May 31, 2021 | Investopaper
Himalayan Reinsurance Company has received the license as a new reinsurance company. The Ministry of Finance has provided a preliminary letter of intent to the company on the proposal of the Insurance Board. Now, Himalayan Re will be able to register the company in the office of the Company Registrar.
The Insurance Board (Beema Samiti) had publicly called for a proposal from Baisakh 16, 2078 BS to Jestha 5, 2078 BS to issue license to a new reinsurance company. Among the applicants, Himalayan Reinsurance has obtained the license.
Himalayan Reinsurance Company is promoted by notable industrialists such as Shekhar Golchha, Bhavani Rana, Pashupati Murarka, Satish More of Lucky Group, Shahil Agrawal and Sulabh Agrawal of Shankar Group, Bikas Dugad of K.L Dugad Group, Vivek Dugad of M.V. Dugad Group among others.
Currently, Nepal Reinsurance Company is conducting reinsurance business in Nepal. With the issue of license to Himalayan Reinsurance, the number of reinsurance companies has reached two.