoR held on Friday, the proposal to pass the Insurance Bill 2075 submitted by the Minister of Energy, Pampha Bhusal, who took charge of the Finance Minister, passed by the majority.
It has taken 4 years to pass the Insurance Bill. Now, the Bill will be submitted to the President for the Red Seal. The Bill will come into effect as a law after being approved by the President and published in the Gazette. After the implementation of the Insurance Bill 2075, the existing Insurance Act 2049 will be scrapped and the Insurance Board will be transformed into an the Insurance Authority.
The Insurance Bill was approved by the House of Representatives on 29th Sawan 2079 and submitted to the National Assembly on 21st Bhadra 2079 and unanimously approved.