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Parliament on 03 March 2010 passed two insurance laws in a bid to further strengthen the regulatory framework and make the industry operationally vibrant. The new laws, came in to effect on 18 March 2010, are Insurance Act 2010 and IDRA 2010.

There are 77 insurance companies operating in the country and they need to be regulated under comprehensive laws and guidelines and supervised by a strong regulatory authority. The Insurance Act 2010 said the sector needs to be managed properly and he strengthened by reducing business risks, and local and international insurance laws need to be harmonized considering the socio-economic aspect of the country, and protect the interest of policy holders and other beneficiaries.
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