chhatramani/Nepal-Legal-Text-Corpus-44laws huggingface dataset:
दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ६५ः दामासाही प्रशासन कार्यालय स्थापना हुने
१) यो ऐन प्रारम्भ भएपछि नेपाल सरकारले नेपाल राजपत्रमा सूचना प्रकाशन गरी दामासाही प्रशासन कार्यालय स्थापना गर्नेछ। यसरी कार्यालयको स्थापना नभएसम्म नेपाल सरकारले आफ्नो कुनै कार्यालयलाई दामासाही प्रशासन कार्यालयको काम गर्ने गरी तोक्न सक्नेछ।
२) उपदफा (१) बमोजिम स्थापना भएको कार्यालयले देहायको कार्य गर्नेछ;
(क) दामासाही सम्बन्धी व्यवसायको प्रशासन गर्ने,
(ख) दामासाही सम्बन्धी व्यवसायीको दर्ता गर्ने, इजाजतपत्र दिने तथा सोको नवीकरण गर्ने,
(ग) दामासाहीमा परेको कम्पनीको व्यवस्थापनको सामान्य सुपरिवेक्षण गर्ने,
(घ) दामासाही सम्बन्धी व्यवसायीहरूले पालना गर्ने पदीय आचरणको अनुसन्धान गर्ने,
(ङ) दामासाहीमा परेका प्रत्येक कम्पनीको अभिलेख खडा गर्ने,र
(च) तोकिए बमोजिमको अन्य काम गर्ने।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ६६ः इजाजतपत्र निलम्बन वा बदर गर्न सकिने
१) अदालतले दफा ६४ को उपदफा (३) बमोजिम इजाजतपत्रप्राप्त व्यक्तिले इजाजतपत्र अनुसारको काम नगरेको उजुरी परेमा वा कार्यालयले प्रतिवेदन गरेमा वा अदालत आफैलाई लागेमा सोको कारबाही प्रारम्भ गरी त्यस्तो व्यक्तिको इजाजतपत्र निलम्बन वा बदर गर्ने आदेश दिन सक्नेछ।
२) उपदफा (१) बमोजिम आदेश दिनुअघि त्यस्तो व्यक्तिलाई सफाईको मौका दिनु पर्नेछ।
३) अदालतले देहायका आधारमा उपदफा (१) बमोजिमको आदेश दिन सक्नेछ;
(क) इजाजतपत्रप्राप्त व्यक्तिले यस ऐन बमोजिम गर्न नहुने काम गरेमा,
(ख) इजाजतपत्रप्रास व्यक्तिले यस ऐन बमोजिम गर्नु पर्ने काम लापरबाहीसाथ गरेमा वा ठीकसँग गर्न नसकेमा,
(ग) दामासाहीको व्यवसाय गर्ने इजाजतपत्रप्राप्त व्यक्ति आफै दामासाहीमा परेमा,
(घ) दामासाहीको व्यवसाय गर्न इजाजतपत्रप्रापत व्यक्ति भ्रष्टाचार, ठगी वा कीर्ते जालसाजीको कसूरमा अदालतबाट दोषी ठहरिएमा ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ६७ः पद रिक्त भएमा अदालतले पूर्ति गर्ने
यस ऐन बमोजिम नियुक्त भएको पुनर्संरचना व्यवस्थापक वा लिक्विडेटरको दफा ६६ को उपदफा (१) बमोजिम इजाजतपत्र निलम्बन वा बदर भएमा वा. अन्य कुनै कारणले निजको पद रिक्त भएमा शुरु नियुक्ति हुँदाको प्रक्रिया पुरा गरी अदालतले यस ऐन बमोजिम योग्यता पुगेको अन्य कुनै व्यक्तिलाई नियुक्त गर्न आदेश दिन सक्नेछ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ६८ः पारिश्रमिक
१) यस ऐन बमोजिम नियुक्त जाँचबुझ अधिकारी, पुनर्संरचना व्यवस्थापक वा लिक्विडेटरको पारिश्रमिक साहूको सभाले समय समयमा निर्धारण गरे बमोजिम हुनेछ।
२) उपदफा (१) बमोजिम पारिश्रमिक निर्धारण हुन नसकेमा कार्यालयको प्रतिवेदनको आधारमा अदालतले त्यस्तो पारिश्रमिक तोकिदिन सक्नेछ।
दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ६९ः छुट्टै खाता खडा गर्नु पर्ने
१) यस ऐन बमोजिम नियुक्ति भएको पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले यस ऐन बमोजिम दामासाही सम्बन्धी कारबाही गर्दा आफू नियुक्ति भएको प्रत्येक कम्पनीको छुट्टै बैङ्क खाता खोली खाता सञ्चालन गर्नु पर्नेछ।
२) उपदफा (१) बमोजिम खोलिएको बैङ्क खातामा निजले प्राप्त गरेको सम्पूर्ण रकम जम्मा गरिनेछ।
३) उपदफा (१) बमोजिम खोलेको बैङ्क खातामा जम्मा भएको बचत रकम तोकिएको क्षेत्रमा मात्र लगानी गर्नु पर्नेछ ।
४) उपदफा (१) मा लेखिएदेखि बाहेक पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले दामासाहीमा परेको प्रत्येक कम्पनीको दामासाही सम्बन्धी कारबाहीको पूर्ण तथा यथार्थ विवरण देखिने अन्य लेखा तथा सोको बहीखाता खडा गर्नेछ र त्यस्तो बहीखाताको विवरण आवश्यकता अनुसार अदालत वा कार्यालयमा पेश गर्नु पर्नेछ ।
५) पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले आफ्नो कर्तव्य पालना गरिसकेपछि यस दफा बमोजिम आफूले खडा गरेका लेखा तथा बहीखाता र सोको विवरण कानुन बमोजिम लेखापरीक्षण गराई कार्यालयमा बुझाउनु पर्नेछ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ७०ः अदालतको आदेशबाट हटाउन सकिने
१) यस ऐन बमोजिम नियुक्त पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले निजलाई तोकिएको कुनै कम्पनीको दामासाही सम्बन्धी कारबाही गर्दा यस ऐन बमोजिम नगरेको भन्ने उजूरी परेमा वा निजको आचरण यस ऐन विपरीत भएमा अदालतले निजलाई हटाउने आदेश दिन सक्नेछ।
२) उपदफा (१) बमोजिमको आदेश दिनुअघि सम्बन्धित व्यक्तिलाई सफाईको मौकाबाट वञ्चित गरिने छैन।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-८ दामासाही सम्बन्धी व्यवसाय र सोको नियमन तथा प्रशासन

दफा ७१ः सूचना वा जानकारी दिनु पर्ने
1
यस ऐन बमोजिम कम्पनीको पुनर्संरचना कार्यक्रम कार्यान्वयन गर्दा वा दामासाही सम्बन्धमा गरेको कुनै निर्णय, कामकारबाही वा कम्पनीको वित्तीय कारोबारको सम्बन्धमा अदालत, कार्यालय वा कुनै साहूले कुनै सूचना वा जानकारी मागेमा सम्बन्धित जाँचबुझ अधिकारी, पुनर्संरचना व्यवस्थापक वा लिक्विडेटरले सम्बन्धित अदालत, कार्यालय वा साहूलाई अविलम्ब त्यस्तो सूचना वा जानकारी दिनु पर्नेछ।
1
सम्पत्ति शुद्धीकरण (मनी लाउण्डरिङ्ग) निवारण तथा व्यावसायिक वातावरण प्रवर्द्धन सम्बन्धी केही ऐनलाई संशोधन गर्ने ऐन, २०८० द्वारा संशोधित ।
दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-९ विविध

दफा ७२ः कसूर र सजाय
१) कसैले देहायको कुनै कार्य गरे गराएमा यस ऐन बमोजिम कसूर गरेको मानिनेछ;
(क) कम्पनीको सञ्चालक पदमा बहाल रहेका व्यक्तिले दफा १६ बमोजिम कम्पनीको वित्तीय स्थिति तथा कारोबारको सम्बन्धमा तोकिएको ढाँचामा अदालतमा प्रतिवेदन नदिएमा,
(ख) यस ऐन बमोजिम कार्यालयबाट इजाजतपत्र प्राप्त नगरी कसैले दामासाही सम्बन्धी व्यवसाय सञ्चालन गरेमा,
(ग) कम्पनीको सञ्चालकले कम्पनी दामासाहीमा परेको वा पर्न लागेको कुरा जानीजानी लुकाएमा,
(घ) दामासाही सम्बन्धी व्यवसायीले यस ऐन बमोजिम गर्नु पर्ने कार्य असल नियतकासाथ सम्पन्न नगरेमा, वा
(ङ) कम्पनीको सञ्चालक वा कर्मचारी वा शेयरवाला वा कुनै व्यक्तिले कम्पनी वा त्यसका साहूहरूलाई जालसाजी, ठगी वा झुक्याउने कार्य गरेमा ।
२) उपदफा (१) को खण्ड (क) बमोजिमको कसूर गर्ने सञ्चालकलाई अदालतले पचास हजार रुपैयाँसम्म जरिबाना गर्न सक्नेछ।
३) उपदफा (१) को खण्ड (ख) बमोजिमको कसूर गर्ने व्यक्तिलाई अदालतले दश हजार रुपैयाँदेखि पचास हजार रुपैयाँसम्म जरिबाना गर्न सक्नेछ ।
४) उपदफा (१) को खण्ड (ग) बमोजिमको कसूर गर्ने सञ्चालकलाई दुई लाख रुपैयाँसम्म जरिबाना हुनेछ र त्यस्तो जरिबाना सञ्चालकले व्यक्तिगतरुपमा बुझाउनु पर्नेछ।
५) उपदफा (१) को खण्ड (घ) बमोजिम दामासाही सम्बन्धी व्यवसायीले गर्नु पर्ने कार्य असल नियतका साथ सम्पन्न नगरी कम्पनी वा साहू वा सम्बन्धित पक्षलाई कुनै नोक्सानी पर्न गएमा त्यस्तो नोक्सानीबापतको क्षतिपूर्ति निजबाट भराई निजलाई पाँच लाख रुपैयाँसम्म जरिबाना हुन सक्नेछ।
६) उपदफा (१) को खण्ड (ङ) बमोजिमको कसूर गर्ने सञ्चालक, कर्मचारी, शेयरवाला वा कुनै व्यक्तिलाई अदालतले बिगो भराई एक वर्षदेखि दुई वर्षसम्म कैद र एक लाखदेखि पाँच लाख रुपैयाँसम्म जरिबाना गर्न सक्नेछ ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-९ विविध

दफा ७३ः मुद्दा दायर गर्न सकिने
दफा ७२ बमोजिमको कसूर गरेको देखिएमा सोको आधार सहित लिक्विडेटर, कार्यालय वा सम्बन्धित पक्षले सम्बन्धित अदालतमा मुद्दा दायर गर्न सक्नेछ ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-९ विविध

दफा ७४ः खर्च तथा क्षतिपूर्ति भराउन सक्ने
१) यस ऐन बमोजिम शुरु गरिएको दामासाही सम्बन्धी काम कारबाहीका सम्बन्धमा अदालतले दिएको आदेश वा निर्णय उपर कुनै व्यक्तिको सम्बन्धित अदालतमा पुनरावेदन परी पुनरावेदन तहबाट समेत अदालतको आदेश वा निर्णय सदर भएमा यस्तो कारबाहीका सिलसिलामा अर्को पक्षले व्यहोर्नु परेको सम्पूर्ण खर्च पुनरावेदन गर्ने व्यक्तिबाट भराई लिन पाउनेछ।
२) कुनै व्यक्तिले उपदफा (१) बमोजिम कारबाही चलाएको कारणबाट दामासाहीको काम कारबाही लम्बिन गई सम्बन्धित कम्पनी वा त्यसका साहू वा शेयरधनीहरुलाई कुनै हानि नोक्सानी पुग्न गएको देखिएमा अदालतले त्यस्तो व्यक्तिबाट वास्तविक हानि नोक्सानीको क्षतिपूर्ति समेत भराइदिन सक्नेछ ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-९ विविध

दफा ७५ः नियम बनाउन सक्ने
यस ऐनको उद्देश्य कार्यान्वयन गर्न नेपाल सरकारले आवश्यक नियमहरु बनाउन सक्नेछ।

दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-९ विविध

दफा ७६ः निर्देशिका बनाउन सक्ने
दामासाही सम्बन्धी काम कारबाहीलाई सहज तुल्याउन कार्यालयले आवश्यक निर्देशिका बनाउन सक्नेछ।
दामासाही सम्बन्धी ऐन २०६३

परिच्छेद-९ विविध

दफा ७७ः दामासाही सम्बन्धी अध्यादेश निष्क्रिय भएपछि त्यसको परिणाम
दामासाही सम्बन्धी अध्यादेश, २०६२ निष्क्रिय भएपछि अर्को अभिप्राय नदेखिएमा त्यस्तो निष्क्रियताले,
(क) सो अध्यादेश निष्क्रिय हुँदाका बखत चल्ती नभएको वा कायम नरहेको कुनै कुरा पनि जगाउने छैन,
(ख) सो अध्यादेश बमोजिम चालू भएको कुरा वा सो बमोजिम रीत पुर्‍याई अघि नै गरिएको कुनै काम वा भोगिसकेको कुनै कुरालाई असर पार्ने छैन,
(ग) सो अध्यादेश बमोजिम पाएको, हासिल गरेको वा भोगेको कुनै हक, सुविधा, कर्तव्य वा दायित्वमा असर पार्ने छैन,
(घ) सो अध्यादेश बमोजिम गरिएको कुनै दण्ड सजाय वा जफतलाई असर पार्ने छैन,
(ङ) माथि लेखिएको कुनै त्यस्तो हक, सुविधा, कर्तव्य, दायित्व वा दण्ड सजायका सम्बन्धमा गरिएको कुनै काम कारबाही वा उपायलाई असर पार्ने छैन र उक्त अध्यादेश कायम रहे सरह त्यस्तो कुनै कानुनी कारबाही वा उपायलाई पनि शुरु गर्न, चालू राख वा लागू गर्न सकिनेछ।
द्रष्टव्य- न्याय प्रशासन ऐन, २०७३ द्वारा रूपान्तर भएका शब्दहरू ;
“पुनरावेदन अदालत” को सट्टा “उच्च अदालत” ।
(मिति २०८०/ १/४ गते अद्यावधिक गरेको
)
Insurance Act 2079

Preamble
The date of the certification
2079/06/23
The Act of amending
1. Anti-money laundering and the business environment
Amendments to the Promotional Act, 2080                                   2080/12/30
Act No. 27 of the year 2079
An Act to amend and consolidate the law relating to insurance
Preamble: It is desirable to amend and consolidate the existing laws relating to insurance in order to develop the insurance system and the insurance business by making it systematic, regular, competitive and reliable to provide quality and reliable insurance services to the public through healthy competition in the insurance business, and to protect the rightful interests of the insured by effectively regulating the insurance business,
The Federal Parliament has made it.

Insurance Act 2079

Chapter-1 Preliminary
1) The name of this Act is ” Insurance Act, 2079.”
2) This Act shall also apply in respect of branch offices established by the insurer in the State of Nepal and anywhere outside Nepal.

Insurance Act 2079

Section 1: Short title and commencement
1) The name of this Act is “Insurance Act, 2079.”
2) This Act shall also apply in respect of branch offices established by the insurer in the State of Nepal and anywhere outside Nepal.
Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 3: Establishment of the Authority
1) Nepal Insurance Authority has been established to act as a regulatory body for the insurance business.
2) The central office of the authority shall be situated in Kathmandu Valley, and the authority may, as required, open its branch or contact office within or outside Nepal.

Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 4: The Authority shall be an autonomous and incorporated body
1) The Authority shall be a self-governing body with a perpetual succession and shall have legal personality.
2) The authority shall exercise all the rights and abide by all the duties and responsibilities, as per prevailing laws, in the capacity of the legal person.
Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 5: Functions, Duties and Power of the Authority
In addition to the functions, duties and powers set out elsewhere in this Act, the functions, duties and powers of the Authority shall be as follows:
(a) Act as an advisor of the Government of Nepal regarding insurance,
(b)  Draft the National Policy on insurance and make recommendations to the government of Nepal,
(c) Grant prior approval for establishing an Insurance company, issue a license or revoke such license,
(d) Formulate necessary byelaws, directives, guidelines or orders for the insurance business,
(e) Issue, renew and revoke licenses to Insurance intermediaries,
(f) Determine the capital and capital fund required for the insurance business,
(g) Prepare and implement the necessary programs to make the insurance business systematic, regular, competitive and credible,
(h) Conduct or cause to conduct the study, research, training, orientation or outreach programs for the development and expansion of the Insurance business,
(i) Make decisions on determining the insurance liability against the complaints filed by the insured against the insurer,
(j) Dispute resolution of various parties of insurance,
(k) Take necessary actions for minimisation of risk in the insurance business,
(l) Prepare and implement the programs for the development of human resources and for the promotion of insurance education for the development of insurance in the business,
(m) Prepare and implement the insurance promotion programs to increase access to insurance for all people,
(n) Promote micro-insurance businesses to ensure the access to insurance for the people with low income,
(o) Cooperate, coordinate and exchange information with other governmental, or non-governmental organisations for the regulation, inspection, supervision and development of the insurance  business,
(p) Cooperate with foreign Insurance Regulatory Agency, international organisations or other organisations that conduct studies, research and training in insurance,
(q) Represent the Government of Nepal or an Authority in an International organisation relating Insurance  Regulation and t obtain membership in such organisation,
(r) Operate Fund for the protection  of the interest of Policy Holders and carry out our cause to carry out other necessary activities,
(s) Coordinate with provinces regarding insurance,
(t)  Carry out other necessary activities relating to insurance as a Regulatory Agency.
Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 6: Formation of the Board
1) The Authority shall consist of a Board of Directors as follows:
(a)
The person nominated by the Nepal Government
Chairman
(b)
Joint Secretary, Finance Ministry
Member
(c)
Joint Secretary, Ministry of Law, Justice and Parliamentary Affairs
Member
(d)
Nominated by the Government of Nepal from among the persons having special knowledge in the Life Insurance business
Member
(e)
Nominated by the Government of Nepal from among the persons having special expertise in the non-life insurance business
Member
2) The appointment of members pursuant to clauses (d) and (e) of sub-section (1) shall be made so as to include at least one woman.
3) An officer of the rank of an officer appointed by the Authority shall act as Secretary to the Committee.

Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 7: Appointment of Chairperson or Member
1) There shall be a committee consisting of the Secretary of the Ministry and an expert member related to the insurance sector under the coordination of the member looking after the relevant area of the National Planning Commission to recommend the name before the Government of Nepal for the appointment of the chairman of the committee and on the recommendation of the committee, the chairman shall be appointed in accordance with this section.
2) For the appointment of Chairperson under sub-section (1), the recommendation committee shall recommend the names of at least three persons to the Government of Nepal from among the persons qualified under Section 8 of this Act.
3) The Government of Nepal shall appoint the Chairperson from the persons recommended as per sub-section (2).
4) The appointment of Chairperson pursuant to sub-section (3) shall be made one month prior to the vacancy of such post.
5) The Government of Nepal shall appoint the members pursuant to clauses (d) and (e) of sub-section (1) of section 6 from among the persons who have attained the qualification pursuant to sub-section (1) of section 8. In such an appointment, at least one woman will have to be appointed to represent.
Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 8: Qualification and Disqualification of Chairperson and Member
1) The following qualifications in order to be eligible to be appointed as Chairperson or member of the Authority:
(a) One who has obtained a Master’s degree or equivalent in the subject of Insurance, monetary, banking, commerce, public administration, statistics, mathematics, economics, or law and has gained at least five years of higher management-level experience in the related field,
(b) Who has maintained higher moral character,
(c) One who is not disqualified under sub-section (3).
2) Notwithstanding anything contained in sub-section (1), such qualification shall not be required in respect of a member pursuant to clauses (b) and (c) of sub-section (1) of section 6.
3) The following persons shall be disqualified from being appointed as chairperson or member of the Authority or, if already appointed, shall be removed:
(a) Not Nepali Citizen,
(b) Incumbent Employee or Director or Advisor of Insurer,
(c) Substantial shareholder of any insurer or any of his family members is a substantial shareholder of any insurer or having a financial interest or substantial shareholder of any corporate body in which any insurer has a financial interest,
(d) One who is adjudicated as an insolvent as per prevailing laws,
(e) One who is unable to continue to serve in the council due to physical or mental circumstances,
(f) One who is sentenced to punishment by the court upon being convicted of an offence of corruption or banking related or insurance-related or fraud, human trafficking, money laundering, or organised crime or any offence involving moral turpitude,
(g) One who is blocklist as per prevailing laws and a period of at least three years has not been completed after removal name from blocklist,
(h) One who has been punished by a regulatory authority established as per prevailing laws or by the court,
(i) One who has obtained the permission of permanent residency in any foreign country,
(j) One who has separated from any insurer from the capacity of Chairperson, director, Executive Chief, or Officer of Top Level Management and a period of 2 years has not lapsed upon separation.

Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 9: Tenure of Chairperson and Members
1) The term of office of the Chairperson and the members appointed pursuant to clauses (d) and (e) of sub-section (1) of Section 6 shall be four years from the date of appointment.
2) The Government of Nepal may, if it deems appropriate, re-appoint the Chairperson or a member for one additional term.

Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 10: Conditions of Service of the Chairperson and Members
1) The chairperson shall be a full-time employee of the authority.
2) The remuneration and other conditions of service and facilities of the chairperson or members of the Authority shall be as prescribed.
Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 11: Oath to be taken
Before assuming their duties, the Chairperson and the members appointed pursuant to clauses (d) and (e) of sub-section (1) of Section 6 shall take an oath of office and secrecy before the Minister of Finance of the Government of Nepal in the format as per the Schedule.

Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 12: Vacancy in the office of Chairperson or Member
1) The Chairperson or a member shall not continue in office in any of the following circumstances:-
(a) If one submits a written resignation to the Government of Nepal.
(b) If one becomes disqualified as a Chairperson or member pursuant to Section 8 of sub-section (3).
(c) If the Government of Nepal removes him due to reasons of misconduct or incompetence to carry on his functions or inability to fulfil his duties and responsibilities pursuant to sub-section (2).
2) For the purpose of removal of the Chairperson or member pursuant to sub-section (1) clause (c), the Government of Nepal may release the Chairperson or member upon the recommendation of the Inquiry Committee formed as under:
(a)
Appointed by the Government of Nepal from amongst retired judges of the High Court
Chairman
(b)
Appointed by the Government of Nepal from amongst persons who had acquired master’s degrees and obtained a minimum of ten years experience in the field of insurance or financial sectors (2 members from different sectors)
Member
3) The Chairperson or member against whom inquiry is being made by the Inquiry committee shall remain
ipso facto
suspended for the period of inquiry made by the committee so formed.
4) The tenure of the inquiry committee formed under sub-section (2) shall be a maximum of three months from the date of formation.
5) If due to any reasons, the post of Chairperson or member of the inquiry committee formed under sub-section (2) becomes vacant, the Government shall appoint any person to that vacancy for the remaining tenure by fulfilling the same procedures as the person was appointed.
Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 13: Functions Duties and Powers of the Chairperson
The functions, duties and powers of the Chairperson as mentioned elsewhere in this Act shall be as follows:-
(a) To act as Chief Administrative and Chief Executive Officer (CEO) of the authority,
(b) To prepare and review the Authority’s insurance-related and other policies, rules, regulations, directives, working procedures, periodic plans and annual programs and submit them to the committee for approval,
(c) To implement or cause to implement such long-term and short-term plans and policies, directives, rules, regulations, work procedures and annual work plan as necessary to be adopted by the Authority for the management and development of insurance business,
(d) To operate and manage the Authority,
(e) To manage and regularise the activities of the Authority,
(f) To act as a mediator to resolve disputes between the insurer and insured,
(g) To do or cause to do functions associated with regulation, inspection and monitoring of insurance business,
(h) To provide permission to open or close branches, sub-branches or other offices of insurance companies,
(i) To take action with regard to regulation by using the powers conferred upon him by Section 134 sub-sections (1) clauses (a to e) and 134 (2) (b) and (c) of the Act,
(j)  Delegation of functions, power and duties to employees under their jurisdiction and cause them to operate such functions as may be delegated,
(k) To represent or cause to represent the Nepal Insurance Authority in International forums or foreign organisations.

Insurance Act 2079

Chapter-2 Establishment of Authority and Its Functions, Duties and Power

Section 14: Information to be provided to the Authority
The chairperson and members of the Authority shall have to provide information about the following matters to the Authority within 30 days of appointment:
(a) Details about the profession, occupation or organisation in which he had been involved,
(b) Details as to whether the person or any of his family members had subscribed to any shares of any insurer and number of such shares if subscribed,
(c) Details as to whether the person or any of his family members had been a director or any officer or auditor or Advisor of any insurer during the period of previous   three years,
(d) Details as to whether the person or any of his family members had worked as insurance mediators during the period of previous three years,
(e) Details about the moveable and immovable assets held by the person and his family members.