INSURANCE IN NEPAL

1. INSURANCE IN NEPAL Presented By: M.P.Lamsal

2. INSURANCE IN NEPAL Presented By: M.P.Lamsal

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

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

6. 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) Presented By: M.P.Lamsal

7. Licensing Capital Requirement: For Life Company: Rs. 50,00,00,000/- For Non Life Company: Rs. 25.00,00,000/- Business Plan (Package) Presented By: M.P.Lamsal

8. 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 A person nominated by Government of Nepal from among the Insured – Member An employee designated by the Board shall perform the duty as a Secretary of the Board. Presented By: M.P.Lamsal

9. Non-Life Insurance Companies in Nepal Nepal Insurance Co.Ltd. RastriyaBeemaSansthan 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. 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. Presented By: M.P.Lamsal

11. Life Insurance Companies in Nepal RastriyaBeemaSansthan National Life Insurance Nepal Life Insurance LIC Nepal MetlifeAlico Prime Life Insurance Gurans Life Insurance Asian Life Insurance Surya Life Insurance 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. 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. 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. 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 Presented By: M.P.Lamsal

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

17. 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 Presented By: M.P.Lamsal

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

19. 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…… Presented By: M.P.Lamsal

20. Interaction Session Presented By: M.P.Lamsal

21. Thank You Presented By: M.P.Lamsal