Nepal Insurance Authority warns on the use of the term Insurance

Kathmandu: Nepal Insurance Authority has warned against unauthorized service delivery of insurance business by any organization except licensed insurers. The notice issued by the insurance regulatory authority states that any institution involved in the illegal delivery of insurance or insurance-related services is punishable.

It has reminded the provisions of the Insurance Act 2079 which strictly prohibits any institutions or establishments other than licensed insurers from selling insurance products.

The notice is issued following the use of the word ‘Beema'(Insurance) by the Health Insurance Board, a government establishment for the execution of a health insurance program.

The Authority has requested that no organization other than licensed by the Authority should not use words like ‘Insurance’, ‘Reinsurance’, or ‘Insurance Fund’ in the name of their company, work, or organization in violation of the Insurance Act.

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