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.