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.
