1. Presented By: M.P.Lamsal
INSURANCE IN NEPAL
9-Nov-18
Presented By: M.P.Lamsal

2. Presented By: M.P.Lamsal
INSURANCE IN NEPAL
9-Nov-18
Presented By: M.P.Lamsal

3. Licensing and Regulation
Decision – experience- mistake
Resource Vs marketing
Working style/ Technique
9-Nov-18
Presented By: M.P.Lamsal

4. Licensing and Regulation
Licensing and Regulating Authority:
Insurance Board ( Beema Samiti)
Board is an autonomous and Independent body, formed by government of Nepal
Legal Framework
Insurance Act 2049 (with amendment)
Insurance regulation 2049 ( with amendment)
9-Nov-18
Presented By: M.P.Lamsal

5. Objectives of Insurance Board
As per the insurance act 2049 the objectives of formation of Insurance Board are
To systematize
To regularize
To develop
To regulate
Overall insurance sector in Nepal.
9-Nov-18
Presented By: M.P.Lamsal

6. Presented By: M.P.Lamsal
Licensing
To meet the objectives of the board as prescribed by Insurance Act 2049, the board provides license to:
Insurance Companies ( Life & Non Life)
Brokers and Agents
Surveyors ( Loss assessor /Loss adjuster)
9-Nov-18
Presented By: M.P.Lamsal

7. Presented By: M.P.Lamsal
Licensing
Capital Requirement:
For Life Company: Rs. 50,00,00,000/-
For Non Life Company: Rs ,00,000/-
Business Plan (Package)
9-Nov-18
Presented By: M.P.Lamsal

8. Presented By: M.P.Lamsal
Formation of the Board
A person nominated or designated
by Government of Nepal – Chairman
Representative, Ministry of Law,
Justice and Parliamentary Affairs – Member
Representative, Ministry of Finance – Member
A person nominated by Government of Nepal
from among the persons having the special
knowledge in Insurance Business – Member
from among the Insured – Member
An employee designated by the Board shall perform the duty as a Secretary of the Board.
9-Nov-18
Presented By: M.P.Lamsal

9. Non-Life Insurance Companies in Nepal
Nepal Insurance Co.Ltd.
Rastriya Beema Sansthan
Everest Insurance Co.Ltd
Alliance Insurance Co. Ltd.
Himalayan General Insurance Co.Ltd.
Premier Insurance ( Nepal) Co.Ltd.
Sagarmatha Insurance Co Ltd.
United Insurance Co.Ltd.
Lumbini General Insurance Co.Ltd.
9-Nov-18
Presented By: M.P.Lamsal

10. Non Life Insurance Companies…
Neko Insurance Co.Ltd.
NB Insurance C0.Ltd.
National Insurance Co.Ltd.
Oriental Insurance Co.Ltd.
Prudential Insurance Co.Ltd.
Siddhartha Insurance Co.Ltd.
Shikhar Insurance Co.Ltd.
NLG Insurance Co. Ltd.
9-Nov-18
Presented By: M.P.Lamsal

11. Life Insurance Companies in Nepal
Rastriya Beema Sansthan
National Life Insurance
Nepal Life Insurance
LIC Nepal
Metlife Alico
Prime Life Insurance
Gurans Life Insurance
Asian Life Insurance
Surya Life Insurance
9-Nov-18
Presented By: M.P.Lamsal

12. Tariff- Non Life Insurance
Tariff Rate: Non Life Insurance
The rate recommended by tariff advisory committee is known as tariff rate. It is issued as directive of insurance board and must comply by insurance companies. In Nepal, the premium of motor , fire , marine, agriculture & livestock insurance are based and guided by tariff issued by insurance board.
9-Nov-18
Presented By: M.P.Lamsal

13. Tariff- Non Life Insurance
Non Tariff Rate: Non Life
The rate which is fixed by company independently, analyzing their future risk is known as non tariff rate. It is not necessary to get prior approval from insurance board; for the application of this rate. The rate may vary case to case depending upon the volume, nature and situation of the risk involved in the particular business.
In Nepal , premium of personal accident, group personal accident, group medical , Burglary and house breaking , bankers blanket ,contractor’s all risk, contractors plant and machinery insurance etc are based on non tariff rate.
9-Nov-18
Presented By: M.P.Lamsal

14. Tariff- Life Insurance
In case of life insurance, company may prepare their own rate schedule by appointing independent actuary. Regarding the rate, company need to get prior approval from insurance board; before commencing the business.
Company which deals life insurance, need to review their financial position by actuary ; once in every three years.
9-Nov-18
Presented By: M.P.Lamsal

15. Non-Life Policies being practiced in Nepal
Fire & Allied Perils Insurance
Loss of Profit/ Consequential Loss Insurance
Contractor's All Risks Insurance
Burglary & Housebreaking Insurance
Erection All Risk Insurance
Marine Transit Insurance (Import/Export)
Aviation Insurance
9-Nov-18
Presented By: M.P.Lamsal

16. Presented By: M.P.Lamsal
Non-Life policies ……
Travel -Trip Insurance/ Overseas Mediclaim
Trekkers' Assistance Insurance
Household Insurance
Duty Insurance
Vehicle Insurance (Comprehensive & Third Party)
Personal Accident
9-Nov-18
Presented By: M.P.Lamsal

17. Presented By: M.P.Lamsal
Non-Life policies ……
Group Personnel Accident
Workers Compensation
Group Medical Insurance
Cash In Transit Insurance
Fidelity Guarantee Insurance
Banker's Blanket Insurance
Agriculture /Cattle/Live Stock Insurance
9-Nov-18
Presented By: M.P.Lamsal

18. Presented By: M.P.Lamsal
What does Insurance do?
Production (Product development & modification)
Risk Management
Rate making
Marketing ( PPPS Strategy, Techno Marketing concept))
Underwriting
Re-insurance
Claim management
9-Nov-18
Presented By: M.P.Lamsal

19. Presented By: M.P.Lamsal
What does Insurance do?
Management of Insurance intermediaries
Investment /Fund management
Electronic data Processing /IT related functions/E –insurance
Accounting
Administrative & Legal Functions
Dispute Handling
People Management and so on……
9-Nov-18
Presented By: M.P.Lamsal

20. Presented By: M.P.Lamsal
Interaction Session
9-Nov-18
Presented By: M.P.Lamsal

21. Presented By: M.P.Lamsal
Thank You
9-Nov-18
Presented By: M.P.Lamsal