Section 172: Repeal and Saving

1) The following Acts have been repealed:

(a) Insurance Act, 2049

(b) National Insurance Corporation (Rastriya Beema Sansthan) Act, 2025 (1968 A.D.)

2) Subject to the repealed Act pursuant to sub-section (1)

(a) Insurance Board deemed to be ipso facto converted into Authority after the commencement of this Act.

(b) The Rules, By-laws, Directives, licenses issued, orders given, functions performed, and actions taken by the Insurance Board shall be considered as to have been or performed by the Authority.

(c) The movable and immovable assets or liabilities of the Insurance Board shall ipso facto be converted as the movable and immovable assets or liabilities of the Authority.

(d) The chairperson and the member of the Insurance Board shall ipso facto be the chairperson or be a member of the Authority after the commencement of this Act, and he/she may remain in that post up to his/her tenure.

(e) The employees of the Insurance Board shall ipso facto be converted as the employees of the Authority after the commencement of this act.

(f) Pending cases remained in Insurance Board shall ipso facto transferred in the Authority and proceeded and decided as per this Act.

3) In accordance with the Act repealed pursuant to clause (b) of sub-section (1):-

(a) National Insurance Corporation (Rastriya Beema Sansthan) shall be converted into public limited within one year.

(b) The employees working in National Insurance Corporation shall ipso facto be converted as the employees of the company pursuant to clause (a).

(c) The movable and immovable assets and liabilities of National Insurance Corporation shall ipso facto be converted as the movable and immovable assets and liabilities of the company
pursuant to clause (a).

(d) The insurance policies issued by National Insurance Corporation shall ipso facto be deemed as issued by the company pursuant to clause (a)