(1) Before the public issue of bonds, the insurer shall submit the prospectus approved by the Nepal Securities Board to the authority in accordance with the prevailing law.
(2) Unless the prospectus is submitted in accordance with sub-section (1), the insurer or no one on his behalf shall be allowed to publish such prospectus.
(3) The authority shall not register such prospectus until the authority receives the written information that the prospectus has been approved by the Nepal Securities Board in accordance with sub-section (1). (4) An insurer may issue shares to the general public only after completion of one year of commencement of insurance business. While issuing the shares in that way, the audit of the last year should be completed.
(5) Regardless of what is written in the current law, the insurer shall demand 100 percent of the face value of the shares when inviting applications for the purchase of shares from the general public.