Section 31: Refusal for Prior Approval and License

Estimated reading: 1 minute 140 views

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.

Tagged:
insurance act
nepal law

Related Laws

Section 74: Obtained Approval While Selling Assets
Section 132: Statutory Limitation to file a complaint
Section 100: Regulation Fee
Section 57: Prohibition of Purchase of Goods with Commercial Objectives
Section 128: Prohibition on filing of case against loss
Section 135: Authority May Give Direction to Withold Payment of Insurance or Revoke the Insurance Policy
Section 76: To stop work in the case of immediate danger
Section 41: Board of Directors
Section 23: Audit Committee
Section 101: Insurer Deemed to be Problematic
Section 92: Deemed to be unfair labour practice
Chapter-2 Establishment of Authority and Its Functions, Duties and Power
Section 62: Insurance Contract
Section 85: Special provisions relating to construction labours
Section 145: Limitation for Complaint
Section 39: Remuneration for reserve period
Section 20: Cooperation to be extended
Section 148: No Hindrance to take actions according to prevailing laws
Section 29: Not to compel to work overtime
Section 55: Prohibition on Disbursing Credit
Section 50: Transaction of Savings and Credits to be made concentrating on Member
Section 125: Settlement of Small Amount Claim
Section 68: Formulation of safety and health Policy
Section 45: Directors may be removed from Office
Section 47: Formation of Board of Directors
Section 114: Remedial Actions may be taken
Section 57: Social security scheme to be applicable
Section 70: The Insurance Appraisal
Section 32: Restriction on membership
Section 72: Duties of manufacturers, importers and suppliers
Section 23: Foreign citizen to obtain work permit to work in Nepal
Section 112: Performance evaluation of labours by enterprise
Section 36: Paid Up Capital of the Insurer
Section 15: Punishment
Section 156: Establishment of Insurance Institutions
Section 145: Departmental actions may be taken
Section 107: Minimum remuneration fixation committee
Section 73: Details to be made available
Section 6: Prohibition on discrimination
Section 3: Not to open an account or demand cash payment in an unauthorised manner
Section 36: General Meeting
Section 42: Assets to be maintained more than liabilities
Section 27: Bylaws to be framed
Section 5: Not to make unauthorised withdrawals or payments
Section 27: Remuneration, conditions of service, benefits of and other provisions relating to foreign labours
Section 118: Conditions Relating to Liquidation of Insurer
Section 38: Prohibition on deduction of remuneration
Section 102: Measures For the Reformation of Problematic Insurer
Section 79: Debts to be recovered
Section 171: Act Implementation Measurement
Section 157: Collection of Statistics
Section 103: Stabilisation Fund
Section 45: Prospectus and Issue of Shares
Section 31: Additional remuneration to be paid
Section 180: This Act not to apply
Section 159: To forward the matter to the body having jurisdiction
Section 12A: Not to make any Fraudulent Activities to Bank and Financial Institutions and Cooperatives
Section 21: Action not be initiated on the ground of breach of secrecy
Section 9: Formation of Specialised Cooperative Association
Section 167: Power of the Office to have execution of decisions
Section 15: To be Registered
Section 104: Office of member of the Council to be vacant
Section 179: This Act to prevail
Section 172: Repeal and Saving
Section 88: Provisions relating to domestic labours
Section 42: Substitute leave
Section 30: Membership of Organisation
Section 6: Formation of Provincial Sectoral Cooperative Association
Section 54: Medical insurance to be made
Section 173: Increment of insurance amount
Section 108: Internal management may be made
Section 106: Notice of the Work
Section 32: Fixation of working hours
Section 18: Government to be the plaintiff
Section 140: Inter-government transactions may be carried out
Section 139: Financial Assistance to be provided
Section 121: Priorities on the Payment of Liabilities in Case of Liquidation of the Insurance company
Section 6: Formation of the Board
Section 76: Incorporation of Insurance Company for Micro Business Only
Section 181: To frame and implement directives and procedures
Section 12: Formation of Cooperative Bank
Section 7: Prohibition on discrimination in remuneration for equal work
Section 127: Remuneration for strike or lock-out period
Section 107: Preparation of New Financial Statements
Section 20: Fund of the Insurance Authority
Section 163: Power of the Department or Office to decide
Section 138: Fineable
Section 58: Books and Accounts
Section 86: Provisions relating to transport labours
Section 102: Mutual Security Services may be conducted
Section 77: Direction to stop the work
Section 147: Prevailing law relating to companies not to apply
Section 84: To be sent for freezing
Section 12: Vacancy in the office of Chairperson or Member
Section 143: Employment may be terminated on the ground of health
Section 19: Part-time employment
Section 152: Repeal and Saving
Section 113: Submission of individual claims
Preamble
Section 59: Technical or Management Service Agreement
Section 69: Duties of employer towards labour
Section 79: Micro-Insurance Regulation Fees
Section 85: Preference to be accorded
Section 54: Functions of Cooperative Bank
Section 138: Cooperative Education
Section 162: Right to make complaint
Section 110: To be borne from Assets of Organisation or Association
Section 15: Non-abuse of regulatory opportunity
Section 140: Termination of time-based and work-based employment
Section 103: Functions, duties and powers of the Council
Section 89: Appointment of a Liquidator
Section 72: Records to be maintained
Section 14: Information to be provided to the Authority
Section 10: Formation of Federation of National Cooperatives
Section 164: Decision may be made by the Labour Court
Section 51: Reference interest rate may be determined
Section 91: To observe fair labour practice
Section 83: Dues to recover
Section 32: Can open a branch office
Section 94: Delegation of Authority
Section 109: Transfer may be made
Section 68: Reserve Fund
Section 52: Meetings of Board of Directors
Section 1: Short title and commencement
Section 118: Settlement through mediation
Preamble
Section 118: Terms and conditions of services of chairperson and members of Management Committee
Section 159: Submission of Report to Government of Nepal
Section 175: Saving of acts done in good faith
Section 35: Facilities not to be entitled to
Section 109: Authority may be delegated
Section 9: Tenure of Chairperson and Members
Section 92: Qualifications of Insurance Mediators
Section 12: Employment relationship to be established
Section 77: Contract to be made
Section 4:
Section 28: Working hours
Section 111: Authority to be suspended ipso facto
Section 22: Audit
Section 94: Powers, functions and duties of the Office
Section 19: Working Area of Association and Cooperative Bank
Section 158: High Court to perform functions of Labour Court
Section 127: Person Entitled to Get Payment
Section 133: Provisions relating to misconduct may be made in the bye-law
Section 115: Decision to be made by the Office
Section 146: Recovery to be made as government due
Section 60: Submission of details by licensee
Section 161: Appeal to the Supreme Court
Section 22: Liabilities to be limited
Section 90: Provisions concerning Liquidation
Section 69: Secured Capital Redemption Fund
Section 160: Delegation of Authority
Section 147: Compulsory retirement
Section 126: Apparent loss or damage
Section 138: Punishment may be remitted
Section 141: Provisions concerning tax
Section 67: Find of a Cooperative Organisation
Section 166: Issue Orders and Directives
Section 116: Collective claim may be submitted
Section 55: Accidental insurance to be made
Section 13: Provision relating to probation period
Section 95: Inspection and Checking of Accounts
Section 66: Insurance Not to Be Done
Section 136: Suspension of License or Ban of Insurance Business
Section 154: Proceeding against contempt of court
Section 88: Right to give order with respect to Audit of Insurer
Section 111: Other Provisions Regarding Special Management of The Insurer
Section 154: Formation of Expert Groups
Section 41: Claim Payable Fund and Reserve Fund
Section75: Saving from action
Section 158: Not being held accountable for actions done with good intentions
Section 142: Employment may be terminated on the ground of incompetence
Section 63: Insurance Policy
Section 145: Retrenchment may be made
Section 11: Prohibition on employment without entering into employment contract
Section 89: Recommending Action
Section 16: Punishment to the Persons Creating Hindrance
Schedule
Section 61: Obligations of labour supplier
Section 54: Committee or sub-committee may be formed
Section 103: Special Administration/Management Team
Section 119: Settlement of dispute through arbitration
Section 46: Not to be involved in the decision-making process having conflict of personal interest
Section 143: Special Provision Related with The Insured
Section 150: Special provisions relating to regulation, monitoring and supervision
Section 101: Making application in convenient Office
Section 24: Restriction on Insurance Business without license
Section 42: Election of Board
Section 81: Re-Insurance Business
Section 65: Group Insurance Fund
Section 26: Waiver in the Claim of Punishment may be Happen
Section 84: Provisions relating to tea-estate labours
Section 117: Liquidation of Insurance Company
Section 177: Labour coordination committee
Section 108: Provisions concerning Payment of Liabilities
Section 97: To render necessary assistance
Section 67: Prohibition on collecting fee from labour
Section 99: Foreign Insurance Company shall inform to the Authority
Section 23: Values, norms and principles of cooperative to be complied with
Section 2: Definitions
Section 68: Possession of Property Prohibited
Section 37: May order capital reduction
Section 16: Meeting of the Board
Section 114: Insurer May Merge or be Amalgamated
Section 63: Provisions concerning sale and withdrawal of shares
Section 58: Labours may be employed through supplier
Section 104: Functions, Duties and Powers of Special Administration Team
Section 7: Formation of Provincial Cooperative Association
Section 128: Nepal Rastra Bank may punish
Section 14: Not to Carry Out and Cause to Carry Out Irregular Economic and Financial Transactions
Section 26: Remuneration may be repatriated in convertible foreign currency
Section 115: Management Committee may write to take action
Section 34: Cancellation of License
Section 172: Entitlement to remuneration and other benefits
Section 29: Amendment to Bylaws and Internal Procedures
Section 119: Power of The Authority to Initiate the liquidation Process
Section 106: Fixation of minimum remuneration
Section 5: Prohibition on employment of children
Section 108: Provisions After the Achievement of Improvement in Condition of the Insurer
Section 168: Power to impose punishment in the event of non-execution of judgment, compromise or agreement
Section 168: Power to Frame Rules
Section 55: Delegation of Powers
Section 51: Leave not as a matter of right
Section 166: Decisions to be executed
Section 123: Settlement of Insurance Claim
Section 155: Insurance Information Centre
Section 17: Provisions relating to labour to be applicable
Section 131: Misconduct and punishment
Section 73: Investment in Subsidiary Company
Section 10: Not to acquire assets or open account by borrower who has over dues
Section 53: Functions, Duties and Powers of the Board
Section 144: Punishment for those who oppose obstacles
Section 142: Don’t work in the Insurance Business
Section 135: Special Provisions concerning operation of Association
Section 137: Revocation (Cancellation) of License of the Insurer
Section 89: Provisions relating to seasonal enterprises
Section 33: Can open a liaison office
Section 139: Security of employment
Section 109: Provisions to be made in Case improvement Not Achieved in the Condition of the Insurer
Section 29: Regulation may be framed
Section 24: Work permit may be issued
Section 43: Restriction on Distribution of Dividend
Section 33: Arrangement for transportation to be made
Section 17: Time and limitation for the Lodgement of First Information Report
Section 22: Provisions relating to Delivery of Notice
Section 48: Formation of Accounts Supervision Committee
Section 69: Activities restricted to be carried on by Insurance Company
Section 2: Definitions
Section 86: No hindrance to take actions
Section 24: Objective of Organisation or Association
Section 86: Appointment of Auditor of Insurer
Section 132: Details to be Provided
Section 60: De-registration
Section 149: Labours to get first priority
Section 8: Formation of Central Sectoral Cooperative Association
Section 79: To give information
Section 67: Restrictions on undertaking business in partnership or acquire assets in ownership
Section 30: Provisions relating to overtime
Section 3: To remain as minimum standards
Section 19: Proceedings may be initiated by detaining into the custody
Section 167: Pursuant to this Act
Section 80: Provisions concerning Blacklist
Section 65: Loans or Grants may be obtained
Section 64: Insurance Premium
Section 148: Payment of benefits
Section 91: License to Insurance Mediators
Section 182: Powers to frame rules
Section 100: Annual Report to be submitted
Section 98: Ministry to conduct Inspection and Monitoring
Section 77: Ineligibility for Appointing Auditor
Section 93: Provisions relating to Office and inspectors
Section 140: Offence
Section 156: Power to order payment of interest
Section 18: Engagement in work as trainee labour
Section 48: Mourning leave
Section 26: Functions of National Cooperatives Federation
Section 124: Right to lock-outs
Section 13: No Operation of Cooperative Organisation without Registration
Section 163: International Aid and Relation
Section 94: Renewal of License of Insurance Intermediaries
Section 47: Dissolution of Board
Section 117: Report to be submitted
Section 31: Application to be submitted to acquire membership
Section 20: Not to restrain from working elsewhere
Section 128: Complaint Relating to Payment of Claim
Section 132: Prohibition of sexual harassment
Section 162: Coordinate with Public Bodies
Section 135: Opportunity to be given to submit clarification
Section 74: To form safety and health committee
Section 71: Duties of the responsible person
Section 121: Right to strike for settlement of collective disputes
Section 150: Insured Insurance Protections Fund
Section 2: Definitions
Section 47: Remuneration need not be paid
Section 64: Provisions Concerning Withdrawal of Amount and Operation of Accounts
Section 9: Right to remedy
Section 83: Accounts to be maintained accurately
Section 110: To be deputed as representative
Section 64: Obligations of the main employer
Section 174: Delegation of authority
Section 105A: State Government may constitute a State Labour Advisory Council
Section 148: Request for Details
Section 18: Working Area of Cooperative Organisation
Section 4: Formation of District Sectoral Cooperative Association
Section 99: Power of the Office to give direction
Section 150A: Instructions On Prevention of Money Laundering Must Be Followed
Section 1: Short title and commencement
Section 105: Formation of Management Committee
Section 141: Punishment
Section 98: To Regulate, Inspect and Monitor
Section 29: Granting License
Section 129: Collective bargaining or agreement to be made in good faith
Section 169: Procedure relating to service of notice
Section 87: Provisions concerning Amalgamation and Division
Section 51: Discontinue to hold the office of Director
Section 15: Continuity of existence of employment relationship during the period held in reserve
Section 80: Reinsurance Required
Section 26: Prior approval required
Section 40: Directives may be given to call an Extraordinary General Meeting
Section 24: Issuance of order for creating encumbrances over the assets of a foreign individual
Section 123: Special provisions relating to the submission of collective claims, demands
Section169: Enact and Enforce Regulations
Section 37: Functions, Duties and Powers of Preliminary General Meeting
Section 88: Dissolution and Revocation of Registration
Section 41: Public leave
Section 134: Power of The Authority
Section 52: Contribution for provident fund
Section 43: Functions, duties and powers of Board
Section 96: Obligations of inspector or employee
Section 139: Procedures of Taking Actions
Section 6: Not to obtain or make payment by way of abuse or unauthorised use of electronic means
Section 126: Employment contract not to be violated
Section 38: Insurance Fund
Section 130: Government of Nepal to be a plaintiff
Section 12: Not to Make Loss by Making Alteration in Account or Ledger or by Committing Forgery or Fraud
Section 8: Right relating to trade union
Section 76: Appointment of an Auditor
Section 125: Picketing or assembly may be made
Section 165: Appeal
Section 176: Special powers of the Ministry
Section 113: Audit Report to be prepared
Section 48: Term of Office of the Director
Section 14A: Not to carry out Dhukuti transactions
Section 3: Establishment of the Authority
Section 25: Adjudication proceedings and disposal of the case not be affected
Section 117: To hold negotiations on collective claims, demands
Section 149: No Obstruction for Punishment
Section 56: No Distribution of Dividend
Section 35: List to be Published
Section 102: Formation of Central Labour Advisory Council
Section 45: Maternity leave
Section 129: Complaint Regarding Loss or Damage
Section 124: Payment of Re-insurance Claim
Section 146: Resumption of operation
Section 34: Entitlement of labours to remuneration
Section 82: Credits Recovery Tribunal
Section 151: Insurance Development Fund
Section 78: Exemptions, Facilities and Discounts
Section 72: Accepting risk based on the property itself
Section 120: Appointment of a Liquidator
Section 123: Saving of actions taken in good faith
Section 49: Functions, duties and powers of Accounts Supervision Committee
Section 71: Provisions concerning Other Funds
Section 161: Contact with the Government of Nepal
Section 21: Transaction, Business, Industries, or Project may be operated
Section 1: Short title and commencement
Section 58: Functions, Duties and Power of Chief Executive
Section 59: License to be obtained
Section 9: Not to misuse banking resources, means and assets
Section 152: Majority decision to prevail
Section 112: Notice to be given for submission of liabilities
Section 82: Special provisions relating to treatment of occupational disease
Section 90: Work should not be done without a license
Section 147: Authority to Hear Case and Execution of The Decision
Section 114: Application may be made to the Office
Section 46: Birth registration certificate to be submitted
Section 14: Continuity of existence of the employment relationship despite change in ownership
Section 149: Power to frame Rules
Section 90: Provisions relating to enterprise which is incorporated in foreign country and operates business in Nepal
Section 20: Classification may be made on Sectoral Basis
Section 19B: Power to request details
Section 65: To make inspection, supervision and monitoring
Section 127: Double Fine to be imposed
Section 153: Not to Make Insurance Transactions with Anyone Except Insurer
Section 70: Cooperative Promotion Fund
Section 126: To freeze transactions, accounts and assets
Section 34: Termination of membership
Section 160: Procedures of the cases
Section 87: Audit of Insurer
Section 116: Recommendation may be made
Section 57: Appointment of the Executive Director
Section 87: Special provisions relating to tourism labours
Section 131: Operation and Management of Insurance in Province
Section 66: Security of Government of Nepal may be obtained
Section 73: Duties of labour
Section 91: Utilisation of Assets after Liquidation
Section 170: Fixation of basic remuneration
Section 130: Insurance Mediation
Section 152: Complaint Hearing
Section 134: Due Amount to be recovered
Section 157: Case may be compromised
Section 13: Not to Derive Excess, Low or False Valuation or Prepare False Financials
Section 8: Qualification and Disqualification of Chairperson and Member
Section 129: To refer for investigation
Section 119: Cooperative may be sought
Section 38: Functions, Duties and Powers of Annual General Meeting
Section 21: Accounting of Income and Expenditure
Section 133: Appeal may be filed
Section 5: Formation of District Cooperative Association
Section 7: Not to avail or provide loans in an unauthorised manner
Section 121: Provisions concerning Employees of Management Committee
Section 131: Authority to adjudicate a case
Section 62: Liquid Assets to be maintained
Section 11: No Association may be Formed
Section 96: Investigation may be conducted
Section 112: Final Report to be Submitted
Section 151: Standards, Directives or Procedures may be framed and submit
Section 122: Insolvency of the Branch Office of Foreign Insurance Company Situated in Nepal
Section 23: Notice to be published
Section 33: May become members
Section 170: Implementing Guidelines and Procedures
Section 10: Types of employment
Section 53: To receive gratuity
Section 37: Entitlement to festival expense
Section 50: Computation of year
Section 141: Employment may be terminated voluntarily
Section 59: Nepal Rastra Bank may take over Management
Section 122: Offences deemed to be committed
Section 62: Revocation, suspension of license or fine
Section 78: Claim of Micro-Insurance
Section 78: Special provisions relating to occupational safety and health
Section 27: To be considered ineligible
Section 2: Definitions
Section 17: Cooperative Organisation to be a Corporate Entity
Section 107: Inventory to be prepared
Section 19A: Special investigation team may be formed
Section 85: Audit Committee of Insurer
Section 40: Catastrophic Fund
Section 70: Duties of employer towards non-labour
Section 61: Confidentiality to be maintained
Preamble
Section 122: Arbitral award and collective agreement to be binding
Section 130: Observance of discipline and duties
Section 178: Transitional provisions
Section 97: Prohibition to act
Section 16: Trainees may be engaged in work
Section 92: Registrar
Section 16: Registration may be Denied
Section 150: To issue the certificate of experience
Section 44: Sick leave
Section 80: Arrangements for control of infectious diseases to be made
Section 136: Exercise of Voting Right
Section 75: Micro Insurance is Required
Section 151: Formation of Labour Court
Section 81: To engage in easier work
Section 43: Home leave
Section 183: Repeal and saving
Section 49: Accumulation of leave
Section 93: Responsibilities of Insurance Intermediaries
Section 105: Official to be Suspended
Section 95: Cancellation of License
Section 116: Insurer Many Acquire Another Insurer
Section 134: Power to suspend
Section 153: Powers of Labour Court
Section 46: Restriction on sold, mortgaged, or transferred
Section 44: Allotment of Shares
Section 28: Application to be made
Section 155: Power to demand bank guarantee or deposit
Section 84: Preparation of Financial Statements
Section 95: Powers, functions and duties of inspector
Section 83: Direction may be issued
Section 21: Provisions relating to social security
Section 164: The Government of Nepal may Issue Directives
Section 50: Disqualifications of Directors
Section 66: Liability of labours to rest on the main employer
Section 23A: Standards to be Followed
Section 120: Power to form labour arbitration tribunal
Section 136: Authority imposing punishment
Section 60: Able to create a whistleblowing policy
Section 106: Functions, duties and powers of Management Committee
Section 82: Provisions related to re-insurance contracts
Section 110: Recommendation for Improving Financial Condition of the Insurer
Section 14: Application to be Submitted for Registration
Section 101: Cooperative Savings and Credits Security Fund
Section 171: Special provisions relating to managers and managerial level labours
Section 98: Report to be submitted
Section 28: Internal Procedures may be framed
Section 39: Compulsory Reserve Fund
Section 25: Language of the contract
Section 27: Power to Refuse Prior Approval
Section 113: Insurance Business May Be Transferred
Section 22: Restriction on employment of foreigners
Section 124: Punishment
Section 137: Social Audits may cause to be conducted
Section 40: Weekly leave
Section 93: Functions, duties and powers
Section 36: Entitlement to annual increment in remuneration (grade)
Section 4: Prohibition on employing in forced labour
Section 105: Provisions relating to meetings of the Council
Section 61: Type of Insurance Business
Section 49: Qualifications of Directors
Section 13: Functions Duties and Powers of the Chairperson
Section 97: Special Provisions concerning Inspection and Monitoring of Organisation or Association carrying out transactions of savings and credits
Section 111: Formation of labour relation committee
Section 146: Government of Nepal to be Plaintiff
Section 28: To be governed as per the prevailing laws
Section 11: Not to stop credit facility in the way to loss working project of borrower
Section 71: Allocation of Savings
Section 44: Directors not to continue to hold the office
Section 142: Contract not to be concluded
Section 39: Meeting General Meeting
Section 104: Organisation or Association may be declared problematic
Section 144: Notice to be given
Section 52: Limit of Personal Saving
Section 35: Payment of remuneration
Section 133: Annual Report Submit
Section 56: Management of Insurance Company
Section 63: Payment of remuneration and other benefits
Section 143: Settlement of Disputes
Section 11: Oath to be taken
Section 14B: Not to carry out banking transactions in an illegal manner
Section 115: The Authority may give directions to merge or to be amalgamated
Section 165: Provide Expert Services
Section 8: Not to misuse credit
Section 3: Formation of Organisation
Section 100: Labour audit to be made
Section 137: Period for taking decision
Section 120: Expert Service may be sought
Section 144: Encouragement may be given
Section 81: Credit Information Centre
Section 5: Functions, Duties and Power of the Authority
See More

Discover Nepal's laws effortlessly. Our user-friendly platform simplifies legal understanding and accessibility, serving individuals throughout the country.

Important Links

Laws Documentation
About Us
Contact Us
FAQ
Blog

Legal Links

Privacy Policy
Terms & Conditions