In regard to the announcement made by Dah Sing Financial Holdings Limited and Dah Sing Banking Group Limited on 8 July 2022 that Dah Sing Bank, Limited (“DSB”) has terminated the Hong Kong Distribution Agreement between Tahoe Life Insurance Company Limited (Incorporated in Bermuda with limited liability) (“Tahoe Life”, the “Company” or “we”), Tahoe Life would like to respond as follows:
The Company does not agree that DSB is entitled to terminate the Hong Kong Distribution Agreement, and the parties to the agreement ought to continue to perform their obligations thereunder. The Company has engaged legal advisors in respect of this matter and will take appropriate legal action(s) to protect the Company’s rights. We will not comment further at this stage, but will provide further information in due course as appropriate.
Currently, DSB is the authorised licensed insurance agency of Tahoe Life, and it is obligated to serve the policyholders professionally who took out Tahoe Life’s insurance policies at DSB.
The Company is an insurance company regulated by the Insurance Authority in Hong Kong (the “Insurance Authority”) and the Bermuda Monetary Authority. We have a solid financial position. Our current solvency ratio maintains at a level compliant with regulatory requirements. The Company has sufficient capital and liquidity to fully fulfil the capital needs for policy claims and surrender upon maturity. We have been following a robust risk management framework and a prudent investment strategy in accordance with the requirements of the Insurance Authority and the Bermuda Monetary Authority.
The Company is maintaining our operations as usual and we will continue to fulfil our obligations under all insurance policies including policy benefits, claims, underwriting and customer services, with all terms and conditions remaining unchanged for our customers.
In addition, the Company has been conducting corporate strategic review and temporarily ceased underwriting new business from 8 February 2021. We are having discussions with reputable potential investors with robust financial strength on the future direction of our business development, long-term goals and details of the proposed transaction. The review has progressed steadily and we aim to finalise and implement a refined collaboration mechanism and operating model in the near future so as to maximise synergies and bring the greatest benefits to investors, customers and all stakeholders upon resumption of underwriting of new business.
Protecting policyholders’ best interests has always been the top priority at Tahoe Life. We will continue to 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 enquiries.
