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.