(1) It shall be the duty of the Corporation to carry on insurance business, subject to this Act and the rules framed under this Act.
(2) Without prejudice to the generality of Sub-section (1), the functions and duties of the Corporation shall be as follows:
(a) 8 To carry on life insurance business,
(b) To make, or cause to be made, re-insurance,
(c) To make investment in such areas within……..Nepal 9  as the Corporation thinks appropriate, and take
necessary steps to safeguard and recover such
(d) If the Corporation thinks just so to do, to take custody of any property furnished as a security with the
Corporation and operate such a property on its own until the required time,
(e) To disburse loans against the security of movable, immovable property,
(f) To borrow loans against the security of such property of the Corporation as the Corporation thinks
appropriate,
(g) To rent, sell or otherwise deal with any property of the Corporation,
(h) To assist the issue of, guarantee and underwrite, shares and debentures of any other corporations, and carry on
the agency business,
(i) To invest abroad if the Corporation thinks reasonable,
(j) To invest in the share capital of other body corporate,
(k) To appoint agents and give commission to them,
(l) To provide guarantee,
(m) To purchase, sell, shares, bonds, debentures, letters of  credit, movable, immovable properties etc, receive and
give discount commissions and carry on brokerage,
(n) To carry on any kinds of relevant business as may be in the interest of the Corporation,
(o) To carryout any acts which are directly or indirectly in the interest of any national donation, benevolent
organizations of the Corporation and provide guarantee for the same,
(p) To provide for funds for providing provident funds, pension, gratuity and other facilities to the permanent
employees of the Corporation,
(q) To issue debentures and preference shares