You are viewing the translated version of परिभाषा.
Section 2
Definition
In this Act, unless the subject or context requires otherwise,-
(a) "Chairman" means the Chairman of the Board of Directors as per Section 6.
(b) "Other insurance service provider" means any person or organization other than an insurer or an insurance intermediary licensed by the Authority to carry out insurance related activities.
(c) "Basic Shareholder" means a person, company or organization owning one percent or more of the paid-up capital of the insurer and the term also refers to the family of such a single household if a member of a single household separately owns one percent or more of the shares.
(d) "Dajajatpatra" means the license granted to carry out insurance business in accordance with this Act and the term also refers to the license granted to insurance intermediaries and other insurance service providers to carry out the prescribed work.
(e) "household family" means the spouse, son or daughter of the person concerned; Daughter-in-law, daughter-in-law, adopted son, adopted daughter-in-law, father, mother, step-mother and any other person who has to support himself or who supports him.
(f) "Chief Executive Officer" means the Chief Executive Officer who is responsible for the administrative, managerial or business operations of the insurer appointed under section 57.
(g) "net assets" means the sum of all liabilities and accumulated losses, if any, other than any named reserves, funds or accumulated profits or goodwill of the insurer to which the paid-up capital and shareholders are entitled from the immediate total assets of the insurer. The amount should be remembered. (h) "Life insurance" means the life insurance of a person, if a specific amount is paid in lump sum or in installments based on his age, he or a person authorized by him or in case of his death, a person authorized by him or a person whom he wishes or his rightful person, as mentioned in the policy To receive the amount: means the contract entered into by the insurer with the insured (i) "Third Party Facilitator"- means for conducting insurance between the Insurer and the InsuredA licensed insurance intermediary acting as an intermediary.
(h) “specified”. or "as prescribed" means as prescribed or prescribed in this Act or the rules or regulations made under this Act.
(k) "close relative" means a family member including mother-in-law, father-in-law, brother-in-law, brother-in-law, sister-in-law, sister-in-law, brother-in-law, sister-in-law, cousin, uncle, aunt, maternal uncle, cousin, grandson, granddaughter, great-granddaughter-in-law, nephew, Nephew, fupu, fupazu, nephew, niece, bhada, bhadai and the husband, wife, son, daughter-in-law or daughter-in-law of those relatives should be considered relatives. "Nirjeevan insurance" means insurance other than life insurance and reinsurance, and the term means an agreement made by the insurer with the insured to provide a certain amount of damages or compensation for accepting the risk as mentioned in the insurance policy by charging an insurance fee in relation to the risk of any property or liability.
(d) "Reinsurance" means an agreement entered into by an insurer with such insurer whereby the reinsurer or another insurer bears the risk in excess of the risk assumed by him.
(d) "Proposed Insurance Company" means a Public Limited Company proposed to be incorporated in accordance with prevailing laws for the purpose of doing insurance business.
(n) "Authority" means the Nepal Insurance Authority as per section 3.
(s) "Insurer" means an insurance company or a reinsurance company licensed to carry on insurance business in accordance with this Act.
(q) "Insurance agent" means a licensed insurance intermediary person or organization acting on commission basis on behalf of an insurer, other than an employee of the insurer. (d) "Insurance contract" means a written contract made between the insurer and the insured on the condition of bearing the risk as per the contract on payment of certain insurance premiums.
(d) "Insurance broker" means an insurance intermediary person or entity licensed to act as an insurance broker in relation to insurance business.
(n) "Insurance pool" means a risk pooled by the insurers collectively in respect of an insurance or risk of a particular nature;Collective insurance fund established to transfer, collect insurance premiums at one place, arrange reinsurance and arrange payment of claims.
(c) “Insurance Intermediary” means an insurance agent, insurance surveyor, insurance broker, third party facilitator or other insurance intermediary licensed by the Authority.
(f) "Insurance business" means life insurance business, non-life insurance business or reinsurance business.
(b) "Insured" means a person who has obtained the title of Insurer from a recognized institution to assess the assets and liabilities of the Insurer.
(b) "Insurance" means an insurance policy issued to the insured by the insurer accepting any risk.
(m) "Insurance surveyor" means a person or organization licensed as an insurance intermediary, appraiser of damaged property and liability;
(y) "Insurance Fee" shall mean the amount taken by the Insurer from the Insured in lump sum or in installments as consideration for insurance.
(r) "Insured" means the person insuring and the term also includes the person entitled to benefit from the policy.
(l) "Bonus" means a share or amount of profit paid to the insured on the basis of the sum assured under life insurance which is transferred to profit.
(v) "Ministry" means the Ministry of Finance of the Government of Nepal.
(q) "Minimum insurance" means mini insurance aimed at low-income, economically, socially and geographically backward groups as per paragraph-8. (f) “Auditor” means an auditor licensed under the prevailing law to conduct audits.
(c) "Financial interest" means the involvement of the following persons, institutions, firms, companies or organizations in the insurance:-
(1) Director or basic shareholder or executive head or member of his immediate family,
(2) A sole or joint firm, company or body corporate having the right to nominate directors,
(3) Sub-section (2) the director, executive head or a member of his immediate family of a firm, company or organized organization, or
(4) If the person, firm, company or organization as per sub-section (1) or (2) has taken ten percent or more shares of the paid-up capital in any other single or joint firm, company or organization, the firm, company or organization that has taken such shares institution. (h) "Foreign insurance company" means an insurance company licensed to do insurance business in Nepal under this Act after obtaining a license to do insurance business in a foreign country.
(k) "Managerial level" means a manager who is involved in the decision-making process related to the operation and management of an organized organization and the term means a manager appointed as the head of an organized organization or any of its branches or units in such a way as to have the ultimate responsibility or authority. Also refers to a person holding the designation of manager or an officer of the second grade or higher.
(f) "Board of Directors" means the Board of Directors of the Insurer constituted as per section 47.
(The term "member" means a member of the board of directors of the authority and the term also refers to the chairman.
(CoC) "Committee" means the Board of Directors of the Authority constituted under section 6.
(b) "Collective Insurance Fund" shall mean a collective insurance fund (insurance bridge) established by insurers to bear the risk collectively, collect insurance premiums at one place, arrange reinsurance and arrange payment of claims in relation to certain types of insurance or risks.
(Kg) "Permanent Residence Permit" means Diversity Immigrant Visa (DV), Permanent Resident Visa: (PR) or Green provided to Nepalese citizens to reside permanently in that country with or without any conditions. Card should be understood and the word also refers to the permanent residence permit of any name given to Nepalese citizens to live abroad permanently.
(a) "Chairman" means the Chairman of the Board of Directors as per Section 6.
(b) "Other insurance service provider" means any person or organization other than an insurer or an insurance intermediary licensed by the Authority to carry out insurance related activities.
(c) "Basic Shareholder" means a person, company or organization owning one percent or more of the paid-up capital of the insurer and the term also refers to the family of such a single household if a member of a single household separately owns one percent or more of the shares.
(d) "Dajajatpatra" means the license granted to carry out insurance business in accordance with this Act and the term also refers to the license granted to insurance intermediaries and other insurance service providers to carry out the prescribed work.
(e) "household family" means the spouse, son or daughter of the person concerned; Daughter-in-law, daughter-in-law, adopted son, adopted daughter-in-law, father, mother, step-mother and any other person who has to support himself or who supports him.
(f) "Chief Executive Officer" means the Chief Executive Officer who is responsible for the administrative, managerial or business operations of the insurer appointed under section 57.
(g) "net assets" means the sum of all liabilities and accumulated losses, if any, other than any named reserves, funds or accumulated profits or goodwill of the insurer to which the paid-up capital and shareholders are entitled from the immediate total assets of the insurer. The amount should be remembered. (h) "Life insurance" means the life insurance of a person, if a specific amount is paid in lump sum or in installments based on his age, he or a person authorized by him or in case of his death, a person authorized by him or a person whom he wishes or his rightful person, as mentioned in the policy To receive the amount: means the contract entered into by the insurer with the insured (i) "Third Party Facilitator"- means for conducting insurance between the Insurer and the InsuredA licensed insurance intermediary acting as an intermediary.
(h) “specified”. or "as prescribed" means as prescribed or prescribed in this Act or the rules or regulations made under this Act.
(k) "close relative" means a family member including mother-in-law, father-in-law, brother-in-law, brother-in-law, sister-in-law, sister-in-law, brother-in-law, sister-in-law, cousin, uncle, aunt, maternal uncle, cousin, grandson, granddaughter, great-granddaughter-in-law, nephew, Nephew, fupu, fupazu, nephew, niece, bhada, bhadai and the husband, wife, son, daughter-in-law or daughter-in-law of those relatives should be considered relatives. "Nirjeevan insurance" means insurance other than life insurance and reinsurance, and the term means an agreement made by the insurer with the insured to provide a certain amount of damages or compensation for accepting the risk as mentioned in the insurance policy by charging an insurance fee in relation to the risk of any property or liability.
(d) "Reinsurance" means an agreement entered into by an insurer with such insurer whereby the reinsurer or another insurer bears the risk in excess of the risk assumed by him.
(d) "Proposed Insurance Company" means a Public Limited Company proposed to be incorporated in accordance with prevailing laws for the purpose of doing insurance business.
(n) "Authority" means the Nepal Insurance Authority as per section 3.
(s) "Insurer" means an insurance company or a reinsurance company licensed to carry on insurance business in accordance with this Act.
(q) "Insurance agent" means a licensed insurance intermediary person or organization acting on commission basis on behalf of an insurer, other than an employee of the insurer. (d) "Insurance contract" means a written contract made between the insurer and the insured on the condition of bearing the risk as per the contract on payment of certain insurance premiums.
(d) "Insurance broker" means an insurance intermediary person or entity licensed to act as an insurance broker in relation to insurance business.
(n) "Insurance pool" means a risk pooled by the insurers collectively in respect of an insurance or risk of a particular nature;Collective insurance fund established to transfer, collect insurance premiums at one place, arrange reinsurance and arrange payment of claims.
(c) “Insurance Intermediary” means an insurance agent, insurance surveyor, insurance broker, third party facilitator or other insurance intermediary licensed by the Authority.
(f) "Insurance business" means life insurance business, non-life insurance business or reinsurance business.
(b) "Insured" means a person who has obtained the title of Insurer from a recognized institution to assess the assets and liabilities of the Insurer.
(b) "Insurance" means an insurance policy issued to the insured by the insurer accepting any risk.
(m) "Insurance surveyor" means a person or organization licensed as an insurance intermediary, appraiser of damaged property and liability;
(y) "Insurance Fee" shall mean the amount taken by the Insurer from the Insured in lump sum or in installments as consideration for insurance.
(r) "Insured" means the person insuring and the term also includes the person entitled to benefit from the policy.
(l) "Bonus" means a share or amount of profit paid to the insured on the basis of the sum assured under life insurance which is transferred to profit.
(v) "Ministry" means the Ministry of Finance of the Government of Nepal.
(q) "Minimum insurance" means mini insurance aimed at low-income, economically, socially and geographically backward groups as per paragraph-8. (f) “Auditor” means an auditor licensed under the prevailing law to conduct audits.
(c) "Financial interest" means the involvement of the following persons, institutions, firms, companies or organizations in the insurance:-
(1) Director or basic shareholder or executive head or member of his immediate family,
(2) A sole or joint firm, company or body corporate having the right to nominate directors,
(3) Sub-section (2) the director, executive head or a member of his immediate family of a firm, company or organized organization, or
(4) If the person, firm, company or organization as per sub-section (1) or (2) has taken ten percent or more shares of the paid-up capital in any other single or joint firm, company or organization, the firm, company or organization that has taken such shares institution. (h) "Foreign insurance company" means an insurance company licensed to do insurance business in Nepal under this Act after obtaining a license to do insurance business in a foreign country.
(k) "Managerial level" means a manager who is involved in the decision-making process related to the operation and management of an organized organization and the term means a manager appointed as the head of an organized organization or any of its branches or units in such a way as to have the ultimate responsibility or authority. Also refers to a person holding the designation of manager or an officer of the second grade or higher.
(f) "Board of Directors" means the Board of Directors of the Insurer constituted as per section 47.
(The term "member" means a member of the board of directors of the authority and the term also refers to the chairman.
(CoC) "Committee" means the Board of Directors of the Authority constituted under section 6.
(b) "Collective Insurance Fund" shall mean a collective insurance fund (insurance bridge) established by insurers to bear the risk collectively, collect insurance premiums at one place, arrange reinsurance and arrange payment of claims in relation to certain types of insurance or risks.
(Kg) "Permanent Residence Permit" means Diversity Immigrant Visa (DV), Permanent Resident Visa: (PR) or Green provided to Nepalese citizens to reside permanently in that country with or without any conditions. Card should be understood and the word also refers to the permanent residence permit of any name given to Nepalese citizens to live abroad permanently.