Domestic or foreign organized organizations wishing to do insurance business must submit an application to the office of the committee in the format as per schedule-1, in order to register their name as an insurer, with an insurance registration fee of fifty thousand rupees attached.
(2) In addition to the documents mentioned in sub-section (2) of section 10 of the Act, the organization making an application according to sub-rule (1) must also attach other necessary documents confirming the following details with the application.
(a) The total liability of the organized organization while carrying out insurance business is not more than the total assets of the organized organization.
(b) In case of a foreign organized organization, there is sufficient property in Nepal in the name of the organized organization to fulfill the total liability of the insurance business carried out by such organized organization in Nepal.
(c) The name, address and qualification of the manager who discharges the responsibility in the capacity of the head in relation to conducting the insurance business on behalf of the organized organization.
(d) If it is an organized organization registered as a foreign insurer, a certificate obtained from the authorized authority of the respective country to conduct insurance business in accordance with the prevailing laws of that country.
(e) ……………..