Kathmandu: President Bidya Devi Bhandari has certified the Insurance Bill. President Bhandari certified the Insurance Bill which was passed by both the houses of the Federal Parliament and submitted for certification according to the clause (2) of Article 113 of the Constitution of Nepal.
The Bill was registered at the President’s Office for certification on Ashoj 6, 2079. The President’s Office said that the Bill was verified today.
The Insurance Act 2079 will come into effect after publication on the National Gazette. According to the Insurance Act 2079, the Insurance Board will be transformed to the Insurance Authority. The existing Board of Directors will continue to serve its full term despite the new Act.
The new bill has replaced the Insurance Act 2049 and the Rastriya Beema Sansthan Act will also be repealed. Along with the new act, now the Rastriya Beema Sansthan will fall under the radar of the Insurance Authority.
Although the Insurance Bill was registered in 2075, it became controversial for a long time. After a long controversy, the Insurance Act has been implemented along with the implementation of the recommendations of the Finance Committee of the Federal Parliament.I