Section 71: Allocation of Savings

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1) In the case of a life insurance policy ensuring participation in profits, the insurer shall, on the basis of the valuation report of the actuary, allocate and make provision for savings from the life insurance business.

2) For the purpose of allocating and provisioning the savings pursuant to sub-section (1), the insurer shall, with the approval of the Nepal Insurance Authority, transfer at least ninety percent of savings to the Life Insurance Fund.

3) Other provisions relating to apportionment and provisioning savings from the life insurance business shall be as prescribed.

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