(1) The following Acts are repealed :-
(a) Insurance Act, 2049
(b) National Insurance-Institutions Act, 2025
(2) According to the repealed Act of Sub-section (1):-
(a) The Insurance Committee shall automatically be deemed to have become an authority after the commencement of this Act.
(b) Rules, regulations, instructions issued by the Insurance Committee, licenses issued, orders given or actions taken or punished shall be deemed to have been or have been made by the Authority.
(c) The movable immovable assets or liabilities of the Insurance Committee shall automatically become the movable immovable assets or liabilities of the Authority.
(d) The chairman and member of the insurance committee will automatically become the chairman and/or member of the authority after the commencement of this Act and he may remain in that position for the duration of his tenure.
(e) Employees working in the Insurance Committee will automatically become employees of the Authority after the commencement of this Act.
(f) Pending before the Insurance Committee: Cases shall automatically be transferred to the Authority and dealt with and disposed of in accordance with this Act.
(3) According to the Act repealed in accordance with clause (b) of sub-section (1):
(a) The established National Insurance Corporation shall be converted into a Public Limited Company within one year.
(b) Employees working in the National Insurance Institute shall automatically be converted into employees of the company as per Clause (a).
(c) The movable and immovable assets and liabilities maintained in the National Insurance Institute shall automatically be converted into the movable and immovable assets and liabilities of the company as per Clause (a).
(d) The insurance policy issued by the National Insurance Institute shall be considered as the insurance policy issued by the company as per Clause (a).