hange E hange E

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F- t F- t
PD

PD
or

or
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!
W

W
O

O
N

N
Y

Y
U

U
B

B
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to
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ww
om

om
k

k
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lic
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C
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tr re Work Experience: tr re
.

.
ac ac
k e r- s o ft w a k e r- s o ft w a
Having experience at managerial level in…… Sector Time period of Experience (At least)
Insurance 10 years
Banking or financial sector. 15 years
Insurance and Banking or financial sector. 12 years, including at least 1 year in insurance
sector.
Disqualifications of Chief The following persons may not be appointed as the Chief Executive of the
Executive (5) insurer
 Unable to serve due to a. Being unable to serve as a Director due to physical and mental illness.
physical and mental b. Being registered in black list in accordance with the prevailing laws or
illness, having not completed 3 years after released from the black list.
 Blacklisted or period of 3 c. Director of the insurer, or
years has not elapsed after  close relatives or employee of Directors,
removal from black list,  insurance intermediary or
 Incumbent director,  person been working as consultant.
insurance intermediary etc d. Served as an auditor of that insurer for 3 previous years.
of insurer. e. Acting as a securities dealer or being a member of securities market.
 Serving auditor of insurer f. Having financial interest with the insurer.
for 3 previous years, g. Had already been the chairperson of the Board of Directors.
 Securities dealer or Provided provision shall not be deemed as restriction made to the
member of securities Government of Nepal for making appointment of Chairperson or Director of
market, the insurer,
 Financial interest, h. Having already been the chief executive and it has been less than 6 months
 Already served as from the date of released from that post.
Chairperson of BOD, i. Having been sentenced to imprisonment in accordance with prevailing laws
 Already CEO and period and period of 3 years has not elapsed from the date of completion of such
of 6 months not lapsed. sentence.
 Sentenced to j. Having obtained Permanent Residency permit of a foreign country.
imprisonment and 3 years Provided, this provision shall not apply in the case of the foreign insurer and
not lapsed. CEO of the insurer established with a Joint Venture.
 Obtained PR. k. Convicted by Court in a criminal offence such as embezzlement, forgery,
 Convicted by court in corruption, money laundering, human trafficking, banking offences, insurance
serious nature of criminal and other fraud or Kidnap.
offences.

9. Functions, duties and powers of Chief Executive (Section 58)

 To undertake daily management and administrative functions of the insurance company.
 To exercise the powers conferred by BOD as per MOA.
 TO execute decisions of BOD and to monitor and control the activities and the transactions of the insurer.
 To formulate budget and action plan and submission to BOD for approval.
 To implement or cause to implement decisions of BOD and General meeting.
 To ensure effective internal control and proper risk management.
 To submit reports, statements, documents, decisions to be submitted to the Authority and other bodies.
 Others as prescribed.

By CA. Prabesh Dhakal Page 22 of 32