Kathmandu: Nepal Reinsurance Company (NRIC) has invited applications from international consultancy for the global standard credit rating. The state-owned reinsurer has initiated the global rating for the first time in its eight years history.
Following the new provision implemented by a neighboring country, India’s insurance regulator, the Insurance Regulatory and Development Authority of India(IRDAI), NRIC is forced to get its rating done by the global rating agency.
There is a condition that the assessment for the rating should be completed within six months after the signature of a memorandum of understanding (MoU). Besides, there is also a condition to hand over the report and certificate within two weeks after the completion of the assessment.
According to the notice published in ‘The Rising Nepal‘, the expression of interest can be submitted by April 9, 2023, at the office of Nepal Reinsurance or by online application submitted through the public sector’s procurement web portal www.bolpatra.gov.np/egp.
NRIC has NPR 12.23 billion(USD 92 million) in paid-up capital. The government of Nepal (43.55%), General insurance companies (38.39%), life
insurance companies, and other public limited companies (18.06%) are the major promoters of NRIC. NRIC is a listed company of Nepal Stock Exchange(NEPSE).
Himalayan Reinsurance, promoted from the private sector, has already got two credit rating certificates from AM Best’s Singapore-based office within a span of one year. Himalayan Re has been assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” (Fair) to Himalayan Reinsurance Limited (Himalayan Re) (Nepal) on 11 February 2023.
