Rastriya Beema Sansthan was established as a private company on the decision of the Government of Nepal to mobilize internal resources and capital for the countrys economic development, curbing foreign currency expenditure, and establishing efficient professional insurance services. Under the National Insurance Corporation Act 2025, the institution was transformed into a corporation on 1st Poush, 2025 (15th December 2024) under the governments objectives and aspirations. The corporation has been successful in carrying out its activities in line with the goals and objectives set by the Nepalese government during its tenure so far and has provided significant returns.