Section 28: Application to be made

1) Any person who had obtained prior approval as per section 26 and is registered as a company as per prevailing acts, desires to undertake insurance business, shall submit an application to the Nepal Insurance Authority along with following details and documents:

(a) Prior approval was granted by the authority to incorporate the insurance company. approval was

(b) Registration Certificate of the Incorporated insurance company.

(c) Copy of memorandum of association and articles of association of the insurance company.

(d) If the promoter of an insurance company is any company or corporate body, a copy of the previous three year’s audited financial statements and evidence of tax clearance.

(e) If promoter of insurance company is any company or corporate body, name of substantial shareholders and details about their family members.

(f) the type of insurance business to be undertaken by the insurance company.

(g) A portfolio of the insurance business is to be undertaken by the insurance company. The insurance company is to undertake a portfolio of the business

(h) Particulars of an office building equipped with all infrastructures required by the insurer to carry on financial transactions or,   if such building is to be rented, a copy of the lease agreement and the particulars of the building to be rented, including that there are enough bases of making available insurance services and facilities

(i) Personal details of Chief Executive Officer and Other managerial level officers.

(j) Documents relating to Risk Management System.

(k) Details about investment policies, risk calculation, claims, reinsurance and information technology.

(l) proposed insurance contract and in case of reinsurance company proposed reinsurance contract.

(m) Document evidencing that the amount of the shares undertaken to be subscribed by promoters is paid and deposited.

(n) Details about organisational structure.

(o) Employees’ terms, conditions and facilities by-laws along with their remuneration.

(p) Financial, administration and procurement by laws.

(q) Other details or documents as specified by the Nepal Insurance Authority.

2) While applying for undertaking insurance business by any branch office of a foreign insurer, it shall provide the following details in addition to those matters mentioned in sub-section (1).

(a) Letter of Consent or approval given by the government of the concerned country or regulatory authority formed according to the laws of the concerned country of the foreign insurer for operating insurance transactions in Nepal by such foreign insurer.

(b) Registration Certificate of Branch registered in Nepal.

(c) Upon obtaining prior approval from Nepal Insurance Authority, if any details and comments submitted under Section 26 are altered, details about such along with a copy of such documents.

(d) Other details or documents as specified by the Nepal Insurance Authority.