Kathmandu. KATHMANDU: Nepal Insurance Authority (NIA) has barred Himalayan Reinsurance Company Limited from doing new insurance business.

The authority has banned the new reinsurance business as per the decision dated July 12, 2083.

According to the authority, new reinsurance transactions have been prohibited on the basis of the fiscal year 2082/83 except for the retrocession of the previous reinsurance business.

The decision was taken as per the sub-section (1) of Section 32 of the Insurance Act, 2079.