The Board is constituted under the Insurance Act, 1992, article 3. The form of the board is as under.

Nepal Government may make alteration of the member of the Board by publishing a notification in the Nepal Gazette, if it deems necessary. The tenure of the nominated members of the Board shall be four years. They may be re-nominated up to twice after the expiry of their tenure.

बीमा समितिको गठन बीमा ऐन २०४९ को दफा ३ अन्तर्गत हुने गर्दछ । संचालक समितिको स्वरुप यस प्रकार छ ।

नेपाल सरकारले आवश्यक देखेमा नेपाल राजपत्रमा सूचना प्रकाशित गरी सदस्यहरुको हेरफेर गर्न सक्नेछ । मनोनितहरुको कार्यवधि चार वर्षको हुनेछ । सदस्यहरुलाई पुन: दुई पल्टसम्म मनोनित गर्न सकिनेछ ।