Hong Kong’s Insurance Authority appoints managers to take control of troubled Tahoe Life

Quick Summary:

Derek Lai and Forrest Kam from Deloitte Touche Tohmatsu and Oliver Cheng from Deloitte Advisory have been appointed joint managers to handle day-to-day operations at the distressed insurer.

Policyholders’ rights will not be affected as the current information indicates Tahoe still has the ability to service the existing policies in case policy owners decide to surrender them, the authority said.

The takeover came after the Insurance Authority and the Securities and Futures Commission undertook a joint investigation over the HK$2.2 billion investment, as it was illegal and was not approved by the insurance regulator.

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Article Details

Author / Journalist: Enoch Yiu

Category: Business

Markets: Hong Kong

Topics: Policyholders Tahoe Life Control Managers Hong Insurance Policies Authority Investment Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-26 @ 17:18:01 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 590 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21783302

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