Hong Kong Insurance Authority Takes Control of All Assets & Operations of Distressed Tahoe Life Insurance Which Has 92,000 Life Insurance Policies Valued at $2.3 Billion, Indirectly Owned by Troubled China Developer Tahoe Group Chairman Huang Qisen, Tahoe Life Insurance Banned from Issuing New Life Insurance Policies Since 2021, Tahoe Life Insurance Unable to Issue Financial Reports in 2022 & 2023, Deloitte Advisory Hong Kong & Deloitte Touche Tohmatsu Appointed as Joint Managers to Take Control of Tahoe Life Insurance, Tahoe Life Insurance was Formed in 2017 with Acquisition of Dah Sing Life Assurance
28th July 2024 | Hong Kong
Hong Kong Insurance Authority (IA) has taken control of all assets & operations of distressed Tahoe Life Insurance which has 92,000 life insurance policies valued at $2.3 billion, and is indirectly owned by troubled China developer Tahoe Group Chairman Huang Qisen. Tahoe Life Insurance was banned from issuing new life insurance policies since 2021. Tahoe Life Insurance had been unable to issue financial reports in 2022 & 2023. Deloitte Advisory Hong Kong & Deloitte Touche Tohmatsu have been appointed as joint managers to take control of Tahoe Life Insurance. Tahoe Life Insurance was formed in 2017 with the acquisition of Dah Sing Life Assurance by Tahoe Investment Group.
“ Hong Kong Insurance Authority Takes Control of All Assets & Operations of Distressed Tahoe Life Insurance Which Has 92,000 Life Insurance Policies Valued at $2.3 Billion, Indirectly Owned by Troubled China Developer Tahoe Group Chairman Huang Qisen, Tahoe Life Insurance Banned from Issuing New Life Insurance Policies Since 2021, Tahoe Life Insurance Unable to Issue Financial Reports in 2022 & 2023, Deloitte Advisory Hong Kong & Deloitte Touche Tohmatsu Appointed as Joint Managers to Take Control of Tahoe Life Insurance, Tahoe Life Insurance was Formed in 2017 with Acquisition of Dah Sing Life Assurance “
Tahoe Life (26/7/24): “On 26 July 2024, the Insurance Authority (the “IA”) appointed Messrs. Lai Kar Yan (Derek), Kam Chung Hang (Forrest) and Cheng Man Lung of Deloitte as the Joint and Several Managers (the “Managers”) to take full control of the affairs, business and property of Tahoe Life Insurance Company Limited (“Tahoe Life”) in Hong Kong. Tahoe Life is incorporated in Bermuda, and is authorized to carry on long term insurance business in Hong Kong. Tahoe Life mainly engaged in writing life, annuity, and linked direct insurance. According to statistics published by the IA, Tahoe has over 92,000 in force policies as of 31 March 2024. The Managers are tasked to maintain operations of Tahoe Life to safeguard interest of its policyholders, and to take appropriate steps to assess the present financial position of Tahoe Life. All existing policies issued by Tahoe Life will not be affected by the appointment of the Managers. Tahoe shall maintain business operations as usual including policy administration, claims handling, and other customer service. Messrs. Lai Kar Yan (Derek), Kam Chung Hang (Forrest) and Cheng Man Lung are corporate rescue specialists from Deloitte China.”
Hong Kong Insurance Authority Takes Control of All Assets & Operations of Distressed Tahoe Life Insurance Which Has 92,000 Life Insurance Policies Valued at $2.3 Billion, Indirectly Owned by Troubled China Developer Tahoe Group Chairman Huang Qisen, Tahoe Life Insurance Banned from Issuing New Life Insurance Policies Since 2021, Tahoe Life Insurance Unable to Issue Financial Reports in 2022 & 2023, Deloitte Advisory Hong Kong & Deloitte Touche Tohmatsu Appointed as Joint Managers to Take Control of Tahoe Life Insurance, Tahoe Life Insurance was Formed in 2017 with Acquisition of Dah Sing Life Assurance
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