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Section 119
NA
Notwithstanding anything contained in this Act or the existing law, the Authority may proceed with the proceedings to initiate the action of Damasahi of any insurer with sufficient grounds to confirm the same in the following cases:-
(a) If the liabilities of the insurer exceed its assets for three consecutive financial years,
(b) If the payment period has expired or if the obligation to pay immediately cannot be fulfilled within the specified period,
(c) If it is decided to initiate the process of marriage according to clause (e) of section 109,
(d) If it is found that the insurer, its director or executive head has acted against the rights and interests of the insured and the instructions given by the authority for its correction have been repeatedly violated,
(e) if the capital fund of the insurer has been ``decreasing'' for three consecutive years,
(f) If the insurer's license is canceled according to sub-section 137, (g) If the insurer applies for cancellation according to section 117.
(a) If the liabilities of the insurer exceed its assets for three consecutive financial years,
(b) If the payment period has expired or if the obligation to pay immediately cannot be fulfilled within the specified period,
(c) If it is decided to initiate the process of marriage according to clause (e) of section 109,
(d) If it is found that the insurer, its director or executive head has acted against the rights and interests of the insured and the instructions given by the authority for its correction have been repeatedly violated,
(e) if the capital fund of the insurer has been ``decreasing'' for three consecutive years,
(f) If the insurer's license is canceled according to sub-section 137, (g) If the insurer applies for cancellation according to section 117.
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