The Insurance Board, Nepal’s insurance sector regulatory authority, has given Himalayan Reinsurance an operating license, allowing them to conduct business within the country.
This makes it the second reinsurer in Nepal, along with Nepal Reinsurance, after it was deemed fit to do so by Chairman of the Insurance Board, Surya Prasad Silwal.
The President of Himalayan Reinsurance is Shekhar Golchha, who is also President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).
The insurance regulatory body had previously published a public notice back in April seeking application to establish a reinsurance company.
The body had previously specified that any company with a paid-up capital of Rs 10 billion is eligible for attaining a license as a reinsurer.
The promoters of the Himalayan Reinsurance will own up to 70 percent of shares while 30 percent of the total issued capital has been proposed for subscription by the general public through initial public offering (IPO).
