Section 63: Insurance Policy

1) The insurer shall issue an insurance policy in the format as approved by the Nepal Insurance Authority.

2) Insurance contract between insurer and insured shall be effective once insurance policy is issued, and the terms and conditions specified in such insurance contract shall be binding for both parties i.e. insurer and insured.

3) The insured cannot raise any issues in relation to the matters not specified in the insurance contract after expiry of one year form the date of issue of insurance policy.

4) Notwithstanding anything mentioned in sub-section (3), after issue of insurance policy, if it is found that the insured had, with mala fide intention, concealed some material and persuasive facts related to insurance risks or had submitted false details, the insurer may give directions to rectify such details to the insured at any time or may also withdraw any facilities provided to insured.

5) The insured may transfer the insurance policy of his life insurance to any other person in a matter as prescribed.

6) Other provisions related to insurance policy shall be as prescribed.