Kathmandu: Prabhu Life Insurance and Mahalaxmi Life Insurance have received final approval from the insurance regulatory body for merger and integrated business. Nepal Insurance Authority has given the final approval to these companies to merge with each other.
The special general meeting of both insurers held on 26 Jestha 2080 endorsed the board of directors’ proposal for the merger and integrated business transaction. Both companies are in the final preparation to initiate the integrated business transaction by the end of the current financial year 2079-80.
Now both companies will approach the Company Registrar and Security Exchange Board of Nepal for pre-approval for the integrated business.
Both companies have completed all internal preparations related to the merger. Branch network adjustment, staff management, department management, and other preparations are being done. As soon as permission is obtained from all the regulatory authorities, the integrated business will be launched within this financial year.