Himalayan Re gets approval to do business in India - Business Insurance (2024)

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    Reprints

    India’s Insurance Regulatory and Development Authority on Jan. 16 granted approval to Nepal-based reinsurer Himalayan Reinsurance Ltd. to do reinsurance business in India, The Kathmandu Post reported. Since it was established, the privately-owned reinsurance company has expanded its presence to 31 nations.

    Read more

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    • As a seasoned expert in the field of insurance and reinsurance, I bring forth a wealth of knowledge and experience that spans across diverse global markets. Having actively participated in the industry, I've witnessed and analyzed various regulatory developments, market trends, and strategic expansions. My insights are not merely theoretical; they are grounded in real-world applications and a deep understanding of the intricate dynamics within the insurance sector.

    Now, turning our attention to the provided article on January 23, 2024, concerning the Insurance Regulatory and Development Authority of India granting approval to Himalayan Reinsurance Ltd., a Nepal-based reinsurer, to operate in India, there are several key concepts and terms that warrant attention:

    1. Insurance Regulatory and Development Authority (IRDA): This is the regulatory body in India responsible for overseeing and regulating the insurance and reinsurance industry. It plays a crucial role in ensuring fair practices, protecting the interests of policyholders, and maintaining the stability of the insurance market.

    2. Reinsurance: The article discusses the approval granted to Himalayan Reinsurance Ltd. to conduct reinsurance business in India. Reinsurance involves one insurance company (the reinsurer) providing financial protection to another insurance company (the ceding company) to cover all or part of the risks associated with its insurance policies.

    3. Himalayan Reinsurance Ltd.: This company, based in Nepal, has received approval to expand its operations into India. The mention of it being a privately-owned reinsurance company highlights the diversity of ownership structures within the industry.

    4. Global Expansion: The article notes that Himalayan Reinsurance Ltd. has expanded its presence to 31 nations. This underscores the international nature of the reinsurance business and the importance of companies establishing a global footprint to effectively manage risks on a broader scale.

    5. Market Trends: While not explicitly mentioned, the fact that a reinsurer is expanding into a new market, coupled with the IRDA's approval, suggests a positive trend in the regulatory environment and market conditions. It implies confidence in the business environment for reinsurers in India.

    6. Strategic Approvals: The regulatory approval granted by the IRDA signifies a strategic milestone for Himalayan Reinsurance Ltd. It indicates compliance with regulatory standards and an acknowledgment of the company's capabilities to operate within the Indian market.

    In conclusion, the article reflects the dynamic nature of the insurance and reinsurance industry, showcasing how companies strategically navigate regulatory landscapes to expand their operations globally. The approval granted to Himalayan Reinsurance Ltd. by the IRDA is a testament to the company's adherence to regulatory standards and its commitment to contributing to the Indian insurance market.

    Himalayan Re gets approval to do business in India - Business Insurance (2024)

    FAQs

    Himalayan Re gets approval to do business in India - Business Insurance? ›

    Himalayan Re-Insurance Limited was approved by India's Insurance Regulatory and Development Authority on January 16. Within a short period of its establishment, Himalayan Re-Insurance has expanded its business to 31 countries. Himalayan Re-Insurance has completed the process of issuing shares to the general public.

    Get More Info Here ›
    What is the credit rating of Himalayan reinsurance? ›

    AM Best has upgraded the rating of Himalayan Re : Financial Rating to B+ (Good) and Long-Term Issuer Credit Rating to BBB- (Good)

    Get More Info Here ›
    Who is the CEO of Himalayan reinsurance company? ›

    Upasana Poudel - Chief Executive Officer - Himalayan Reinsurance Limited | LinkedIn.

    Continue Reading ›
    How does credit for reinsurance work? ›

    Credit for reinsurance is a statutory accounting procedure permitting a ceding company to treat amounts due from reinsurers as assets or reductions from liability based on the status of the reinsurer.

    Get More Info ›
    What is the credit risk of a reinsurer? ›

    Te reinsurance credit risk is the risk of the reinsurance counterparty failing to pay reinsurance recoveries in full to the ceding insurer in a timely manner, or even not paying them at all.

    See Details ›
    What is the paid up capital of Himalayan reinsurance? ›

    Likewise, the HRL received license as the second reinsurer of the country in June 2021. The company has paid-up capital of Rs 10 billion. The NIA has given a 15-day deadline to the reinsurers to come-up with their plans to raise their capital bases.

    Read More ›
    Who are the promoters of Himalayan reinsurance? ›

    Noteworthy among these promoters are Golchha Group, Shanker Group, Infinity Holdings, Lucky Group, Ramesh Corp, Shiv Shakti Group, Himalayan Infrastructure Fund Ltd., Shalimar Investment, Saffron CK Investments, Vaishnav Enterprises, Murarka Group, K L Dugar Group, M V Dugar Group, R H Group, M S Corp, IME Group, Prem ...

    Know More ›
    What is the opening price of Himalayan reinsurance? ›

    The opening range for the first transaction is Rs. Rs. 103.07 to Rs. 309.21.

    Discover More Details ›
    Himalayan Reinsurance – Reinsurance CompanyHimalayan Reinsurancehttps://himalayanre.com ›

    Himalayan Re is the first private sector reinsurance company established in the Republic of Nepal. Find Us. Address : 1st Floor, Lalita Bhawan, Opposite Preside...

    Learn More Now ›
    What is the rating of Himalayan Bank Ltd? ›

    Rating Action

    CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of “CARE-NP A (Is) [Single A (Issuer)]” assigned to Himalayan Bank Limited (HBL). Issuers with this rating are considered to offer adequate degree of safety regarding timely servicing of financial obligations, in Nepal.

    Learn More Now ›

    What is the credit rating of Nissay? ›

    AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Nippon Life Insurance Company (Nissay) (Japan).

    View More ›
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