Union Life Insurance special GM held

KATHMANDU:Union Life Insurance Co Ltd (ULICL) was held a special general meeting (gm) on Wednesday.The special gm  has passed the final proposals regarding merger/amalgamation of Union Life Insurance, Prime Life Insurance and Gurans Life Insurance Company Limited.

Similarly, it has approved a proposal for the name of the life insurance business company that would be formed as a result of the merger, Himalayan Life Insurance Limited, and will operate life insurance business under that name.

Also, approving the final memorandum of agreement, memorandum of understanding, and other merger-related agreements made for the merger/amalgamation work, as well as the appointment and remuneration of the appointed auditor/appraiser to prepare the movable/immovable assets and liability evaluation report. Approval, authorization for the Board of Directors to proceed with the remaining work proceedings/procedures for the purpose of merger/amalgamation, as well as the proposal for changes in the Board of Directors, and the duration of the Board of Directors, were also passed.

Apart from this, all the proposals including making necessary amendments to the articles and regulations, changing the capital structure, etc have been unanimously passed.