Section 34: Cancellation of License

1) If an insurer desires to cancel the license of any insurance business (Portfolio) that it has been carrying out, it shall apply to the Nepal Insurance Authority.

Provided that an insurer cannot apply for the cancellation Portfolio of all types of insurance business at once.

2) If the authority upon examination of the application under sub-section 1, the authority if it, upon examination of the application under sub-section 1, the authority, if it deems it appropriate, shall cancel the license of one or more portfolios deems appropriate, shall cancel the license of one or more portfolio of a particular insurer.

3) Other provisions regarding the cancellation of the portfolio license under this section will be as prescribed.