Corporate Update
Find out the latest news and update.
Find out the latest news and update.
2025-03-06 | Corporate update
Date: 6 March 2025 References are made to the respective corporate statements made by Tahoe Life Insurance Company Limited (“Tahoe Life”) regarding the Insurance Authority of Hong Kong’s (“IA”) appointment and change of Joint and Several Managers (“Managers”) to Tahoe Life on 26 July and 17 December 2024 respectively, and the corporate statement regarding Supreme Court of Bermuda’s (“the Bermudan Court”) appointment of Joint Provisional Liquidators (“JPLs”) to Tahoe Life made on 30 July 2024. The Bermudan Court has appointed Mr. Ho Kwok Leung Glen and Mr. Chan Man Hoi (Ivan), both of Deloitte China, as JPLs of Tahoe Life on 28 February 2025 (the “Appointment”), and released Mr. Lai Kar Yan (Derek) and Mr. Kam Chung Hang (Forrest) from the role of JPLs. They join hands with the current JPLs, Mr. Marcin Czarnocki of Deloitte Bermuda and Mr. Cheng Man Lung of Deloitte China, to ring-fence the assets of (rather than to wind up) Tahoe Life for protection of the policyholders’ interests and operate in tandem with the work of the Managers in Hong Kong. Please refer to the below for the full text of the notice of the Appointment. Any creditor or contributory who seeks to vary or set aside the Order of Appointment of Supreme Court of Bermuda dated 28 February 2025 must do so by way of application filed with the Supreme Court of Bermuda within 14 days of publication of the notice, which application must be made upon notice to the Attorneys for the JPLs. The change in team composition of JPLs will not affect the terms and conditions of policies issued by Tahoe Life. Tahoe Life is maintaining its operations as usual, including policy administration, claims and other customer services. In case of any discrepancy or inconsistency between the English version and the Chinese translation, this English version shall prevail. Full text of the notice: IN THE SUPREME COURT OF BERMUDA COMPANIES WINDING UP (COMMERCIAL COURT) 2024: No. 199 IN THE MATTER OF TAHOE LIFE INSURANCE COMPANY LIMITED (PROVISIONAL LIQUIDATORS APPOINTED) IN THE MATTER OF THE COMPANIES ACT 1981 AND IN THE MATTER OF THE INSURANCE ACT 1978 NOTICE OF PROPOSED RELEASE AND APPOINTMENT OF JOINT PROVISIONAL LIQUIDATOR / JOINT OFFICIAL LIQUIDATOR Notice is hereby given that by Order of the Supreme Court of Bermuda dated 28 February 2025 (Order): Effective 28 February 2025, Mr Lai Kar Yan (Derek) and Mr Kam Chung Hang (Forrest) were released from their office as joint provisional liquidators of Tahoe Life Insurance Company Limited (Provisional Liquidators Appointed); Mr Ho Kwok Leung Glen and Mr Chan Man Hoi (Ivan), both partners of Deloitte Touche Tohmatsu 35/F One Pacific Place, 88 Queensway, Hong Kong Special Administrative Region, People’s Republic of China, were appointed joint provisional liquidators of Tahoe Life Insurance Company Limited (Provisional Liquidators Appointed); and Any creditor or contributory who seeks to vary or set aside the Order must do so by way of application filed with the Supreme Court of Bermuda within 14 days of publication of this Notice, which application must be made upon notice to the Attorneys for the joint provisional liquidators (whose details for service are given below). DATED this 6th day of March 2025 HARNEYS BERMUDA LIMITED Sterling House 16 Wesley Street, 4th Floor Hamilton HM 11 Bermuda Attorneys for the Joint Provisional Liquidators Please click for details of the announcement Please click for the Frequently Asked Questions (FAQ)
2024-12-17 | Corporate update
Date: 17 December 2024 The Insurance Authority has on 17 December 2024 appointed Mr. Ho Kwok Leung Glen and Mr. Chan Man Hoi (Ivan), of Deloitte China as the Joint and Several Managers (“Managers”) of Tahoe Life Insurance Company Limited (“Tahoe Life”). They will join hands with the current Manager, Mr. Cheng Man Lung of Deloitte China, to maintain operations of Tahoe Life and safeguard interest of its policyholders. The new appointments were made pursuant to Section 38E(3) of Insurance Ordinance (Cap. 41), to fill the vacancies following the resignation of Mr. Lai Kar Yan (Derek) and Mr. Kam Chung Hang Forrest from the role of Managers of Tahoe Life on the same date. The change in team composition of Managers will not affect the terms and conditions of policies issued by Tahoe Life. Tahoe Life is maintaining its operations as usual, including policy administration, claims and other customer services. In case of any discrepancy or inconsistency between the English version and the Chinese translation, this English version shall prevail. Please click for details of the announcement Please click for the Frequently Asked Questions (FAQ)
2024-07-30 | Corporate update
Date: 30 July 2024 On 26 July 2024 (Bermuda time), the Bermuda Monetary Authority (“BMA”) obtained an order from the Supreme Court of Bermuda appointing Messrs. Marcin Czarnocki of Deloitte Financial Advisory Ltd., LAI Kar Yan (Derek) and KAM Chung Hang (Forrest) of Deloitte Touche Tohmatsu, and CHENG Man Lung of Deloitte Advisory (Hong Kong) Limited as the joint provisional liquidators (the “JPLs”) of Tahoe Life Insurance Company Limited (“Tahoe Life”) pursuant to the Bermuda Insurance Act 1978 (“Bermuda Insurance Act”) and the Bermuda Companies Act 1981. The appointment of the JPLs follows the appointment of Messrs. LAI Kar Yan (Derek), KAM Chung Hang (Forrest) and CHENG Man Lung as the Joint and Several Managers (the "Managers") of Tahoe Life by the Insurance Authority of Hong Kong (“HKIA”) earlier on 26 July 2024 (Hong Kong time) to take full control of the affairs, business and property of Tahoe Life in Hong Kong pursuant to the Insurance Ordinance (Cap. 41) of Hong Kong (“Hong Kong Insurance Ordinance”). The appointment of JPLs serves to ring-fence the assets of (rather than to wind up) Tahoe Life for protection of the policyholders’ interests and operates in tandem with the work of the Managers in Hong Kong. The terms and conditions of all existing policies issued by Tahoe Life will not be affected by the appointments of the JPLs and the Managers. Tahoe Life’s operations, including its policy administration, claims handling, and other customer service, will continue business as usual, and be supervised by the Managers. Tahoe Life is incorporated in Bermuda and registered as a Class E insurer under the Bermuda Insurance Act. It is also authorized by the HKIA to carry on long term insurance business in or from Hong Kong under the Hong Kong Insurance Ordinance. Policyholders may refer to the below contact details for specific enquiries. Telephone Hotlines for Important Matters Matters Organizations Contact Details Operating Hours Enquiries in relation to policies Tahoe Life 3767 8777 (email: cs@tahoelife.com.hk) Mondays to Fridays, (excluding public holidays) from 9am to 12noon and 2pm to 5:45pm Enquiries in relation to the Managers / JPLs The Managers’ Team 2238 7006 (email: tahoe_en@deloitte.com.hk) Enquiries in relation to insurance market regulations and supervision The Insurance Authority of Hong Kong 3899 9983 (email: enquiry@ia.org.hk ) Mondays to Fridays, (excluding public holidays) from 8:45am to 12:45pm and 1:45pm to 6:00pm In case of any discrepancy or inconsistency between the English version and the Chinese translation, this English version shall prevail. Please click for details of the announcement Please click for the Frequently Asked Questions (FAQ)
2024-07-26 | Corporate update
Date: 26 July 2024 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. Policyholders may refer to the below contact details of Tahoe or the Managers’ team. Telephone Hotlines for Important Matters Matters Organizations Contact Details Operating Hours Enquiries in relation to policies Tahoe Life 3767 8777 (email: cs@tahoelife.com.hk) Mondays to Fridays, (excluding public holidays) from 9am to 12noon and 2pm to 5:45pm Enquiries in relation to the Managers The Managers’ Team 2238 7006 (email: tahoe_en@deloitte.com.hk) Enquiries in relation to insurance market regulations and supervision The Insurance Authority 3899 9983 (email: enquiry@ia.org.hk ) Mondays to Fridays, (excluding public holidays) from 8:45am to 12:45pm and 1:45pm to 6:00pm In case of any discrepancy or inconsistency between the English version and the Chinese translation, this English version shall prevail. Yours faithfully, For and on behalf of Tahoe Life Insurance Company Limited (Managers appointed under the Insurance Ordinance) Lai Kar Yan (Derek) Kam Chung Hang (Forrest) Cheng Man Lung Joint and Several Managers Please click for details of the announcement Please click for the Frequently Asked Questions (FAQ)
2023-08-16 | Corporate update
Tahoe Life Insurance Company Limited (“Tahoe Life”, the “Company” or “we”) hereby confirms the Insurance Authority (“IA”) has appointed Mr. Peter Whalley and Mr. Peter Greaves of PricewaterhouseCoopers Limited as Advisors to support the Company on a few specific areas that include management of assets and properties, investment strategy and declaration of benefits to policy holders, as announced by the IA on 16 August 2023. The Company is maintaining its operations as usual, fulfilling obligations under all insurance policies including policy benefits, claims, underwriting and customer services. All terms and conditions remain unchanged for our customers. Additionally, Tahoe Life maintains a solid financial position as well as sufficient capital and liquidity. We will continue to operate in accordance with the requirements of the IA and the regulatory authority in Bermuda, put policyholders’ best interests and their protection as our top priority, and serve all customers professionally as usual. Customers can contact us at our Customer Service Hotline (852) 3767 8777 or email us at cs@tahoelife.com.hk for any inquiries.
Copyright © 2024 Tahoe Life Insurance Company Limited. All rights reserved. “Tahoe Life”, “Company” or “We” as used in this webpage refers to Tahoe Life Insurance Company Limited (Incorporated in Bermuda with limited liability)
