Section 61: Type of Insurance Business

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1) There are three type of insurance business:

(a) Life insurance business,

(b) Non-life insurance business,

2) The insurer operating life insurance business may undertake any portfolio of insurance business as prescribed, subject to the license.

3) The insurer operating non-life insurance business may undertake any portfolio of insurance business as prescribed, subject to the license.

4) The portfolio of insurance business to be operated by reinsurer shall be as prescribed by the Nepal Insurance Authority.

Tagged:
insurance act
nepal law

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