In addition to the functions, duties and powers mentioned elsewhere in this Act, the functions, duties and powers of the Authority shall be as follows:-
(a) Nepal regarding insurance. Acting as an advisor to the government,
(b) To formulate a national insurance policy and recommend it to the Government of Nepal,
(c) Granting prior approval, granting and revoking licenses for establishment of insurance companies,
(d) Issuing necessary regulations, guidelines, guidance and orders for insurance business (e) Grant, renewal and revocation of licenses to insurance intermediaries,
(f) Determining capital and capital fund related to insurance business,
(G) To create and implement necessary programs to make the insurance business organized, regular, competitive and reliable, (H) To carry out studies, research, training, orientation and awareness activities for the development and expansion of the insurance business,
(i) To decide on the complaint filed by the insured against the insurer regarding the determination of insurance liability,
(h) settling disputes between different parties to the insurance,
(k) To take necessary action in relation to reducing the risk of insurance business,
(l) To produce skilled manpower for the development of insurance business and to formulate and implement programs related to the promotion of insurance education,
(d) Formulating and implementing insurance business promotion programs to restore access to insurance to all people,
(d) Promotion of micro insurance business to increase the access of insurance to the people of low income category,
(n) Coordinating, collaborating and sharing information with other government and non-government bodies for the regulation, inspection, supervision and development of insurance business,
(p) To cooperate with insurance regulatory bodies of foreign countries as well as international organizations, other organizations conducting insurance-related studies, research and training programs,
(h) Government of Nepal or authorities in international organizations related to insurance regulationRepresenting on behalf of and obtaining membership of such organizations,
(d) Conducting and conducting the operation of the insured interest protection fund and other necessary functions,
(d) Coordinating with the Province regarding insurance,
(N) To perform the necessary work in the capacity of regulatory body related to insurance.