(1) The Authority may at any time regulate, inspect or monitor the activities of insurers, insurance intermediaries, other insurance service providers or persons or organizations related to such insurers, insurance intermediaries or other insurance service providers.
(2) In case of suspicion or complaint, the authority may depute an expert or an employee of the authority to visit the office or place of business of the insurer or insurance intermediary or other insurance service provider to conduct an on-site inspection or to inspect the insurer. 8 Related documents, accounting and financial statements, insurance documents, related reports and statements may be submitted to the authority for inspection or in other ways and may be regulated, inspected or monitored at any time.
(3) For the purpose of sub-section (1), the authority shall regulate, inspect or. Principles established at the international level related to monitoring, recognition, standards and good practices (best practices) and trends will be taken as a basis.
(4) The expert or employee assigned in accordance with sub-section (2) shall request, view, examine, inspect, investigate, complete or copy the data, data, details, information, report, details created by electronic means or any other necessary document from the related party. Can make demands or inquire about it.
(5) According to sub-section (4) to provide the data, data, information or any other necessary documents requested at the specified time and to view, check, inspect any details and answer truthfully the questions asked in this regard, the insurers, insurance mediators, Other insurance service providers, insured and persons related to insurance business shall have duties.
(6) If an employee or expert assigned to regulate, inspect or monitor in accordance with this section finds any error or deficiency in relation to the work performed by the insurer, its work or document, if any work or document is found to be suspicious or this Act, made under this Act Regulations or PvtIf it is found that it is not in accordance with the instructions issued by the authority, it can make a statement from the concerned authority in this regard.
(7) In the course of regulating, inspecting or monitoring in accordance with this section, if any instructions or orders are to be given immediately, the expert or employee assigned to that task may inform the authority and give the necessary instructions, and it shall be the duty of the concerned insurer or interested person to follow such instructions.
(8) Experts assigned to regulate, inspect or monitor according to this section or. The employee shall submit the inspection or monitoring report to the authority within the period determined by the authority.
(9) If the Authority requests cooperation from the Government of Nepal, any agency of the Government of Nepal, any agency at the provincial or local level, other regulatory agencies or any organized organization in the regulation, inspection or monitoring activities that are or will be conducted in accordance with this Act, such agency or organized organization shall cooperate will be duty.
(10) Other arrangements related to regulation, inspection or monitoring of insurance business shall be as determined by the authority.