Section 49: Qualifications of Directors

1) The person to be appointed to the office of Director shall have to possess the following qualifications:

(a) Having gained at least five years of experience as a director or at the executive level in national or foreign insurance companies or banks or financial institutions or corporate bodies in related fields or at the officer level of Nepal Government or corporate bodies,

(b) Having acquired at least a bachelor’s degree and gained at least three years of experience as a director or at executive level in national or foreign insurance companies or banks or financial institutions or corporate bodies in related fields or as officer level of Nepal Government or corporate bodies, or

(c) Chartered Accountant or person with a master’s degree in the subject of insurance, monetary or banking finance, economics or management, public administration or statistics, mathematics or economics or commercial law.

2) Notwithstanding anything mentioned in sub-section (1), a person with a master’s degree or equivalent in the subject of insurance monetary or, banking or finance, economics, the management or public administration, statistics or mathematics, economics or commercial law and has gained at least five years of experience as a director or in executive level in national or foreign insurance companies or corporate bodies in a related the field, shall be qualified to be appointed as an independent director.

Provided that the director or family member of such director auditor,   Advisor or substantial shareholder, or any person with a financial interest in the insurance company shall not be qualified to be appointed as an auditor or Advisor or substantial shareholder or any person with a financial interest in the insurance company, shall not be qualified to be appointed as an independent director.