KATHMANDU: The Insurance Board (Beema Samiti), the insurance sector regulatory authority, has decided to grant an operating license to Himalayan Reinsurance for running another reinsurance business in the country.
There were five companies, including Himalayan, vying to get the reinsurance business-operating license. The other companies left behind are Prudential Reinsurance, Kathmandu Reinsurance, Annapurna Reinsurance and Genuine Reinsurance.
There was only one reinsurance company – Nepal Reinsurance Company – in the country prior to this. Stating that two reinsurance companies were needed in the country, the Insurance Board had opened an application to license one more reinsurance business.
Businessman Sulav Agrawal had filed an application on behalf of Himalayan Reinsurance in a bid to acquire the license.
Chairman of the Insurance Board Surya Prasad Silwal said they deemed it fit to give license to Himalayan Reinsurance compared to other applicants.
Comment