Insurance Act, 2049 (1992)
Section 16
Payment Of Insurance Claims After The Cancellation Of The Insurer
The Insurer, dissolved by the cause of the cancellation of its registration pursuant to Section 13, shall refund the amount received by it for Insurance to the person,
organization or the Board, within the period and method specified by the Board. It shall refund the principal amount along with bonus as specified by the Board in
the case of Life Insurance and it shall refund the principal amount as specified by the Board on a proportional basis in the case of Non-Life Insurance.
Insurance Act, 2049 (1992)
Chapter - 4
Section 10: Registration Of The InsurerSection 11: Renewal Of Registration Of The InsurerSection 11A: Circumstance On Which Certificate Of Registration Of The Insurer Cannot BerenewedSection 12: Not To Be RegisteredSection 12A: A Ban May Be Imposed On The Insurance BusinessSection 13: Registration Of An Insurer May Be CanceledSection 14: Loan, Guarantee And Security Not To Be Provided To The DirectorsSection 15: Notice To Be ProvidedSection 16: Payment Of Insurance Claims After The Cancellation Of The InsurerSection 17: Insurer Shall Be ResponsibleSection 18: Appointment Of LiquidatorSection 19: Accounts And Records Of The InsurerSection 20: Separate Accounts To Be MaintainedSection 21: Insurance FundSection 22: Compulsory Reserve FundSection 23: The Balance-sheet To Be SubmittedSection 24: Account Of Income To Be SubmittedSection 25: AuditSection 26: Valuation To Be Made By An ActuarySection 27: Insurance Premium To Be Paid Before Holding The RiskSection 28: Re-insurance To Be MadeSection 29: Legal Representative To Be Appointed