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'summary' => 'July 12: Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.',
'content' => '<p>July 12: <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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'content' => '<p>July 12: <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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'content' => '<p>July 12: <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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July 12: Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.
The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.
After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.
With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.
The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.
During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.
The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.
Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.
Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.
The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company.
The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.
The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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'summary' => 'July 12: Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.',
'content' => '<p>July 12: <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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'summary' => 'July 12: Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.',
'content' => '<p>July 12: <span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Himalayan Reinsurance Company has received final approval from the Insurance Board to operate its business. The Insurance Board gave the final approval to the company last Thursday for operating its business.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The board had given in-principle approval for the establishment of the Himalayan Re-insurance Company on May 30. It received the final approval for operation after the private company completed the required process. Chairman of the Insurance Board Surya Prasad Silwal confirmed that the final approval has been given for the operation of the Himalayan Reinsurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">After getting the in-principle approval from the board, the company was registered with the Company Registrar's Office. An investment of Rs 7 billion was also made. Besides, the board has given final approval to the company to conduct business after completing the necessary process including setting up the company's office in Baluwatar and appointing Shekhar Golchha as the chairman of the company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">With the final approval from the Insurance Board, the company is preparing to start its business. Chairman of the company Shekhar Golchha said that the company will be operational within the current fiscal year, i.e. by mid-July. “Necessary preparations have been completed to start a reinsurance business. We will bring the company into operation within the month of July,” said Chairman Golchha.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company has also written to the Insurance Board on Sunday stating that it will start its business. The Insurance Board is preparing to inspect the company's head office in Baluwatar today (Monday). During the inspection, the company must meet certain policy requirements. A senior official of the board said that the company could come into operation after that.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">During the inspection, the company must have fulfilled the required conditions regarding the size of the office, computer software, and staff.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The company is preparing to bring in three high-level manpower, including the chief executive officer, from abroad (India). Employees brought from abroad have to get a work permit from the labor department. The company has already submitted an application to the board for necessary facilitation and approval for the appointment.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Reinsurance is an international business. Himalayan Re-insurance Company has to go to foreign markets to expand its business. That is why the company is saying that it is bringing high-ranking employees from abroad in line with the objective of expanding its business in foreign markets.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">Currently, the government-owned Nepal Reinsurance Company is operating in Nepal. A study conducted by the board had earlier found that another reinsurance company was needed in the country. After that, the board started the process of establishing a new reinsurance company in April last year. Five companies had filed application to start the reinsurance business. Out of them, the board decided to give in-principle approval to Himalayan Re-insurance Company.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The other companies that applied were Kathmandu Re-insurance Company, Annapurna Re-insurance Company, Prudential Re-insurance Company, and Genuine Re-insurance Company. </span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The paid-up capital of Himalayan Re-insurance Company is Rs 10 billion. The institutional investment of the company is Rs 7 billion. The remaining Rs 3 billion will be raised through IPOs, the company said.</span></span></span></span></p>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:12.0pt"><span style="font-family:"Georgia","serif"">The main share investor of the company is Jagdamba (Shankar) Group. The board informed that there is an investment of Lucky Group, Dugad Group, and other business houses in the company.</span></span></span></span></p>
<p> </p>
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'main_news' => true,
'in_scroller' => null,
'user_id' => '34'
),
'ArticleCategory' => array(
'id' => '1',
'name' => 'NEWS',
'parentOf' => '0',
'published' => true,
'registered' => '2015-07-20 00:00:00',
'sortorder' => '158',
'del_flag' => '0',
'homepage' => true,
'display_in_menu' => true,
'user_id' => '1',
'created' => '0000-00-00 00:00:00',
'modified' => '2018-11-22 11:58:49'
),
'User' => array(
'password' => '*****',
'id' => '34',
'user_detail_id' => '1',
'group_id' => '1',
'username' => 'neeraj.roy@newbusinessage.com',
'name' => null,
'email' => 'neeraj.roy@newbusinessage.com',
'address' => null,
'gender' => null,
'access' => '1',
'phone' => null,
'access_type' => null,
'activated' => true,
'sortorder' => null,
'published' => null,
'created' => '2020-07-19 16:40:23',
'last_login' => '2024-08-13 13:55:06',
'ip' => '172.69.41.137'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '13668',
'hit' => '1009'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
