25th May 2024, Kathmandu
The Nepal Insurance Authority has issued a directive to all insurance surveyors actively seeking a personal insurance surveyor license to update their Know Your Customer (#KYC) information.
NIS Directs Insurance Surveyors
This notification, republished on 24th May, 2024, mandates that surveyors correct their KYC details and submit the required documentation within 30 days via the Authority’s website. All documents must be uploaded in PDF format when updating KYC online.
The Nepal Insurance Authority, established as per Section 3 of the Insurance Act, 2079 BS, is the sole regulatory agency tasked with systematizing, regularizing, inspecting, and supervising the insurance business in Nepal.
The autonomous institution, with legal personality and perpetual succession, aims to ensure a fair, competitive, reliable, and credible insurance service. It also focuses on protecting the rights and interests of policyholders by regulating the insurance business effectively.
To achieve these broad objectives, the Authority collaborates with various national competent authorities, the private sector, stakeholders, foreign counterparts, and international organizations. Notably, it is a founding member of the International Association of Insurance Supervisors (#IAIS).
Historically, the regulation of the insurance sector in Nepal began with the establishment of the Insurance Board (#BeemaSamiti) in 2026 BS, which was transformed into the Nepal Insurance Authority following the enactment of the Insurance Act, 2079 BS.
The highest governing body of the Authority is its Board of Directors, comprising five members as outlined in Section 6 of the Act. The composition of the Board is as follows:
- A person appointed by the Government of Nepal – Chairperson
- Joint Secretary, Ministry of Finance – Member
- Joint Secretary, Ministry of Law, Justice, and Parliamentary Affairs – Member
- One person with special knowledge in Life Insurance – Member
- One person with special knowledge in Non-Life Insurance – Member
In accordance with the Act, at least one of the members with special knowledge in either Life or Non-Life Insurance must be a woman.
For more Information: NIS Directs Insurance Surveyors