Kathmandu. Himalaya Reinsurance Company, which is wholly owned by the private sector, has received final approval from the Insurance Committee to run its business. The Insurance Committee gave final approval to the company last Thursday for conducting business.

The committee had given in-principle approval for the establishment of Himalayan Relay on May 30. After the company completes the required process, final approval is given for the operation of the business. Chairman of the committee Surya Prasad Silwal said that final approval has been given for the operation of Himalayan Relay.

After getting the in-principle approval from the committee, the Himalayan Company was registered in the Registrar's Office. An investment of Rs 7 billion was also made in the bank. Besides, the committee 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.