Kathmandu. The Insurance Regulatory and Development Authority of India (IRDAI) has revoked the inter-border reinsurance transaction license of Himalayan Reinsurance Company Limited (Himalayan Re).
IRDAI has revoked the license of Himalayan Ree with effect from June 11. Himalayan Relay, in its capacity as a cross-border reinsurer, received code number “CBR00490595/202627” on 16 January 2024 for accepting reinsurance risk from the Indian insurance market.
Nepal Insurance Authority (NIA) has also banned the reinsurance business until Ashad 2083, concluding that the financial condition of the company was weak due to the misuse of funds in collusion with Himalayan Rica promoters, directors and top management. The authority has banned the reinsurance business from May 29.
The government has filed a case against former chairman of Himalayan Rica Shekhar Golchha, former director Sahil Agrawal, promoter Deepak Bhatta, Shulabh Agrawal and CEO Upasana Poudel on charges of misappropriation of assets and funds.
