The Insurance Authority (IA), the insurance regulator in Hong Kong has issued a public reprimand on Tahoe Life Insurance Company and also imposed a fine of $10m to be borne by its shareholders' fund.
The disciplinary actions are connected with related party transactions performed by Tahoe Life between July 2019 and April 2020 without prior consent of the IA that involved Tahoe Group Global. Both Mr Huang Qisen and Mr Ge Yong were directors of the insurer at the material time and no longer considered to be fit and proper persons. They have already relinquished these key management roles.
A series of supervisory measures including asset ring-fencing, tightened internal controls and investment restrictions have since been instigated by the IA to safeguard the interest of policy holders, culminating in the appointment of Joint and Several Managers to take control of the affairs, business and property of Tahoe Life on 26 July 2024.
All policy holders of Tahoe Life will not be affected by these disciplinary actions.