China United Insurance Service, Inc. Announces Board Resignations
December 13, 2016 at 10:57 am EST
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On December 9, 2016, the board of directors of China United Insurance Service, Inc., through unanimous written consent, (i) approved a reduction in the number of directors constituting the Board from 5 to 3; and (ii) approved the resignation of Ms. Kuei Chiao Chen as a director and the resignation of Ms. Shu-Fen Lee as a Series A director of the Company. Ms. Chen and Ms. Lee both resigned for personal reasons.
China United Insurance Service, Inc. (China United) operates in Taiwan and China through its subsidiaries Action Holdings Financial Limited (AHFL) and ZLI Holdings Limited (CU Hong Kong), respectively. AHFL holds shares of Law Enterprise Co., Ltd. (Law Enterprise), a company based in Taiwan. Law Enterprise holds shares of Law Insurance Broker Co., Ltd. (Law Broker), Law Risk Management & Consultant Co., Ltd. (Law Management) and Law Insurance Agent Co., Ltd. CU Hong Kong owns Law Anhou Insurance Agency Co., Ltd. (Anhou), which provides insurance agency services in the People's Republic of China. Law Broker and Anhou markets and sells insurance products: life insurance products, and property and casualty insurance products, both focused on meeting the particular insurance needs of individuals. The insurance products that Law Broker and Anhou sell are underwritten by certain insurance companies in Taiwan and China, respectively.