UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 11, 2016
CHINA UNITED INSURANCE SERVICE, INC.
(Exact name of registrant as specified in its charter)
000-54884
(Commission File Number)
| Delaware | 98-6088870 | |
|
(State or other jurisdiction of incorporation) |
(I.R.S. Employer Identification No.) |
7F, No. 311 Section 3, Nan-King East Road, Taipei City, Taiwan
(Address of principal executive offices)
+8862-87126958
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 1.01. | Entry into Material Definitive Agreement |
On October 11, 2016, Action Holdings Financial Limited (hereafter referred to as “ AHFL ”), a wholly-owned British Virgin Islands subsidiary of China United Insurance Service, Inc. (hereafter referred to as the “ Company ” or “ CUIS ”), entered into a loan agreement with Law Insurance Broker Co., Ltd. (“ Law Broker ”) (the loan agreement hereafter referred to as the “ Loan Agreement with Law Broker ”). Law Broker is a wholly owned Taiwan subsidiary of Law Enterprise Co., Ltd. (“ Law Enterprise ”). Law Enterprise is a 65.95% owned Taiwan subsidiary of AHFL. Mao Yi Hsiao, one of the directors of the Company, also acts as the board chairman of Law Enterprise. In addition, Lee Shu Fen, a director of the Company, also acts as general manager of Law Enterprise and the board chairman of Law Broker.
Pursuant to the Loan Agreement with Law Broker, Law Broker shall provide a loan in the amount of 70 million New Taiwan Dollars (NT$) (approximately US$2,212,390) (the “ Loan ”) to AHFL and advance the Loan to AHFL within 10 days of its effective date. The term for the Loan shall be from October 11, 2016 to October 10, 2017 with a fixed annual interest rate at 2.0%. The principal amount of the Loan together with the accrued interest shall be paid in one lump sum before October 10, 2017. The Loan Agreement with Law Broker is included as Exhibit 10.1 to this Current Report on Form 8-K and its terms are incorporated herein by reference.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant. |
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit | Description |
| 10.1 | Translation of Loan Agreement between Action Holdings Financial Limited and Law Insurance Broker Co. Ltd. dated October 11, 2016 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CHINA UNITED INSURANCE SERVICE, INC. | ||
| Date: October 14, 2016 | ||
| By: | /s/ Mao Yi-Hsiao | |
| Name: | Mao Yi-Hsiao | |
| Title: | Chief Executive Officer | |
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EXHIBIT INDEX
| Exhibit | Description |
| 10.1 | Translation of Loan Agreement between Action Holdings Financial Limited and Law Insurance Broker Co. Ltd. dated October 11, 2016 |
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Exhibit 10.1
Loan Agreement
The Loan Agreement (the "Agreement") is entered into as of October 11, 2016 between the following two parties:
(1) LAW Insurance Broker Co., Ltd. (the "Lender")
(2) Action Holdings Financial Limited, a corporation duly organized and existing under the laws of British Virgin Islands, having its principal office at TrustNet Chamber, P.O. Box 3444, Road Town, Tortola, British Virgin Islands. (the "Borrower")
The Lender and the Borrower will each be referred to as a "Party" and collectively referred to as the "Parties."
WHEREAS, the Borrower wishes to borrow a short-term loan from the Lender for its short-term payments and the Lender agrees to provide such loan to the Borrower for such specified purpose.
NOW THEREFORE, the Parties agree as follows:
| 1. | The Lender agrees to provide the loan at amount NTD 70,000,000 (the “Loan”) to the Borrower and agrees to remit such Loan to the account owned by the Borrower (No. [***] at CTBC Bank) within 10 days of the effective date of this Agreement. |
| 2. | Term for the Loan shall be from October 11, 2016 to October 10, 2017 (the “Term”) with a fixed interest rate at 2.0%. The principal amount of the Loan together with the accrued interest shall be paid in one lump sum before October 10, 2017. |
IN WITNESS WHEREOF, the Parties have duly executed this Agreement, or have caused this Agreement to be duly executed on their behalf, as of the date first hereinabove set forth.
Lender: LAW Insurance Broker Co., Ltd.
Borrower: Action Holdings Financial Limited