The Insurance Board, the regulator of the insurance sector, has been changed into the Nepal Insurance Authority yesterday.
With the implementation of the Insurance Act 2079 BS, the board has been transformed into the Nepal Insurance Authority. The Insurance Bill, which was passed by the Federal Parliament in September, was certified by President Bidya Devi Bhandari on October 8.
According to the legal provisions that will be implemented within one month after the certification by the President, the Insurance Act is coming into effect from Tuesday. The official announcement that the Board has been transformed into an authority is being made on Tuesday.
