3.4 Constitution, Functions and Powers of the Insurance Board of

Nepal The Insurance Board (Beema Samiti) — the 2049 Act's regulator: the constitution: the Board's composition (the chairperson-and-members — the government's appointments; the ex- officio faces: the finance-ministry's-and-Rastra-Bank's representation; the expertise's seats — the insurance, the actuarial, the legal, the economics); the secretariat (the executive office's departments — the supervision, the actuarial, the market-conduct faces). The functions: the insurers' licensing-and-registration (the entry's control); the supervision-and-inspection (the insurers' examination; the returns-and-reports); the premium-and-product's approval (the policy- forms-and-rates); the intermediaries' licensing (Unit 6's link); the policyholders' protection (the complaints' hearing; the claim-practice's discipline); the sector's development (the market's promotion; the training-and-research); the reinsurance's regulation (3.5's face). The powers: the licensing-and-cancellation powers; the inspection-and-investigation powers; the directive-and- order powers (the compliance's mandates); the penalty-and-sanction powers (the fines, the suspension, the management's takeover — the insolvent-insurer's resolution); the adjudicatory faces (the disputes' hearing — the quasi-judicial functions). The modern transformation (the honest update): the Insurance Act 2079 transformed the Board into the Nepal Insurance Authority — the enhanced independence-and-capacity; the widened mandate (the reinsurance, the intermediaries' full spectrum, the insurtech); the powers' modernisation — the syllabus's "Insurance Board" being the 2049-2079 lineage's name (the exam's answer should present the Board's constitution-and-functions with the 2079 Act's current frame).