Kathmandu. Himalayan Reinsurance Company (HIC) has resumed its new reinsurance business on Friday. Nepal Insurance Authority (NEA) has halted the new reinsurance business of Himalayan Reinsurance Company Limited (HIC) till May 14. <\/p>\n
After the ban imposed by the Nepal Insurance Authority on the new reinsurance agreement expired on July 16, the new financial year 2083 will be applicable from July 17. With the completion of 84 years, Himalayan Reinsurance has opened the way for a new reinsurance agreement and accepting new risks. <\/p>\n
The notice published by the Nepal Insurance Authority in the newspaper stated that the action was taken as per the sub-section (4) of Section 136 of the Insurance Act, 2079. This section provides for the Authority to suspend the license or stop doing business as a form of regulatory action. <\/p>\n
(1) If any insurer commits any of the following acts, the Authority shall suspend the license of such an insurer for the period of fixing it or to prohibit such an insurer from carrying on the business of insurance, either<\/p>\n
partially or wholly.<\/p>\n
Can be added: <\/p>\n
(a) If the minimum paid-up capital is not maintained pursuant to the provisions of Section 36, <\/p>\n
(b) If the decision made in respect of payment of claim or loss loss pursuant to the provisions of Section 128 or 129 is not implemented within the prescribed period, <\/p>\n
(c) If the insurer is allowed to carry on the business of insurance and causes serious harm to the insured, <\/p>\n
(d) If the insurance business is closed without the approval of the Authority, <\/p>\n
(e) In committing this Act or the Rules, Bye-laws framed under this Act and any other act prohibited by the prevailing law, <\/p>\n
}<\/p>\n
(f) If the directive or order given by the Authority is repeatedly violated. <\/p>\n
(2) Before suspending the license of an insurer pursuant to Sub-Section (1) or stopping the insurance business in whole or in part, the Authority shall give reasonable opportunity to the concerned insurer to submit an explanation. <\/p>\n
(3) If the clarification submitted by the insurer pursuant to Sub-section (2) is found satisfactory, the Authority may lift such suspension or withholding. <\/p>\n
(4) In cases where an insurer has been completely or partially prohibited from carrying on the insurance business pursuant to Sub-section (1), notice thereof shall be published for the information of the general public through at least two national level dailies and the website of the Authority.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Himalayan Reinsurance Company (HIC) has resumed its new reinsurance business on Friday. Nepal Insurance Authority (NEA) has halted the new reinsurance business of Himalayan Reinsurance Company Limited (HIC) till May 14. After the ban imposed by the Nepal Insurance Authority on the new reinsurance agreement expired on July 16, the new financial year 2083 […]<\/p>\n","protected":false},"author":5,"featured_media":299202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45159,45102],"tags":[],"class_list":["post-307456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-news-en","category-reinsurance-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/307456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=307456"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/307456\/revisions"}],"predecessor-version":[{"id":307457,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/307456\/revisions\/307457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/299202"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=307456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=307456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=307456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}