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Rule 15
The amount to be deposited in the reserve fund
Bimak has to deposit the following amount in the reserve fund established in accordance with section 22 of the Act for the purpose of its insurance business obligations in Nepal:-
(a) An amount not less than the total liability determined by the insurance company based on the insurance articles published in Nepal by the insurer doing life insurance business.
(B) Fifty percent of the amount less the net insurance premium shown in the income and expenses of the non-life insurance business.
(c) Fifty percent of the profit made in non-life insurance business until it is equal to the paid-up capital of the insured. But in relation to marine insurance, the amount kept in the reserve fund for at least three years will not be counted as profit.
(d) An amount of one hundred and fifteen percent of the outstanding amount for payment of claims before the end of each financial year.
(a) An amount not less than the total liability determined by the insurance company based on the insurance articles published in Nepal by the insurer doing life insurance business.
(B) Fifty percent of the amount less the net insurance premium shown in the income and expenses of the non-life insurance business.
(c) Fifty percent of the profit made in non-life insurance business until it is equal to the paid-up capital of the insured. But in relation to marine insurance, the amount kept in the reserve fund for at least three years will not be counted as profit.
(d) An amount of one hundred and fifteen percent of the outstanding amount for payment of claims before the end of each financial year.