The Insurance regulatory authority of Nepal Beema Samiti has decided to give license to one more reinsurance company in Nepal. As per the sources, Beema Samiti is providing reinsurance license to Himalayan reinsurance company.
As per the source, there were five reinsurance companies that had applied for reinsurance licenses. Other than Himalyan reinsurance, the other companies to apply for reinsurance license were Kathmandu reinsurance, Annapurna reinsurance, Prudential reinsurance and Genuine reinsurance company.
Today Nepal Reinsurance company limited is the only reinsurance company founded in Nepal. The existing life and non-life insurance have been re-insuring partially with Nepal reinsurance company and major reinsurance is done with foreign reinsurance companies.
The chairman for Beema Samiti Surya Prasad Silwal informed that Himalayan reinsurance had a stronger application and got selected from the process.
Image Credit – Beema Samiti website