The business of billions postponed when the file of the reinsurance company’s country credit rating was pending at the Insurance Authority a loss of three billion this year alone.

Kathmandu : The Nepal Reinsurance Company’s business worth billions has been stopped because the country credit rating file of the Nepal Insurance Authority is stuck in the insurance authority.

Shankar Kumar Rayamajhi the current CEO of the company has informed Bimapost that the company has ignored the issue of seeking permission from the insurance authority to get the American Aim Best Palace credit rating in the American rating company.

Nepal Reinsurance Company is about to conduct rating for the first time in country wise. When the authority rejected this decision of the company, he also accused the authority of trying to stop the business of billions of rupees imported from Europe.

Nepal Reinsurance Company is such an organization. The company is not only a business within Nepal but also a means of bringing in international business. By the current financial year 2023-24, the company has withdrawn 23 million rupees from Nepal through the reinsurance company.

Similarly, only 20 million rupees have been received from Nepal from international reinsurance companies. Data shows that 30 million reinsurance companies have gone into losses because the Nepali reinsurance company could not get Europe’s credit rating.

At present, the need to rely on the reinsurance of Gulf countries and mostly neighboring countries has increased. Shankar Kumar Rayamajhi, the CEO of the company, who was in trouble when the Nepal Insurance Authority saw the path of the reinsurance company as narrow depending on the Asian countries only, when it asked permission for the authority rating to bring in business from Europe.