You are viewing the translated version of प्राधिकरण स्वशासित र सङ्गठित संस्था हुने.
Section 4
The Authority shall be a self-governing and organized body
(1) The Authority shall be a self-governing body corporate with uninterrupted succession and shall acquire legal personality.
(2) The Authority, as a legal entity, shall: exercise rights, comply with duties and fulfill obligations in accordance with prevailing laws.
Insurance Act, 2049 (1992)
Chapter - 2
Section 3: Establishment of AuthoritySection 4: The Authority shall be a self-governing and organized bodySection 5: Functions, Duties and Powers of the AuthoritySection 6: Formation of CommitteeSection 7: Appointment of Chairman or MemberSection 8: Qualification and Disqualification of Chairman or MemberSection 9: Tenure of Chairman and MembersSection 10: Conditions of Service of Chairman and MembersSection 11: Oath to be takenSection 12: Vacancy of the position of chairman or memberSection 13: NASection 14: To be informed to the authoritySection 15: Regulatory opportunities should not be misusedSection 16: Committee meetingSection 17: Restrictions on decision-making in case of conflict of interestSection 18: Can form committees and sub-committeesSection 19: Staff Regulations
Chapter - 4
Section 24: Insurance business shall not be conducted or carried out without obtaining a certificateSection 25: Incorporation of Insurance CompanySection 26: Pre-approval requiredSection 27: May refuse to give prior approvalSection 28: Notice to be givenSection 29: LicensorSection 30: Insurance business should be startedSection 31: which may prevent the issuance of pre-approval or licenceSection 32: Branch officeSection 33: Can open contact officeSection 34: License revocableSection 35: List to be published
Chapter - 5
Section 36: To maintain paid-up capitalSection 37: May order reduction of capitalSection 38: Insurance FundSection 39: Mandatory Reserve FundSection 40: A disaster fund should be keptSection 41: Claims Payment Fund and Provident FundSection 42: Assets should exceed liabilitiesSection 43: Restriction on Distribution of DividendsSection 44: Allotment of sharesSection 45: Prospectus and Issue of SharesSection 46: Shares cannot be sold, mortgaged or transferred
Chapter - 6
Section 47: Formation of Board of DirectorsSection 48: "Term of office of the directorSection 49: Qualifications of DirectorsSection 50: Eligibility of DirectorSection 51: The situation where the director does not continue in his positionSection 52: Board of Directors MeetingSection 53: Functions, Duties and Powers of the Board of DirectorsSection 54: Committee or sub-committee may be constitutedSection 55: Delegation of PowersSection 56: Management of InsurersSection 57: Appointment of Executive ChiefSection 58: Duties, Duties and Powers of the Executive ChiefSection 59: Management or technical service contractsSection 60: Able to formulate a whistle-blowing policy
Chapter - 7
Section 61: Types of Insurance BusinessesSection 62: Insurance contractSection 63: InsuranceSection 64: Insurance fee Section 65: Collective Insurance FundSection 66: Not InsurableSection 67: Not to carry on business or join property in partnershipSection 68: Property should not be enjoyedSection 69: Things not to be done by the insurerSection 70: Compliance officer to be appointedSection 71: Savings should be distributedSection 72: Risk must be accepted based on net worthSection 73: Investment in subsidiariesSection 74: Sale of property requires approval
Chapter - 11
Chapter - 13
Section 101: Insurers deemed to be troubledSection 102: Reform measures of troubled insurersSection 103: - Special Management GroupSection 104: (1) The special management group formed in accordance with sectionSection 105: Officials to be suspendedSection 106: Notice to be givenSection 107: A new line item must be preparedSection 108: Arrangements after improvement in the condition of the insurerSection 109: Arrangements to be made if the condition of the insurer does not improveSection 110: may recommend for improvement of the financial position of the insurerSection 111: NASection 112: The final report must be submitted
Chapter - 19
Section 134: Action of regulationSection 135: Authority may direct to withhold or cancel insurance paymentsSection 136: May suspend license or prohibit doing businessSection 137: May revoke license of insurerSection 138: 8 FineableSection 139: ProceedingsSection 140: offense; (1) The following actions shall be considered as offenses under this ActSection 141: Punishment PunishmentSection 142: Not being able to do business related to insuranceSection 143: Special provisions relating to the insuredSection 144: Punishment for obstructionSection 145: Limitation of PunishmentSection 146: Government of Nepal to be PlaintiffSection 147: Hearing Officer and Execution of DecisionSection 148: Request detailsSection 149: No hindrance to punishment
Chapter - 20
Section 150: Insured Interest Protection FundSection 151: Insurance Development FundSection 152: Grievance HearingSection 153: Not to be doneSection 154: Can form expert groupsSection 155: Insurance Information CenterSection 156: (1) The authority may establish an insurance-related establishment (Institute) to produce skilled manpower in the insurance sector, to promote insurance educationSection 157: Able to collect dataSection 158: Not to be held accountable for actions done with good intentionsSection 159: Submitting a report to the Government of NepalSection 160: Delegation of authoritySection 161: Contact with the Government of NepalSection 162: Coordinating with Public BodiesSection 163: International cooperation and relationsSection 164: Government of Nepal may give instructionsSection 165: To provide the services of expertsSection 166: Can issue orders and instructionsSection 167: According to this ActSection 168: Power to make rulesSection 169: Making and enforcing regulationsSection 170: Formulation and enforcement of guidelines and proceduresSection 171: Measurement of implementation of the ActSection 172: Repeal and Rescue