Kathmandu: The recently certified Insurance Act 2079 will come into effect from 22nd Kartik 2079. In subsection three of section one of the Act, it is said that “This Act shall commence on the thirty-first day from the date of certification”.
President Bidya Devi Bhandari has certified the Act on 23rd Ashoj 2079. Prior to the execution of the Act, the Insurance Board(later to be transformed to the Insurance Authority), will make bylaws for the full execution of the Act. The Board mulls to get the Insurance Bylaws approved by the Council of Ministers within the 31 days waiting period.
If the Board fails to get the Bylaws approved from the Council of Ministers within the time limit, it may take another year to get it approved from the new government that is expected to rule after the upcoming election of house of representatives.