Nepal Insurance Authority Suspends New Business for Himalayan Reinsurance Limited
Summary
Nepal Insurance Authority has suspended Himalayan Reinsurance Limited from engaging in new reinsurance business until mid-July 2026 due to financial irregularities.
Key Points
- Nepal Insurance Authority has suspended Himalayan Reinsurance Limited from new reinsurance business for the fiscal year 2082/83 until mid-July 2026.
- The decision follows investigations into alleged financial irregularities within the company.
- The suspension is enforced under Section 136 of the Insurance Act, 2079.
- Exemptions allow Himalayan Reinsurance Limited to pay existing claims and conduct retrocession related to prior business.
