Section 31: Refusal for Prior Approval and License

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Notwithstanding anything mentioned elsewhere in this act, on the basis of market survey, study and analysis, the Nepal Insurance Authority may, by specifying a certain period, prohibit to issue prior approval pursuant to section 26 to incorporate an insurance company or open a branch by foreign insurance company or prohibit to issue a license under section 29.

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Section 31: Refusal for Prior Approval and License

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