Regardless of what is written in the prevailing law, when an insurer is canceled or in bankruptcy, payment of liability shall be made on the basis of the following priority:-
(a) Expenses incurred in proceedings for cancellation or winding-up of insurance,
(b) the amount due or payable to the insured,
(c) Taxes, duties and fees to be paid to the Government of Nepal in accordance with prevailing laws,
(d) the amount of regulation fee to be paid to the Authority,
(e) Remuneration or commission received by the insurance intermediary, _f) Insurance amount due to be paid to other insurers, (g) Salary, allowance, provident fund, gratuity and other amounts due to be paid to employees,
(h) Other liabilities to be borne by the Insurer,
(i) any other obligation to be paid or fulfilled by the Insurer,
(h) Amount to be received by the shareholder.