In order to systematize, regularize, develop and regulate the insurance business in Nepal, the following functions, duties and powers are conferred on Beema Samiti:
To Provide suggestions to Nepal Govt. to formulate necessary policy for systematizing, regularizing, developing and regulating the insurance business,
Set out guidelines for insurers to invest their fund and prescribe the priority sectors for such investment,
Register and renew the Insurer, Insurance Agent, Surveyor or Broker and to cancel or cause to cancel such registration,
Arbitrate in the disputes, which arises between the insurer and insured,
Make decision on the complaints filed by the insurer regarding to the settlement of liability of the insurance,
Issue necessary directives to the insurer from time to time regarding insurance business,
Formulate necessary basis fo the protection of interest of the insured, and
Do or caused to do other necessary functions regarding insurance business.
