Kathmandu: The failure of Gurans Life Insurance Company to accomplish the financial audit report including the actuarial valuation report on time has resulted in delays in the mergers with Prime Life Insurance and Union Life Insurance. These three companies signed a memorandum of understanding (MoU) on 1 Magh 2079 to commence the integrated business by 1 Baisakh 2080.
Gurans Life Insurance has yet to finalize its actuarial valuation for the previous financial year 2077-78. These three companies had agreed to declare and distribute dividends from the profit of FY 2077-78 before the completion of the merger agreement. Gurans Life had expected to distribute 8 percent dividends for the previous FY.
These three insurers have obligations to accomplish the merger process before Chaitra’s end of 2079. Since, less than two months left to meet the deadline, it seems tough for these companies to accomplish their merger process.
