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.