Kathmandu: The Insurance Act 2079 certified by President Bidhya Devi Bhandari has been published in the Nepal Gazette on Sunday. The new Bill will come into force from 22nd of Kartik 2079. With the implementation of the Act, the Insurance Board will be transformed into an Insurance Authority.
The President had certified the new act on 23 Ashoj 2079. According to the preamble of the Act, the act will be effective from 31st day of it’s certification by the President.
The new law has made it mandatory for the female representation in the board of directors of the Insurance Authority. Similarly, it is forbidden to make any kind of joint investment with the directors, promoters, and shareholders of the insurance company in any enterprise having conflict of interest.
