5.3 Function, Duty and Power of the Insurance Regulatory DevelopmentAuthority in Nepal

1. Licensing — the insurers, the intermediaries (the agents, brokers, surveyors of U7), the renewal faces.2. Supervision — the inspection-and-examination powers (the on-site-and-off-site faces); the returns' calls (the periodic reports).3. Solvency — the capital-and-reserve requirements; the investment rules; the actuarial valuations (the life funds' certification).4. Market conduct — the policy terms' approval (the tariffs-and-wordings); the claim practices' monitoring; the advertising's discipline.5. Protection — the policyholder's complaint machinery; the grievance hearing; the protection fund faces.6. Development — the market's promotion (the insurance-penetration drives); the micro- insurance-and-agriculture faces; the education (the insurance-literacy programmes).7. Direction-and-enforcement — the directives; the managers'-and-auditors' appointments' approvals; the actions of U5.6.