KATHMANDU: Himalayan Reinsurance Limited has resumed underwriting new reinsurance business after the Nepal Insurance Authority (NIA) allowed the previous restriction to expire without extending it.

The regulator had imposed a temporary ban on the company from writing new reinsurance business until the end of the Nepali month of Asar (mid-July 2026). With the restriction expiring, the company automatically regained the authority to accept new business from Shrawan 1 (July 7, 2026).

The Nepal Insurance Authority had issued a notice on Jestha 31 (June 14) under Section 136(1) of the Insurance Act, 2022 (2079 BS), prohibiting Himalayan Reinsurance from taking on new reinsurance business until the end of the fiscal year 2082/83.

Laxmi Dhakal, the company’s Information Officer, said the company fully complied with the regulator’s directive until the restriction expired. As no further instructions were issued by the authority, Himalayan Reinsurance resumed new business from July 7.

Sources said the regulator chose not to extend the ban, citing concerns that a prolonged restriction could put billions of rupees invested by the general public at risk.

Meanwhile, following the registration of a legal case, the company’s key executives remain suspended, leaving several senior management positions vacant. The company is currently being overseen by its Board of Directors led by Uday Kumar Niraula.