Kathmandu: Finally, Himalayan Reinsurance has received nod for service operation by the Office of the Company Registrar(OCR). The operation has been delayed due to the delay in permission from th OCR as the company couldn’t sumbit all required documents on time.
Himalayan Re is the second reinsurance company of Nepal.Prior to it, state promoted Nepal Reinsurance Company was only one reinsurance company of Nepal.
The company had planned to start reinsurance business in mid-July last financial year and prepare an audit of the current fiscal year 2078/79.
For this, the company had obtained business permission from the Insurance Board by raising the required capital ahead of schedule. But when the company registrar asked to submit additional documents, there was a delay in getting the operating permit.
Now, the company will be able to proceed with the process of issuance of primary shares only after completing the audit of the Fiscal Year 2079/80. In this regard, the company will be able to issue primary shares of Rs. 3 billion in the fiscal year 2080/81.