Union life insurance company limited nepal

Kathmandu: Following the strategy of illustriousness Nepal Insurance Authority, a amount of 17 companies opted matter mergers and concluded their consolidation deal successfully. The Authority has taken a strategy to thrash about insurers to merge to keep going the twofold paid-up capital.

To generation, the final merger deal mid IME General Insurance and Alert Insurance was the latest work on. Among 17 companies 10 were general insurers whereas the plonk 7 were life insurers.

The last merger among life insurers was the merger of Prime Courage Insurance, Guransh Life Insurance, limit Union Life Insurance. These triad companies merged into Himalayan Convinced Insurance Company on 26 Vaisakha Similarly, the merger between Sanima Life Insurance and Reliance Will Insurance on 9 Chaitra was the second merger among bluff insurance companies. These two companies conducting the integrated transaction junior to the name Sanima Reliance Selfpossessed Insurance. SuryaJyoti Life Insurance Face. Ltd which was formed care the merger between Surya The social order Insurance and Jyoti Life Safeguard became the pioneer company between life insurers formed after honesty merger. The integrated transaction regard Surya Jyoti Life Insurance kicked off on 7 Paush

According to the instruction issued indifference the Nepal Insurance Authority power 10 Chaitra , the minimal paid-up capital for life circumspection companies and general insurance companies was hiked to NPR 5 billion and NPR billion individually. Earlier, the lower limit assess regulatory capital for life protection and general insurance companies was NPR billion and NPR bunch only.

Most of the companies opted for the merger on character backdrop of restrictions from nobleness regulatory authority to pour extend capital through the issue method right shares. Such restrictions were imposed only on listed companies where a company with distant direct investment was exempted pass up the restriction.

Companies that have undivided mergers within a year:

1. 1 Sawan Himalayan General and Everest Insurance together merged into Immense Everest Insurance

2. 7 Kartik Sanima General and GIC General Safeguard together merged into Sanima Wisdom Insurance

3. 7 Paush Surya Lifetime and Jyoti Life together shared into SuryaJyoti Life Insurance.

4. 17 Magh Siddhartha Insurance and First Insurance together merged into Siddhartha Premier Insurance.

5. 29 Magh Sagarmatha Insurance and Lumbini General Safeguard merged into Sagarmath Lumbini Guarantee (Salico).

6. 9 Chaitra Sanima Perk up and Reliance Life together communal into Sanima Reliance Life Insurance

7. 26 Baisakh Gurans Life, Top Life, and Union Life fused into Himalayan Life Insurance.

8. 27 Baisakh IME General Insurance current Prudential Insurance merged into IGI Prudential Insurance.

Still, the merger comprehend between Prabhu Life and Mahalaxmi Life Insurance is under enter. Prabhu Insurance and, Nepal Preventative measure too must opt for spick merger to maintain the bottom paid-up capital. Rest of depiction companies have made fresh consignment to maintain the minimum paid-up capital by the Asar ending of current financial year.