Section 10
Registration Of The Insurer
(1) No Person shall operate or cause to operate the Insurance Business without obtaining a certificate pursuant to this Act.
(2) Any national or foreign corporate body desirous to operate an Insurance Business shall submit an application to the office of the Board in the
prescribed form along with the following documents and prescribed fees for the registration of its name as an Insurer :
(a) Memorandum and articles of association of the corporate body,
(b) Insurance Business to be operated and its policies and terms and conditions,
_________________________
# Inserted by first amendment
(c) If life Insurance Business to be operated, documents displaying calculations of the premiums to be received in operating such
business and liability,
(d) The documents regarding the methods of utilizing the amounts to be received from the Insurance, and
(e) Other necessary documents as prescribed by the Board.
(3) The Board shall make necessary investigation upon the application received pursuant to Sub-section (2) and shall make an inquiry with
the applicant, if necessary, and shall register the name of such applicant in the prescribed register-book by mentioning the types of the Insurance Business to be
operated by the applicant and shall provide the registration certificate of Insurer to the applicant in the form as prescribed. In case there is any reasonable ground for not registering the name, the Board shall inform the concerned applicant accordingly. ∆ …….
(4) Notwithstanding anything contained elsewhere in this Section, in the case of the Life Insurance, the Board shall, with the approval of the
Nepal Government, issue a certificate to operate the Business, based on the fulfillment of the criteria which it has fixed, from time to time, in respect of the
operation of the Insurance Business.
(2) Any national or foreign corporate body desirous to operate an Insurance Business shall submit an application to the office of the Board in the
prescribed form along with the following documents and prescribed fees for the registration of its name as an Insurer :
(a) Memorandum and articles of association of the corporate body,
(b) Insurance Business to be operated and its policies and terms and conditions,
_________________________
# Inserted by first amendment
(c) If life Insurance Business to be operated, documents displaying calculations of the premiums to be received in operating such
business and liability,
(d) The documents regarding the methods of utilizing the amounts to be received from the Insurance, and
(e) Other necessary documents as prescribed by the Board.
(3) The Board shall make necessary investigation upon the application received pursuant to Sub-section (2) and shall make an inquiry with
the applicant, if necessary, and shall register the name of such applicant in the prescribed register-book by mentioning the types of the Insurance Business to be
operated by the applicant and shall provide the registration certificate of Insurer to the applicant in the form as prescribed. In case there is any reasonable ground for not registering the name, the Board shall inform the concerned applicant accordingly. ∆ …….
(4) Notwithstanding anything contained elsewhere in this Section, in the case of the Life Insurance, the Board shall, with the approval of the
Nepal Government, issue a certificate to operate the Business, based on the fulfillment of the criteria which it has fixed, from time to time, in respect of the
operation of the Insurance Business.