The government of Nepal established Rastriya Beema Sansthan, 37 years ago as a pioneer professional Insurance Company to contribute toward the economic development of the nation by doing non-life and life insurance business. Mobilization of internal resources and capital, production of professional, efficient insurance personnel, curbing outflow of foreign currency were the main objectives of GON at that time. This organization has never looked back since then. It has been fulfilling the afore-said objectives since its inception. RBS holds the major share in the national insurance market: it holds 65% of the total life insurance market and 35% of the total non-life insurance market.
Establishment
RBS was established as a private company on 16th December 1967 and later on converted to the corporation under the Rashtriya Beema Sansthan Act 2025 on 15th December 1968.
General/non-life business started functioning on 23rd February 1968 whereas Life business started functioning on 18th February 1973.
Board of Directors
Seven members executive directors’ board with HMG’s majority vote including the chairman is as follows:
Chairman, nominated by GON
Member, nominated by GON
Member, nominated by GON
Member, nominated by Nepal Rastra Bank
Member, nominated by Nepal Bank Limited
Member, elected by public shareholders
Administrator nominated by GON
The Administrator acts as a member of the Board of Directors as well as chief executive officer of the organization. The Administrator is responsible for the daily functioning of the organization as per the Rashtriya Beema Sansthan Act and Regulations.
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