Himalayan Reinsurance has been allowed to do business again in India
The first reinsurance company established in Nepal’s private sector, Himalayan Reinsurance Company, has been given permission to conduct reinsurance business in India. The regulatory authority for India’s insurance sector, IRDAI, provided the company with an FRN (File Reference Number), allowing it to operate in reinsurance business from India.
IRDAI approved the request from Himalayan Reinsurance based on the company’s application. The company’s quick expansion into business across 31 countries in a short period is considered a successful venture in becoming a leading reinsurance company in the South Asian region, as mentioned in the company’s press release.
Currently, there are two reinsurance companies operating in Nepal, including Himalayan Reinsurance. The two companies handle both life and non-life reinsurance. They assist insurance companies in transferring a portion of their risks, including risks covered by insurance companies, helping in risk management.