Section 151: Insurance Development Fund

1) There shall be one Insurance Development Fund in the Authority to protect the interest of the citizens through insurance, extending access to insurance to economically deprived citizens.

2) The following amounts shall be credited in the Fund:

(a)The amount received from the Government of Nepal,

(b) The amount equivalent to fifty percent of micro-insurance regulation fees to be received by the Authority from the insurer pursuant to Section 79 and at least thirty-three percent of regulation fees to be received by the Authority from the insurer pursuant to Section 100,

(c) The amount received from other sources.

3) The Authority shall deposit the amount under clause (b) in the Insurance Development Fund every year.

4) The utilisation of the amount of the Insurance Development Fund shall be made in defined area as prescribed

5) Other provisions concerning with the operation and management of Fund shall be as prescribed.